Aequs IPO
Bookbuilding IPO | ₹921.81 Cr | Listing at BSE, NSE
IPO Open
Wed, Dec 03, 2025
IPO Close
Fri, Dec 05, 2025
Price Band
₹118.00 to ₹124.00
Market Cap (Pre-IPO)
₹8,316.06 Cr
IPO Details
| IPO Date | Dec 03, 2025 to Dec 05, 2025 |
| Listing Date | Dec 10, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹118.00 to ₹124.00 |
| Lot Size | 120 Shares (Minimum: ₹14,880.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹921.81 Crores |
| Total Shares Offered | 74,355,351 shares |
| Fresh Issue | 54,047,958 shares |
| Offer For Sale | 20,307,393 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 122.93x |
| NII | 83.61x |
| RII | 81.03x |
| Total | 104.30x |
Aequs IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 5,56,33,772 (74.82%) |
| Retail Shares Offered | 74,17,835 (9.98%) |
| NII Shares Offered | 1,11,26,753 (14.96%) |
Aequs IPO Lot Size
Investors can bid for a minimum of 120 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹193,440 |
| S-HNI (Min) | 14 | 1,680 | ₹208,320 |
| S-HNI (Max) | 67 | 8,040 | ₹996,960 |
| B-HNI (Min) | 68 | 8,160 | ₹1,011,840 |
Aequs Financial Information (Restated Consolidated)
Aequs Ltd.'s revenue decreased by 3% and profit after tax (PAT) dropped by 619% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2,134.35 | 1,859.84 | 1,863.50 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| NET Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves and Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | -14.30% |
| ROCE (Return on Capital Employed) | 0.87% |
| Debt/Equity | 0.99 |
| RoNW (Return on Net Worth) | -14.47% |
| PAT Margin (Profit After Tax Margin) | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.66 | -0.51 |
| P/E (x) | -74.71 | -244.92 |
| Promoter Holding | 64.48% | 59.09% |
Company Promoters
- The Promoters of the company are Aravind Shivaputrappa Melligeri
- Aequs Manufacturing Investments Private Limited
- Melligeri Private Family Foundation and The Melligeri Foundation.
Company Overview
Incorporated in 2000, Aequs Ltd. is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment.
The company's diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients.
The company primarily operate in the Aerospace Segment, over the years, they have expanded their product portfolio to include consumer electronics, plastics, and consumer durables for their consumer clients.
As of September 30, 2025, the company produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with their aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts.
Product Portfolio:
- Structures: Bracket, corner fitting, cable quadrant, triangular bracket, wing flap support, coupling, gearbox bracket, floorboard, latch assembly, bracket structure
- Interiors and cargo: Power distribution unit tray, side panel, pawls, base, pan-seat, beam-back support, panel-side top, seat stay, outer pawl, housing left, bracket offset
- Landing systems: Main landing gear, main fitting, bracket assembly, front panel, front assembly uplock, rim, half wheel, main fitting assembly.
- Actuation Systems: Housing, manifold, mounting foot, mounting flange, actuator piston, housing, jack head, radarbox
As of September 30, 2025, the company had 1,892 full-time employees, 1,834 employees on a contractual basis, 55 trainees, 432 apprentices and 325 fixed term employees.
Company Strengths
- Advanced and vertically integrated precision manufacturing capabilities
- Operations in unique, engineering-led vertically-integrated precision manufacturing ecosystems
- Manufacturing presence across three continents with strategic proximity to end customers
- Comprehensive precision product portfolio across high value segments
- Long-standing relationships with high entry barrier global customers
- Founder-led business supported by an experienced management team and a qualified employee base
Use of Proceeds
| 1) | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | 433.17 |
| 2) | The Company | 17.55 |
| 3) | three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | 415.62 |
| 4) | AeroStructures Manufacturing India Private Limited | 174.82 |
| 5) | Aequs Consumer Products Private Limited | 231.16 |
| 6) | Aequs Engineered Plastics Private Limited | 9.63 |
| 7) | Funding capital expenditure to be incurred on account of purchase of machinery and equipment by company & wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | 64.00 |
| 8) | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | 125.21 |
Objectives
The Company Aequs IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Aequs IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Aequs Ltd. | -1.80 | -1.80 | 12.47 | - | -14.47 | - | Consolidated |
| Azad Engineering Limited | 14.66 | 14.66 | 234.06 | 115.48 | 6.21 | 7.24 | Consolidated |
| Unimech Aerospace And Manufacturing Limited | 17.59 | 17.59 | 141.01 | 55.73 | 12.48 | 6.95 | Consolidated |
| Amber Enterprises India Limited | 72.01 | 71.67 | 672.61 | 100.40 | 10.99 | 10.71 | Consolidated |
| Kaynes Technology India Limited | 45.82 | 45.40 | 439.85 | 129.59 | 10.33 | 13.40 | Consolidated |
| Dixon Technologies (india) Limited | 205.70 | 202.58 | 494.74 | 73.87 | 47.50 | 30.29 | Consolidated |
| Ptc Industries Limited | 41.37 | 41.33 | 940.03 | 417.03 | 4.40 | - | Consolidated |
Quick Info
| Sector | Engineering & Aerospace Manufacturing |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹8,316.06 Cr |
Important Dates
| IPO Open | Dec 03, 2025 |
| IPO Close | Dec 05, 2025 |
| Credit to Demat | Dec 09, 2025 |
| Listing Date | Dec 10, 2025 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Aequs IPO is a book build issue of ₹921.81 crores. The issue is a combination of fresh issue of 5.40 crore shares aggregating to ₹670.05 crores and offer for sale of 2.03 crore shares aggregating to ₹251.76 crores.
- Aequs IPO bidding started from Dec 3, 2025 and ended on Dec 5, 2025. The allotment for Aequs IPO was finalized on Dec 8, 2025. The shares got listed on BSE, NSE on Dec 10, 2025.
- Aequs IPO price band is set at ₹124.00 per share . The lot size for an application is 120. The minimum amount of investment required by an retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840.
- The issue includes a reservation of up to 1,76,991 shares for employees offered at a discount of ₹11.00 to the issue price.