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29 Nov, 2025
Aequs IPO
Aequs IPO is a book-building issue of ₹921.81 crores that is a combination of a fresh issue of ₹670 crores and an offer for sale of ₹251.81 crores. The price band is set at ₹118 to ₹124 per share and the lot size for an application is 120. The minimum amount of investment required by an individual investor is ₹14,880 (120 shares). The IPO opens for subscription on December 3, 2025 and closes on December 5, 2025, on the platforms of BSE, NSE, with a tentative listing date fixed as December 10, 2025.
Company Background
Aequs Ltd. was incorporated in 2000 and it is engaged in manufacturing in India's Belagavi SEZ, evolving into a vertically integrated contract manufacturer for aerospace giants. Headquartered in Karnataka, this company has expanded from aerostructures to consumer electronics, plastics and durables, producing over 5,000 aerospace products across programs like A320, B737 and B787 as of September 2025. The production and reach make Aeques Ltd. India's largest aerospace product portfolio holder.
Operations And Product Range
Facility & Production
Aequs Ltd. operates a SEZ in Karnataka, India's first precision engineering hub across 10 units. This company features 200+ CNC machines, 161 injection molding machines, forging presses, surface treatment plants and NDT facilities for end-to-end aerospace production from raw materials. Worldwide facilities add specialized aerospace capabilities for titanium/aluminum components like engine parts and landing gear.
Brands & Market Presence
Aequs Ltd. serves global OEMs as well as consumer brands like Hasbro and Tramontina. It dominates India's aerospace manufacturing with vertical ecosystems and diversification into electronics/durables products. Strong presence in North America and Northern Europe via acquisitions that ensure long-term contracts and high entry barriers.
Revenue Channels
- • The primary source of revenue is the aerospace segment from precision components.
- • Revenue from consumer electronics components from brands and durable charge fees.
- • Plastics and molding revenue from consumer goods and leveraging machines.
- • Revenue from special surface treatments and high-margin segments.
Management And Shareholding
Promoters & Shareholding
Aequs Ltd. promoters are not only experienced but also very practical about the growth of the company and they collectively hold 64.48%-65.06% pre-IPO equity. The OFS includes sales by AMIPL, foundations, Amicus Capital (7.5% via funds) and others like Steadview, reducing promoter stake post-IPO while maintaining control. This structure reflects a strong family-led commitment with private equity backing for growth.
Broad Members
This company’s Chairman & CEO leads this company with 20+ years in aerospace (FY25 remuneration ₹4.4 Cr), while their MD handles operations. The board includes independent directors with expertise in finance, governance and manufacturing, ensuring strategic oversight and compliance that work on the growth and expansion of the company.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Aequs IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Aequs IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 3, 2025 to December 5, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹118 to ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,43,39,651 shares (aggregating up to ₹921.81 Cr) |
| Fresh Issue(Ex Market Maker) | 5,40,32,258 shares (aggregating up to ₹670.00 Cr) |
| Offer for Sale | 2,03,07,393 shares of ₹10 (aggregating up to ₹251.81 Cr) |
| Employee Discount | ₹11.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 61,66,17,677 shares |
| Share Holding Post Issue | 67,06,49,935 shares |
Aequs IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Dec 3, 2025 |
| IPO Close Date | Fri, Dec 5, 2025 |
| Tentative Allotment | Mon, Dec 8, 2025 |
| Initiation of Refunds | Tue, Dec 9, 2025 |
| Credit of Shares to Demat | Tue, Dec 9, 2025 |
| Tentative Listing Date | Wed, Dec 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Dec 5, 2025 |
Aequs IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 120 | ₹14,880 |
| Individual investors (Retail) (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Aequs IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 64.48% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Largest Indian aerospace portfolio across engines, structures for global OEMs.
- • Advanced metallurgy in titanium and having certificates like NADCAP that ensure quality.
- • Ecosystems with suppliers/JVs create high entry barriers, long-term customer ties.
Aequs IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 2,134.35 | 565.55 | -16.98 | 796.04 | 533.51 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 1,859.84 | 959.21 | -102.35 | 707.53 | 437.06 | |||||||||||||||||||||||||||||||||||
| 30 Sep 2024 | 1,863.50 | 475.51 | -71.70 | 731.65 | 384.79 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 1,822.98 | 988.30 | -14.24 | 807.17 | 291.88 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 1,321.69 | 840.54 | -109.50 | 251.91 | 346.14 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Market Capitalization | ₹8,316.06 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -1.66 | -0.51 |
| P/E (x) | -74.71 | -244.92 |
Objectives of IPO
- • IPO proceeds will be used for loan repayment/prepayment, including subsidiaries.
- • Expenditure on machinery/equipment purchased by Aequs and AeroStructures Manufacturing India.
- • Expenditure in balance for inorganic growth, acquisitions and strategic initiatives
- • General corporate purposes
Conclusion
Aequs IPO provides an opportunity for investors to invest in a growing and expanding Indian aerospace manufacturing company that blends vertical integration, global certifications, and diversification amid rising demand. This company is experienced with narrowing losses, strong OEM relationships and strategic fund use for debt reduction and expansion. Aequs Ltd. eyes on scalable growth in high-value sectors. Investors of Aequs Ltd. gain exposure to a niche leader poised for the aviation boom and Make in India tailwinds.
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Frequently asked Questions (FAQs )
-
What are the Aeques IPO dates and price band?
The IPO will open on December 3, 2025, and close on December 5, 2025. The price band is set at ₹118 to ₹124 per share.
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Where will the Aeques IPO be listed?
Aeques IPO will be listed on the BSE, NSE platforms, with the tentative listing date fixed as December 10, 2025.
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What exactly does Aeques do?
Aeques Ltd. is engaged in manufacturing and operating a special economic zone of the Aerospace segment in India.
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How much is the Aeques IPO size and Issue type?
The IPO issue size is ₹921.81 Cr and the issue type of shares is Bookbuilding IPO.
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What is the lot size of the Aeques IPO?
The lot size of the Aeques IPO is 120, where the minimum amount required by an investor is ₹14,880.
-
How will the IPO proceeds be used?
IPO proceeds will be used for investment in technology and AI subsidiaries, brand building and marketing activities of the company.
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