Vadodara-headquartered Axiom Gas Engineering Limited, a company engaged in the distribution and retailing of Auto Liquefied Petroleum Gas (Auto LPG), has received in-principle approval from NSE Emerge for its proposed Initial Public Offering (IPO).

The company filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge in September 2025 and is currently in the process of filing the Red Herring Prospectus (RHP) with the Registrar of Companies and NSE Emerge, incorporating updated information.

The proposed IPO comprises a fresh issuance of 94,92,000 equity shares each with a face value of Rs. 5 through the book-building route.

The company intends to utilise approximately Rs. 27 crore of the total IPO proceeds towards capital expenditure requirements and Rs. 7 crore towards prepayment or repayment of a portion of certain outstanding borrowings. The company plans to deploy the remaining funds for general corporate purposes and issue expenses.

The company reported revenue from operations of Rs. 89.83 crore and a profit after tax (PAT) of Rs. 7.74 crore in the financial year 2024-25, as compared to revenue from operations of Rs. 74.53 crore and a PAT of Rs. 5.74 crore in FY24.

Axiom Gas Engineering Limited operates in the business of distribution and retailing of Auto LPG through a network of Auto LPG Dispensing Stations (ALDS). In addition to retail outlets, the company has established storage and allied infrastructure facilities to support the distribution and supply of Auto LPG.

The company’s operational footprint is currently spread across the states of Telangana, Karnataka, and Maharashtra. Its retail operations are primarily focused on catering to the transportation sector, with Auto LPG being marketed as an alternative automotive fuel. The company’s infrastructure includes storage, handling, and dispensing facilities designed to comply with regulatory standards applicable to Auto LPG distribution.

SKI Capital Services Limited is the sole Book Running Lead Manager to the issue, and KFIN Technologies Limited is the Registrar.