Last updated on January 3rd, 2026 at 01:35 am
Associated Power Structures Limited is an integrated manufacturing and engineering, procurement, and construction (EPC) company specialized in design, fabrication, and supply of lattice steel structures essential for power transmission lines, wind energy projects, and telecommunications infrastructure.
It has over two decades of expertise and operates state-of-the-art facilities in Vadodara, Gujarat, serving a diverse clientele that includes major players like Suzlon Energy Limited and LS Cable & System Limited.
Associated Power Structure has filed DRHP to raise funds which includes Fresh issue of ₹ 400 Crore & Offer-for-sale (OFS) of 71,42,860 Shares by promoters.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | ₹ 400 Crore + 7,142,860 shares |
| Fresh Issue: | ₹ 400 Crore |
| Offer for Sale: | 71,42,860 Shares |
| Price Range: | TBA |
| Lot Size: | TBA |
Associated Power Structures Limited important data points:
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 339.5 Cr |
| Revenue: | ₹ 1216.9 Cr |
| EBITDA | ₹ 118 Cr |
| PAT | ₹ 63.3 Cr |
| EBITDA Margin: | ~9.69% |
| PAT Margin | ~5.20% |
| Face Value: | ₹ 02 per Eq. Share |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 320 Cr |
| Working Capital Requirement | – |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
Associated Power Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 416.8 | ₹ 619.8 | ₹ 1,216.9 |
| Profit (₹ Cr) | ₹ 5.3 | ₹ 14.5 | ₹ 63.3 |
| Asset (₹ Cr) | ₹ 473.7 | ₹ 569.4 | ₹ 834.2 |
| Net Worth (₹ Cr) | ₹ 250.4 | ₹ 272.8 | ₹ 339.5 |
Associated Power IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 28-Dec | ₹ – | ₹ – | ₹ – |
| 27-Dec | ₹ – | ₹ – | ₹ – |
| 26-Dec | ₹ – | ₹ – | ₹ – |
| 25-Dec | ₹ – | ₹ – | ₹ – |
| 24-Dec | ₹ – | ₹ – | ₹ – |
Associated Power Structures Limited Promoters – Pre offer equity (Approx)
| Satish Desai | ~38% |
| Parag Kothari | ~36% |
| Ajay Mukund Patel | ~19% |
Associated Power Structures Limited IPO Pros & Cons
Strengths:
- Increasing profit margin along with Revenue from operations
- Potential for significant listing-day or early-stage price appreciation.
- Access to a company during a high-growth expansion phase.
- Enhanced transparency due to mandated disclosures at the time of listing.
- Overall positive financials with increasing net worth, revenue and total assets for past three years
Risks:
- Increasing Net debt over last three year & slightly fluctuating EBITDA
- Limited performance history as a public company creates valuation uncertainty.
- Risk of overpricing driven by market sentiment rather than fundamentals.
- Lock-in periods may restrict early exits for certain categories of investors.
- Post-IPO earnings may fail to meet expectations, leading to rapid price corrections.
Associated Power Structures Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Core Offerings of Associated Power Structures Limited
Fabrication and EPC-contracting of lattice towers and allied structures for power-transmission, telecommunications, wind-energy, solar and substation infrastructure.
Lead Managers / Registrars of Associated Power Structures Limited
| Lead / Book Running Lead Managers | IIFL Capital Services Ltd, Indorient Financial Services Ltd |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of Associated Power Structures Limited & Managing Director
Associated Power Structures Limited was incorporated on 21st May 1996.
Mr. Ajay Patel is the MD & CEO of the company.
Associated Power Structures Limited FAQ
- Q1. What is the business of Associated Power Structures Limited?
Last updated on January 3rd, 2026 at 01:35 am
It manufactures and delivers lattice-steel towers and executes EPC contracts for power-transmission, distribution, renewable energy, and telecom infrastructure. - Q2. Why is the company raising funds via IPO?
Last updated on January 3rd, 2026 at 01:35 am
It is raising funds through IPO to repay existing debt and finance general corporate purposes, strengthening its balance sheet and capacity for new projects. - Q3. What is the size of the issue and where will it list?
Last updated on January 3rd, 2026 at 01:35 am
The issue size comprises of Fresh issue up to ₹400 Crore along with an offer-for-sale of 71,42,860 lakh shares. And it will be listed on the BSE NSE platform. - Q4. What are the risks to an investor?
Last updated on January 3rd, 2026 at 01:35 am
Risks to investing in the IPO include this is the company’s first public offering,fluctuating EBITDA margin & increasing Debt. Final outcomes depend on future execution and market conditions. - Q5. What are the potential upsides?
Last updated on January 3rd, 2026 at 01:35 am
The positives to investing in IPO include strong recent growth (FY25 revenues ₹1,216 Cr; rising order book of approximately ₹3,790 Cr) signals high demand and growth potential in power-infrastructure segment. - Q6. How to apply for the IPO?
Last updated on January 3rd, 2026 at 01:35 am
You can apply via standard book-built IPO route (ASBA through bank or broker), once price band, lot size and bid dates are announced. - Q 7. When is the tentative listing date?
Last updated on January 3rd, 2026 at 01:35 am
Expected listing date is yet to be announced.
For more amazing blogs click here (IPO Corner).
