Aequs Limited IPO
Open MainLineCurrent GMP
₹24 (+19.35%)
Price Band
₹ 118 – 124
Lot Size
120
Issue Size
₹921.81 Cr
Minimum Investment
₹14880 (120 Shares)
Listing Date
10 December 2025
Subscription
101.63x
About the Company
Aequs Limited is a leading Indian precision manufacturing company, distinguished as the only player operating within a single SEZ offering fully vertically integrated aerospace manufacturing capabilities. Its end-to-end ecosystem spans machining, forging, surface treatment, and assembly, enabling a “one-stop-shop” model preferred by global OEMs for efficiency, quality control, and reduced lead times.
Aerospace Segment (Core Business)
Aerospace is the company’s primary revenue driver, contributing ₹4,739.53 million (H1 FY26) and ₹8,246.41 million (FY25) in net external revenue.
Aequs has one of India’s largest aerospace product portfolios, delivering over 5,000 precision components across:
- Engine systems
- Landing systems
- Interiors and cargo
- Structures and assemblies
Its programs support major commercial aircraft lines including A220, A320, B737, and long-range A330, A350, B777, B787. Aequs is also among the few Indian players with niche metallurgy capabilities, including machining of titanium and high-end alloys.
Consumer & Electronics Segment
Leveraging its engineering strengths, Aequs has expanded into consumer and electronics manufacturing, producing:
- Cookware and small home appliances
- Plastics (outdoor toys, figurines, toy vehicles)
- Electronic components for portable computers and smart devices
A joint venture with Tramontina enhances expertise in consumer products.
Manufacturing Ecosystem
Aequs operates three vertically integrated precision manufacturing ecosystems in India, supported by strategic suppliers and JVs. These clusters enable large-scale, high-complexity production with stringent quality standards, backed by certifications such as ISO 9001:2015, AS9100D, and NADCAP.
Key JVs strengthening capability:
- SQuAD Forging India – aerospace forging (aluminium, steel, titanium, nickel alloys)
- Aerospace Processing India (API) with Magellan – advanced surface treatment
- Aequs Cookware Pvt. Ltd. with Tramontina – consumer cookware manufacturing
Global Expansion
International acquisitions in North America (2015) and France (2016) expanded Aequs’ technology base, customer access, and geographic footprint.
Customers
Aequs serves marquee global OEMs across industries, including:
Airbus, Boeing, Collins Aerospace, Safran, Spirit Aerosystems, Honeywell, Eaton, Bombardier, Hasbro, Spinmaster, Wonderchef, Tramontina, among others.
Strategic Initiatives & Government Incentives
The company operates in sectors eligible for India’s PLI schemes, particularly for electronic components and semiconductors. It plans to leverage:
- PLI incentives for electronics manufacturing
- State-level capital, interest, and duty subsidies
These initiatives support capacity expansion, cost optimization, backward integration, and enhanced domestic value addition.
As of 31 March 2025, Aequs employed 3,780 personnel across its global operations.
Promoters
- Aravind Shivaputrappa Melligeri
- Aequs Manufacturing Investments Private Limited
- Melligeri Private Family Foundation
- The Melligeri Foundation
Promoters Holding
Holding Pre Issue
64.48%
Holding Post Issue
0.00%
Objects of the Issue
1. Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by:
(a) Our Company; and
(b) three of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, Aequs Consumer Products Private Limited and Aequs Engineered Plastics Private Limited, through investment in such Subsidiaries;
2. Funding capital expenditure to be incurred on account of purchase of machinery and equipment by:
(a) our Company; and
(b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary; and
3. Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes
Address / Contact Info
Aequs Limited
No 437/A, Hattargi Village
Hukkeri Taluk,
Belagavi
Bengaluru, Karnataka, 591243
Phone: +91 831 2499000
Email: investor.relations@aequs.com
Website: https://www.aequs.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Wednesday, 03 December 2025
IPO Close Date
Friday, 05 December 2025
Basis of Allotment
Monday, 08 December 2025
Initiation of Refunds
Tuesday, 09 December 2025
Credit of Shares to Demat
Tuesday, 09 December 2025
Listing Date
Wednesday, 10 December 2025 — NSE & BSE
Important Dates
Open Date
03 December 2025
Close Date
05 December 2025
Basis Of Allotment
08 December 2025
Listing Date
10 December 2025
Financial Performance (₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2134.35 | 1859.84 | 1863.5 | 1822.98 | 1321.69 |
| Revenue | 565.55 | 959.21 | 475.51 | 988.3 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.7 | -14.24 | -109.5 |
| Net Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserve & Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowings | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
EPS Pre
0.00%
EPS Post
0.00%
P/E Pre
0.00
P/E (Post Issue)
0.00x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar 2025 | Mar 2024 | Mar 2023 | |
|---|---|---|---|---|
| ROE % | -14.3 | -1.49 | -40.68 | 0 |
| ROCE % | 0.87 | 2.84 | -3.72 | 0 |
| Debt / Equity | 0.99 | 0.55 | 2.54 | 0 |
| RoNW % | -14.47 | -1.76 | -43.47 | 0 |
| PbW | 0 | 0 | 0 | 0 |
| Pat Margin % | -11.07 | -1.48 | -13.48 | 0 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 22610608 | 53.8 | 0 |
| Non-Institutional | 11537634 | 27.45 | 0 |
| BNII | 7691756 | 18.3 | 0 |
| SNII | 3845878 | 9.15 | 0 |
| Retail Investors | 7691756 | 18.3 | 0 |
| Employees | 186915 | 0.44 | 0 |
| Total | 42026913 | 100 | 0 |
Subscription Status ( Fri, 05 Dec 25 01:46 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 22610608 | 2734134360 | 120.92x |
| Non-Institutional | 11537634 | 930167880 | 80.62x |
| BNII | 7691756 | 592248480 | 77x |
| SNII | 3845878 | 337919400 | 87.87x |
| Retail Investors | 7691756 | 600337560 | 78.05x |
| Employees | 186915 | 6700920 | 35.85x |
| Total | 42026913 | 4271340720 | 101.63x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Aequs Limited | 10 | 0.00 | -1.80 | -1.80 | -14.47 | 12.47 |
| Azad Engineering Ltd | 2 | 115.48 | 14.66 | 14.66 | 6.21 | 234.06 |
| Unimech Aerospace and Manufacturing Ltd | 5 | 55.73 | 17.59 | 17.59 | 12.48 | 141.01 |
| Amber Enterprises India Ltd | 10 | 100.40 | 72.01 | 71.67 | 10.99 | 672.61 |
| Kaynes Technology India Ltd | 10 | 129.59 | 45.82 | 45.40 | 10.33 | 439.85 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 120 | 14,880.00 |
| Retail (Max) | 13 | 1,560 | 193,440.00 |
| S-HNI (Min) | 14 | 1,680 | 208,320.00 |
| S-HNI (Max) | 67 | 8,040 | 996,960.00 |
| B-HNI (Min) | 68 | 8,160 | 1,011,840.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- IIFL Capital Services Limited
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Aequs Limited IPO is a Book-building IPO worth ₹921.81 crores. The price band is ₹118 to 124 per share. The IPO opens on Wed, Dec 3, 2025 and closes on Fri, Dec 5, 2025. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The Aequs Limited IPO opens on Wed, Dec 3, 2025 and closes on Fri, Dec 5, 2025
Aequs Limited IPO Price Band is ₹118 to 124.
Aequs Limited IPO lot size is 120, and the minimum amount required for application is ₹14880.
The minimum investment for Aequs Limited IPO is approximately ₹14880 based on the upper price band.
To apply for the Aequs Limited IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Dec 5, 2025. After submission, funds are blocked until the basis of allotment of Aequs Limited IPO is finalised.
Aequs Limited IPO issue size is ₹921.81 crores.
Aequs Limited IPO allotment date is Sat, Jun 27, 2026.
The registrar for Aequs Limited IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to Aequs Limited IPO through their official website or helpline.
The Aequs Limited IPO GMP (Grey Market Premium) is ₹24 as of Wed, Dec 10, 2025. Based on the upper price band of ₹124 per share, the estimated Aequs Limited IPO listing price is ₹148, indicating a potential listing gain of approximately 31% over the issue price.