Aequs Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹118 - ₹124
- Lot size
- 120 shares
- Issue amount
- ₹921.81 cr
- Total subscription
- 104.28×
- Opens
- 3 Dec 2025
- Closes
- 5 Dec 2025
- Allotment
- 8 Dec 2025
- Listing
- 10 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 7,43,39,651 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,160
- Fresh issue
- ₹670 cr
- Offer for sale
- ₹251.81 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,880
- Issue type
- Bookbuilding IPO
- Shares before issue
- 61,66,14,677
- Shares after issue
- 67,06,49,935
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 120 | ₹14,880 |
| sHNI | 14 | 1,680 | ₹2,08,320 |
| bHNI | 68 | 8,160 | ₹10,11,840 |
Share reservation
Subscription & GMP
Subscription by category
Reported 5 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 61,802 | 41,51,127 |
| EMPLOYEES | 0 | 41,952 |
| HNIs(10L +) | 4,414 | 70,172 |
| HNIs (2-10L) | 2,207 | 1,90,982 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 275.8 | 33,903.27 |
| FIIs | 0 | 11,796.32 |
| FIs | 0 | 14,079 |
| Mutual Funds | 0 | 2,580.92 |
| Others | 0 | 5,447.03 |
| RETAIL | 91.96 | 7,444.19 |
| HNIs 2+ | 45.98 | 4,190.2 |
| HNIs 10+ | 91.96 | 7,343.88 |
| EMPLOYEES | 2.19 | 83.09 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0 | 0 | 0 | 0 |
| ROE | -2.07 | -14.3 | -1.49 | -40.68 |
| ROCE | 1.81 | 0.87 | 2.84 | -3.72 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | -74.71 | 0 | 0 |
| POST IPO(PE) | -244.92 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Aequs Limited | 0 | 0 | 10.00 | 12.47 | -14.47 | -1.8 |
| Azad Engineering Limited | 115.48 | 1693.00 | 2.00 | 234.06 | 6.21 | 14.66 |
| Unimech Aerospace and Manufacturing Limited | 55.73 | 980.30 | 5.00 | 141.01 | 12.48 | 17.59 |
| Amber Enterprises India Limited | 100.40 | 7196.00 | 10.00 | 672.61 | 10.99 | 72.01 |
| Kaynes Technology India Limited | 129.59 | 5883.50 | 10.00 | 439.85 | 10.33 | 45.82 |
| Dixon Technologies (India) Limited | 73.87 | 14965.00 | 2.00 | 494.74 | 47.5 | 205.7 |
| PTC Industries Limited | 417.03 | 17236.00 | 10.00 | 940.03 | 4.4 | 41.37 |
Company information
Company profile
Aequs is a diversified contract manufacturing company that supports large-scale, timely production of complex products for global aerospace and consumer OEMs. It operates through three engineering-led, vertically integrated precision manufacturing ecosystems in India, offering complete “one-stop-shop” solutions. This setup helps improve quality control, reduce costs, shorten lead times, and lower the overall carbon footprint.
Strengths
- Advanced, Integrated Manufacturing Capabilities: The company provides complete aerospace manufacturing within a single SEZ, offering machining, forging, surface treatment, and assembly. With over 2.9 million machining/molding hours and a large base of CNC and molding machines, it delivers high-precision, complex components at scale.
- Engineering-Driven Ecosystem Advantage: Aequs has built specialized, vertically integrated precision manufacturing ecosystems over two decades. These tightly connected supplier–customer networks create strong entry barriers and offer advantages in quality, cost efficiency, and on-time delivery.
- Strong Global Customer Relationships: Long-term partnerships with major global OEMs—including Airbus, Boeing, Safran, Collins Aerospace, Hasbro, and Tramontina—provide stable revenue. Top customer groups have maintained 15-year relationships on average, ensuring consistent demand and access to large international markets.
Risk factors
- Uncertain Customer Order Volumes: OEM contracts are requirement-based, meaning order quantities are not fixed and can be reduced, changed, or cancelled. Any drop in customer demand or cancellation of orders can directly affect revenue, operations, and cash flow.
- High Capital Investment Needs: The business depends on continuous, large-scale investments in machinery, equipment, and production lines. If the company faces challenges in securing adequate funding, its manufacturing capacity and financial performance may be negatively impacted.
- Capacity Utilization & Operational Risks: With multiple clusters in India and facilities overseas, the company may not always sustain optimal capacity utilization. Any slowdown, disruption, or shutdown in operations could affect overall performance, financial health, and cash flows.
Promoters
Aravind Shivaputrappa Melligeri
Aequs Manufacturing Investments Private Limited
Melligeri Private Family Foundation
The Melligeri Foundation
Registrar & documents
Lead manager
IIFL Capital Services Limited, Jm Financial Limited, Kotak Mahindra Capital Company
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
No 437/A, Hattargi Village Hukkeri Taluk, Belagavi Bengaluru, Karnataka, 591243
+91 831 2499000
[email protected]Company website ↗Understanding AEQUS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.