Aequs was incorporated on March 27, 2000. The company is the only precision component manufacturer within a single SEZ in India offering fully vertically integrated aerospace manufacturing, unlike peers with selective capabilities. Its portfolio includes engine, landing, cargo, structural, interior, and assembly components for OEMs and system integrators
| Bidding Dates |
|---|
| 03 Dec 2025 - 05 Dec 2025 |
| Subscription |
|---|
| 101.63x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,160 | 1 | 13 | 120 | 74.3 M | ₹118 - ₹124 | 59.09 % | ₹8772.1 M - ₹9218.1 M | RHP DOC |
Aequs IPO SUBSCRIPTION STATUS
05 Dec '25Aequs IPO overall subscription rate was 101.63 times the total available shares
Aequs IPO retail subscription rate was 78.05 times in the retail segment
Aequs IPO non-institutional investor subscription rate was 80.62 times in the non-institutional investor category
Aequs IPO Qualified Institutional Bidder subscription rate was 120.92 times the available shares for Qualified Institutional Bidder
Aequs IPO Employees subscription rate was 35.85 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | 0.24% |
05 Dec 2025 (Day 3) | 78.05x | 80.62x | 120.92x | 35.85x |
04 Dec 2025 (Day 2) | 32.92x | 16.82x | 0.73x | 15.18x |
03 Dec 2025 (Day 1) | 11.46x | 3.4x | 0.66x | 6.72x |
Aequs FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 537.2 | -17.0 | 47.9 | 28.0 | 15.7% |
| H1FY25 | 459.0 | -71.7 | -11.7 | -23.9 | 12.6% |
| FY25 | 924.6 | -102.3 | 26.1 | -0.4 | 11.7% |
| FY24 | 965.1 | -14.2 | -19.1 | -34.7 | 15.1% |
| FY23 | 812.1 | -109.5 | 9.8 | -75.8 | 7.8% |
Aequs IPO SUBSCRIPTION STATUS DETAILS
Aequs had 74.3 M shares on offer
Aequs IPO offer price was in the range ₹118 - ₹124
Aequs IPO minimum Investment was ₹14160
Aequs IPO issue size was ₹ 8772.1 M - ₹ 9218.1 M
Aequs had a minimum lot size of 120 Shares per application
Aequs NUMBER OF SHARES ON OFFER
Aequs IPO IMPORTANT DATES
| Issue Open Date | 03 Dec 2025 |
| Issue close Date | 05 Dec 2025 |
| Allotment Date | 08 Dec 2025 |
| Refund Date | 09 Dec 2025 |
| Demat Account Credit Date | 09 Dec 2025 |
| Listing Date | 10 Dec 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Aequs Allotment Status | Exchange/ Registrar |
Aequs IPO subscription opened on 03 Dec 2025, and closed on 05 Dec 2025
IPO allotment for Aequs was finalized on Monday, 08 Dec 2025
IPO listing for Aequs was on NSE and BSE on Wednesday, 10 Dec 2025
Aequs IPO LISTING GAINS
| Issue Price (adjusted) | 124.0 |
| Listing Open Price | 140.0 |
| Listing Close Price | 151.3 |
| Listing Gain% | 12.9% |
| Current Gain% | 91.5% |
Aequs Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aequs Ltd. | 237.5 | 15925.9 | -93.6 | -1.4 | 11.6 | -7.6 | -4.2 | 1295.8 | 35.1 | -113.2 | -10.7 | -2.5 | 66.3 |
| Cummins India Ltd. | 5344 | 148135.7 | 62.6 | 5.9 | 11.7 | 27.9 | 20.9 | 12660.5 | 16.8 | 2361.8 | 18.1 | 85.4 | 10.6 |
| GE Vernova T&D India Ltd. | 4439.9 | 113682.1 | 87.1 | 1.2 | 16.9 | 45.8 | 15.9 | 6297.2 | 44.6 | 1233.2 | 102.7 | 51 | 70.6 |
| 3M India Ltd. | 35925 | 40469.9 | 77.5 | 6.3 | 8 | 29.5 | 16.6 | 5138.5 | 13.8 | 522.3 | 9.7 | 463.7 | 12.2 |
| Kirloskar Oil Engines Ltd. | 2070.2 | 30125.5 | 55.2 | 3.5 | 3.8 | 15.9 | 5.3 | 7771.2 | 21.5 | 574.3 | 17.4 | 37.5 | 15.8 |
| LMW Ltd. | 17474 | 18667.5 | 106.8 | 1.5 | 5.5 | 4.6 | 3.1 | 3353.4 | 6.9 | 130.7 | 27.4 | 163.6 | 69.6 |
Aequs INFORMATION ON IPO ISSUE
About Aequs
Aequs was incorporated on March 27, 2000. The company is the only precision component manufacturer within a single SEZ in India offering fully vertically integrated aerospace manufacturing, unlike peers with selective capabilities. Its portfolio includes engine, landing, cargo, structural, interior, and assembly components for OEMs and system integrators
Object of the Issue
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by the company
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by two of their wholly-owned subsidiaries, AeroStructures Manufacturing India and Aequs Consumer Products, through investment in such subsidiaries
- Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by the company
- Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by one of their wholly-owned subsidiaries, AeroStructures Manufacturing India, through investment in such subsidiary
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes
Aequs - PROMOTERS
| Name |
|---|
| Aravind Shivaputrappa Melligeri |
| Aequs Manufacturing Investments Private Limited |
Aequs - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Aravind Shivaputrappa Melligeri | Executive Chairman & Chief Executive Officer |
| Rajeev Kaul | Managing Director |
| Ajay Aravind Prabhu | Non-executive Director |
| Eberhard Klaus Richter | Independent Director |
| Vidya Sarathy | Independent Director |
| Anup Wadhawan | Independent Director |
Aequs Book Running Lead Manager
JM Financial Limited
aequs.ipo@jmfl.com
IIFL Capital Services Limited
aequs.ipo@iiflcap.com
Kotak Mahindra Capital Company Limited
aequs.ipo@kotak.com
Aequs Registrar to the Offer
KFin Technologies Limited
aequs.ipo@kfintech.com
Aequs Strengths
Vertically-integrated manufacturing plant
The company is the only precision component manufacturer within a single SEZ in India offering fully vertically integrated aerospace manufacturing, unlike peers with selective capabilities. Its portfolio includes engine, landing, cargo, structural, interior, and assembly components for OEMs and system integrators
Precision product portfolio
As of March 31, 2025, the company produced over 4,500 aerospace products, including components for single-aisle (A220, A320, B737) and long-range (A330, A350, B767, B777, B787) aircraft. It is a Tier-1 supplier with a diversified portfolio across engine, landing, cargo, interiors, structures, and assemblies, while its Consumer Segment includes components for portable devices, toys, and cookware
Aequs Risks
Capital intensive
The company requires substantial capital expenditure to maintain and upgrade equipment, machinery, and production lines across its manufacturing facilities. Limited access to capital could adversely affect its operations, financial condition, and ability to meet customer requirements
Licenses & approvals
Failure to obtain, maintain, or renew required statutory and regulatory licenses, permits, and approvals in India, the U.S., and France could adversely impact the company’s operations, financial condition, and cash flows. These include approvals under SEZ laws, Foreign Trade Policy, industrial safety and environmental regulations, and other operating permits
Non-compliance risks
Non-compliance with corporate, safety, environmental, and labor laws, or changes in these regulations, could adversely impact the company’s operations, financial condition, and cash flows. Improper handling of hazardous materials in manufacturing may also cause accidents, injuries, or environmental damage
IPO FAQs
This IPO consists of an offer for sale of up to Rs 251.8 crore, of 20,307,393 shares. It also consists of a fresh issue of Rs 670.0 crore.
The promoters of the company are Aravind Shivaputrappa Melligeri and Aequs Manufacturing Investments Private Limited.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 118.0 - 124.0.
The IPO application opens on Dec 03, 2025 and closes on Dec 05, 2025.
The minimum lot size for the IPO is 120. The maximum lot size for the IPO is 1560.
For all category investors, the minimum application amount for this IPO is Rs. 14,160.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Dec 08, 2025.
The refund will be credited to your account on Dec 09, 2025.
The allotted shares will be credited to your demat on Dec 09, 2025.
Aequs Ltd.’s shares listed on the stock exchanges on Dec 10, 2025.