Khaitan & Co acted as legal counsel to Axis Capital Ltd. and IIFL Capital Services Limited, the book running lead managers for Allied Engineering Works Limited’s proposed initial public offering (IPO).
The IPO structure includes a fresh issue of equity shares aggregating up to INR 4,000 million and an offer for sale (OFS) of up to 7.5 million equity shares by existing shareholders. The transaction strengthens Allied Engineering Works’ capital base for expansion while providing a partial exit route for current promoters or investors.
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Deal Overview
| Feature | Details |
|---|---|
| Issuer | Allied Engineering Works Limited |
| IPO Structure | Fresh issue up to INR 4,000 million + OFS up to 7.5 million shares |
| Book Running Lead Managers | Axis Capital Ltd., IIFL Capital Services Limited |
| Legal Counsel to BRLMs | Khaitan & Co |
| Issuer-side Counsel | Not publicly disclosed |
| Sector | Engineering & Manufacturing |
Parties Involved
Issuer: Allied Engineering Works Limited, an established Indian engineering company providing specialised products and solutions in its niche segments.
Book Running Lead Managers: Axis Capital Ltd. and IIFL Capital Services Limited are acting as joint bookrunners for the IPO, handling the public issue process, marketing, book building and allotment.
Legal Counsel to BRLMs: Khaitan & Co advised the lead managers on due diligence, regulatory compliance, prospectus review and SEBI filings.
Issuer-side Counsel: Not disclosed at the time of announcement.
Khaitan & Co Deal Team
The Khaitan & Co team advising Axis Capital and IIFL Capital included:
Subhayu Sen
Aayush Mohata
Saisha Bacha
Aastha Dhuppad
Vanshika Singh
Viraj Puri
Yashvi Mohta
The team handled legal due diligence, offer document preparation, SEBI compliance, and coordinated with the BRLMs on structuring and disclosures.
Key Transaction Highlights
The IPO structure combines fresh equity infusion with a secondary sale by existing shareholders through the offer for sale mechanism.
Proceeds from the fresh issue will be used to meet working capital requirements, fund expansion and general corporate purposes.
The offering will enable Allied Engineering Works to diversify its investor base and strengthen its public profile.
Strategic Significance
This IPO is strategically important for Allied Engineering Works as it unlocks growth capital needed to scale operations in India’s expanding engineering and manufacturing sector.
For Axis Capital and IIFL Capital, the deal adds to their track record of leading engineering and industrial listings — sectors poised to benefit from India’s infrastructure push and Make-in-India initiatives.
Why It Matters
The transaction underlines steady capital markets momentum for India’s mid-cap and niche industrial players despite global market volatility. Engineering companies are leveraging the IPO route to strengthen balance sheets, reduce debt and prepare for large project pipelines. Allied Engineering Works’ proposed IPO reflects investor appetite for India’s engineering and industrial manufacturing stories.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
