Aequs Limited IPO
GMP, Subscription, Price, Dates & Financial Details
Engineering - Construction
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…
Open Date
Wed, 03 Dec 2025
Close Date
Fri, 05 Dec 2025
Price Band
₹ 118 – 124
Lot Size
120
Issue Size
₹ 921.81 Cr
Minimum Investment
₹ 14,880 (120 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Aequs Limited IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹921.81 Crore, comprising a fresh issue of 5.40 Crore equity shares aggregating to ₹670.00 Crore and an offer for sale (OFS) of 2.03 Crore equity shares aggregating to ₹251.81 Crore by the existing shareholders.
The Aequs Limited IPO remained open for subscription from December 03, 2025, to December 05, 2025. The basis of allotment was finalized on December 08, 2025, and the company's shares were listed on the NSE and BSE on December 10, 2025.
The company had fixed the price band at ₹118 to ₹124 per share, with a lot size of 120 shares. Retail investors were required to make a minimum investment of ₹14,880 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 186,915 equity shares for eligible employees, who received a discount of ₹11 per share.
KFin Technologies Limited served as the registrar to the issue. IIFL Capital Services Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Aequs Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Aequs Limited IPO Timeline (Tentative)
- IPO Open Date
- Wed, 03 Dec 25
- IPO Close Date
- Fri, 05 Dec 25
- Basis of Allotment
- Mon, 08 Dec 25
- Initiation of Refunds
- Tue, 09 Dec 25
- Credit of Shares to Demat
- Tue, 09 Dec 25
- Listing Date
- Wed, 10 Dec 25 — NSE & BSE
Open Date
03 December 2025
Close Date
05 December 2025
Basis Of Allotment
08 December 2025
Listing Date
10 December 2025
IPO Subscription
Check Live Subscription →The Aequs Limited IPO has received bids for 4,27,13,40,720 shares against 4,20,26,913 shares offered, resulting in an overall subscription of 101.63x. the NII category is subscribed 80.62x, Retail Investors 78.05x, Employees 35.85x, and QIBs 120.92x. Within the NII category, BNII is subscribed 77x, while SNII is subscribed 87.87x.
QIB
120.92x
NII
80.62x
BNII
77x
SNII
87.87x
RII
78.05x
EMP
35.85x
Total
101.63x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 76,91,756 shares, representing 18.3% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 2,26,10,608 shares (53.8%), while Non-Institutional Investors (NIIs) receive 1,15,37,634 shares (27.45%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 22,610,608 | 53.8% |
| Non-Institutional | 11,537,634 | 27.45% |
| BNII | 7,691,756 | 18.3% |
| SNII | 3,845,878 | 9.15% |
| Retail Investors | 7,691,756 | 18.3% |
| Employees | 186,915 | 0.44% |
| Total | 42,026,913 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Aequs Limited KPI Information
| 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 |
| Pat Margin % | -11.07 | -1.48 | -13.48 | 0 |
Peers Comparison
| 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 |
About Aequs Limited
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.
Aequs Limited IPO 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%
Aequs Limited IPO Objective
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
Aequs Limited Address / Contact Details
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
Aequs Limited IPO Lot Size
The Aequs Limited IPO has a lot size of 120 shares. Retail investors require a minimum investment of ₹14,880 by applying for 1 lot (120 shares). The maximum application allowed for the retail category is 13 lots (1,560 shares), requiring an investment of ₹1,93,440.
| 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 |
Issue Reservation
- QIB — 53.8%
- NII — 27.45%
- RII — 18.3%
- EMP — 0.44%
Book Running Lead Managers
- IIFL Capital Services Limited
- JM Financial Limited
- Kotak Mahindra Capital Company Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Aequs Limited IPO?
Aequs Limited IPO is a Book-building IPO with a total issue size of ₹921.81 crore. The Aequs Limited IPO price band is ₹118 to 124 per share. The Aequs Limited IPO subscription opens on Wed, Dec 3, 2025, and closes on Fri, Dec 5, 2025. The Aequs Limited IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Aequs Limited IPO.
When will the Aequs Limited IPO open for subscription?
The Aequs Limited IPO opens on Wed, Dec 3, 2025 and closes on Fri, Dec 5, 2025
What is Aequs Limited IPO Price Band?
Aequs Limited IPO Price Band is ₹118 to 124 per share.
What is Aequs Limited IPO Lot Size?
Aequs Limited IPO lot size is 120 shares, Retail investors need a minimum investment of ₹14880 based on the upper price band
What is the minimum investment for Aequs Limited IPO?
The minimum investment for Aequs Limited IPO is ₹14880, based on one lot of 120 shares at the upper price band of ₹124 per share.
How to apply for Aequs Limited IPO?
Investors can apply for the Aequs Limited IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Dec 5, 2025. The application amount remains blocked until the Aequs Limited IPO allotment is finalized.
What is Aequs Limited IPO Issue Size?
Aequs Limited IPO issue size is ₹921.81 crores.
What is the Aequs Limited IPO Allotment Date?
Aequs Limited IPO allotment date is Mon, Dec 8, 2025.
Who is the Aequs Limited IPO Registrar?
The registrar for Aequs Limited IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Aequs Limited IPO allotment status, refund processing, and other IPO-related information.
What is the Aequs Limited IPO GMP?
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 19.35% over the issue price.
Who is the Aequs Limited IPO Lead Manager?
The book-running lead managers (BRLMs) for the Aequs Limited IPO are IIFL Capital Services Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Aequs Limited IPO Red Herring Prospectus (RHP).