Associated Power Structures IPO

About Associated Power Structures IPO

The IPO of Associated Power Structures comprises a fresh issue and an offer for sale. The fresh issue comprises equity shares aggregating up to ₹400 crores while the offer for sale is up to 7,142,860 equity shares. It’s a 100% book-built issue. The lot size of shares in the IPO is [TBA] and the price band of shares is between [TBA].

Associated Power Structures IPO opens on [XX] and closes on [YY]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

Associated Power Structures is an integrated manufacturing and engineering, procurement and construction (“EPC”) company engaged in the design and manufacture of lattice structures for power transmission and distribution, wind energy and telecommunication sectors. The company also executes turnkey projects involving the supply, installation, erection and commissioning of power transmission and distribution towers and lines, and substation structures.

Objectives of Associated Power Structures IPO

The company proposes to utilise the net proceeds for:

1. Repayment/prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
   
2. General corporate purposes
   

Industry Outlook

Despite the high base of preceding three years, Crisil Intelligence expects power demand to grow by 5.5% to 6.0% in the next five years which will be supported by infrastructure-linked capex, strong economic fundamentals along with expansion of the power footprint via strengthening of T&D infrastructure, coupled with major reforms initiated by the GoI for improving the overall health of the power sector, particularly that of state distribution utilities, are expected to improve the quality of power supply, thereby propelling power demand.

Peak demand is expected to grow at an annual average 5% to 5.5% over fiscal 2026 to 2030 to reach nearly 335 GW by fiscal 2030 with an expected persistent high temperature, rising urbanisation, economic growth and infrastructure push leading to higher power consumption.

Also, considering the expected investment in transmission lines, the Indian transmission line EPC market is estimated at around ₹40 to 42 billion in 2030. The Indian transmission line EPC market is expected to experience significant growth in the coming years driven by increasing electricity demand, government initiatives, strong thrust on sustainability and improving transmission infrastructure to meet RE targets.

Associated Power Structures Company Information

Associated Power Structures is an integrated manufacturing and engineering, procurement and construction (“EPC”) company engaged in the design and manufacture of lattice structures for power transmission and distribution, wind energy and telecommunication sectors.

It also executes turnkey projects involving the supply, installation, erection and commissioning of power transmission and distribution towers and lines, and substation structures. It has demonstrated competencies to undertake power transmission and distribution projects up to 800kV voltage level and substation projects up to 400kV voltage level.

Strengths of Associated Power Structures

• Integrated manufacturing and EPC company having diversified presence across power transmission and distribution, wind energy, solar energy and, telecommunication sectors
  
• Proven end-to-end project execution capabilities
  
• Long standing customer relationships
  
• Proven competencies to deliver customised design and manufacturing solutions
  
• Consistent financial performance with a strong order book position
  
• Experienced promoters and senior management team
  

Risks of Associated Power Structures

• Any downturn or change in government policies towards the power sector or the renewable energy sector may have an adverse impact on business
  
• Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of manufacturing operations could adversely affect business
  
• Loss of any top customers or a significant reduction in revenue from such customers, will adversely affect business
  
• Delay in release of tenders could adversely affect business prospects, cash flows and results of operations
  
• Modification in the scope, delay or cancellation of contracts forming part of the company’s order book may have an adverse impact on business
  
• Projects are exposed to various implementation and other risks and uncertainties
  
• Delays by or loss of suppliers could adversely affect business, results of operations and financial condition
  
• Inability to recover certain or all of the additional expenses incurred during the project, could adversely affect business, financial condition, results of operation and cash flows
  
• Significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Gujarat could have an adverse effect on business
  
• Inability to access tower testing sites in a timely manner, can adversely affect business, financial condition, results of operations or cash flows
  

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: MUFG Intime India
• Book Running Lead Managers: IIFL Capital Services and Indorient Financial Services

Associated Power Structures Business Model

Associated Power Structures is an integrated manufacturing and engineering, procurement and construction (“EPC”) company engaged in the design and manufacture of lattice structures for power transmission and distribution, wind energy and telecommunication sectors. The company undertakes manufacturing and EPC operations through three principal business verticals:

• Power transmission and distribution
  
• Renewable energy
  
• Others including supply of telecommunication towers and works involving fabrication and galvanizing of lattice steel
  

Associated Power Structures Growth Trajectory

The revenue from operations of Associated Power Structures jumped from ₹416.799 crores in FY 23 to ₹1216.911 crores in FY 25. Its EBITDA margin increased from 7.96% in FY 23 to 9.69% in FY 25, while PAT margin increased from 1.27% in FY 23 to 5.20% in FY 25. The company’s gross margins increased at a CAGR of 46.33% from FY 23 to FY 25. Proven end-to-end project execution capabilities along with long standing customer relationships have helped the company grow over the years.

Associated Power Structures Market Position

Associated Power Structures has 29 years of experience in the manufacturing of lattice structures for power transmission and distribution, and 15 years of experience in the EPC of power transmission and distribution lines and towers.

As of July 31, 2025, the company undertook 117 power transmission and distribution projects, involving the construction of 10,461.74 CKM transmission lines, of which it has completed 80 projects involving 6,283.90 CKM transmission lines.

How to Apply for the Associated Power Structures IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.