New Delhi: Smart energy meter manufacturer Allied Engineering Works has filed preliminary papers with the markets regulator Sebi to garner funds through an initial public offering (IPO).

The proposed IPO is a combination of fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel, according to the draft red herring prospectus (DRHP) filed on Saturday.

Proceeds from the fresh issue will be used for part financing the capital expenditure required to set up manufacturing facilities. This includes Rs 116.75 crore for the production of smart gas meters, smart water meters, and IoT (Internet of Things) solutions at the........

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