Funds raised through the fresh issue will partly go towards capital expenditure for setting up manufacturing units. This includes ₹116.75 crore for producing smart gas meters, smart water meters, and IoT solutions at the Kundli facility, and ₹99.71 crore for smart electricity meters at the Rai facility.
An additional ₹120 crore will be set aside for future working capital needs. A portion of the proceeds will also be used for general corporate purposes.The company is also considering a pre-IPO placement of up to ₹80 crore. If this takes place, the size of the fresh issue will be adjusted accordingly.
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As of March 31, 2025, the company has supplied 2.92 million smart energy meters to one utility and 13 Advanced Metering Infrastructure Service Providers (AMISPs) across six states — Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab, and Uttar Pradesh. This accounts for around 10% of India’s total installed smart energy meters, as per a report by Crisil.
The company’s competitors include Genus Power Infrastructures, HPL Electric and Power, Secure Meters, Avon Meters, and Capital Power Systems.
Axis Capital and IIFL Capital Services will manage the IPO as merchant bankers.
(With input from agencies)
(Edited by : Priyanka deshpande)
