Aequs IPO To Open On Wednesday: Should You Subscribe? Check GMP, Reviews, Price, Lot Size

Last Updated:December 02, 2025, 16:22 IST Aequs IPO GMP: The grey market premium (GMP) rose to Rs 44.5 (or 35.9% premium) over the upper IPO price, indicating potential for a strong listing gain. Aequs IPO GMP: The initial public offering of Aequs Ltd, a contract manufacturing firm specialising in consumer durable goods and aerospace parts, is set to be opened for public bidding tomorrow, Wednesday, December 3. The price band of the Rs 921.81-crore IPO has been fixed in the range of Rs 118 to Rs 124. According to market observers, the grey market premium (GMP) rose to Rs 44.5 (or 35.9% premium) over the upper IPO price, indicating potential for a strong listing gain. Aequs IPO Key Dates The IPO will be open for public bidding between December 3 and December 5. Following this, its allotment will be finalised on December 8. The company’s listing will be made on December 10 on both BSE and NSE. Aequs IPO Lot Size & Quota The lot size for the IPO is 120 shares. It means a retail investor needs to invest Rs 14,880, based on the upper IPO price of Rs 124 each, to apply for a lot in the IPO. As per the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Aequs IPO GMP Today According to market observers, unlisted shares of Aequs Ltd are currently trading at Rs 168.5 apiece in the grey market, against the upper IPO price of Rs 124. It means a grey market premium (GMP) of 35.89%, indicating a strong listing for the company. The GMP had stood at 32.3% last week. The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price. Aequs IPO: Should You Subscribe? Brokerages have offered a mixed but generally constructive view on the Aequs IPO, highlighting its unique positioning in aerospace manufacturing, while also flagging financial risks. Brokerage firm Anand Rathi in its IPO note said Aequs is a “vertically integrated precision manufacturing company operating India’s first precision engineering SEZ", with capabilities that span forging, machining, surface treatment and aerostructure assembly. According to the brokerage, the company supplies critical components to global aerospace OEMs and also manufactures for consumer electronics, plastics and durables, supported by facilities spread across India, France and the US. It added that Aequs remains “the only fully integrated aerospace precision manufacturer within a single SEZ in India", a business that comes with high entry barriers, heavy capital requirements, and long customer qualification cycles. However, Swastika Investmart urged caution, pointing out that Aequs is still loss-making, and that most of the IPO money is earmarked for debt repayment rather than fresh capacity. The firm flagged that while the issue is “priced significantly lower than peers on a price-to-book basis (~9.9x vs peers at 15-20x)", the financial profile remains weak. Swastika said “aggressive investors can park some money for the long term to play the niche theme", but conservative investors may prefer to wait. On the other hand, SBI Securities took a more optimistic stance, saying, “AL is the leading company within a single SEZ in terms of end-to-end manufacturing capabilities." It highlighted the company’s 12 lakh sq. ft. aerospace facilities in Belagavi, along with consumer electronics plants in Hubballi and plastic manufacturing in Koppal. SBI Securities argued that Aequs has embedded itself in a global supply chain at a time when Boeing and Airbus have strong order books, which should support multi-year demand. The brokerage expects margins to improve as the IPO proceeds reduce interest burden, and recommended “Subscribe to the issue at the cut-off price". BP Equities echoed this bullish view, describing Aequs as “a capability-led precision manufacturing company with a strong presence in the global aerospace supply chain", backed by long-standing OEM relationships and high entry barriers. It cited industry tailwinds like outsourcing to cost-competitive hubs, supply-chain diversification and supportive policy environment. However, BP pointed out uneven financial trends, stating the company posted CAGR of 7% in revenue, 46% in EBITDA, but a -2.9% CAGR in PAT between FY23 and FY25. Despite this, the brokerage maintained that Aequs is well placed to benefit from the commercial aerospace upcycle and issued a ‘Subscribe’ rating. Aequs IPO: More Details The IPO comprises a fresh issue of shares worth Rs 670 crore, along with an Offer For Sale (OFS) of 2.03 crore shares valued at Rs 252 crore by promoters and existing investors, taking the total issue size to Rs 922 crore. Funds raised from the fresh issue would be used for repaying loans taken by the company and its two subsidiaries — AeroStructures Manufacturing India and Aequs Consumer Products; purchasing machinery and equipment for the company and AeroStructures; and supporting future growth through potential acquisitions, other strategic initiatives, and for general corporate needs. Earlier this month, Aequs raised around Rs 144 crore from SBI Funds Management, DSP India Fund and Think India Opportunities Fund as a part of a pre-IPO funding round. Aequs initially filed confidential draft papers with Sebi in June and secured approval in September to launch the IPO. By opting for the confidential pre-filing route, the company could delay public disclosure of IPO details until later stages, a strategy increasingly adopted by Indian firms seeking flexibility in their IPO planning. About Aequs Ltd Aequs primarily operates in the aerospace segment, but over the years it has expanded its product portfolio to include consumer electronics, plastics, and consumer durables. Its consumer products include cookware and small home appliances, while its plastics offerings include outdoor toys, figurines, toy vehicles, and components for consumer electronics such as portable computers and smart devices. The company is backed by prominent investors, including Amicus Capital, Amansa Capital, Steadview Capital, Catamaran — the family office of Infosys founder N R Narayana Murthy –, and Sparta Group. Its key clients are Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems Inc, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton, and Sabca in aerospace, and Hasbro, Spinmaster, Wonderchef, and Tramontina in consumer products. It operates manufacturing facilities across India, France, and the USA. In India, the company runs three manufacturing clusters in Belagavi, Hubballi, and Koppal in Karnataka. Founded by Aravind Melligeri, who has decades of experience in the aerospace sector and was a co-founder of Quest Global Engineering. The book running lead managers to the IPO are JM Financial Ltd., IIFL Capital Services Ltd., and Kotak Mahindra Capital Company Ltd. News business ipo Aequs IPO To Open On Wednesday: Should You Subscribe? Check GMP, Reviews, Price, Lot Size