November 28, 2025
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Aequs IPO
Aequs IPO is a book-built issue comprising a fresh issue of Rs. 670 crore and an Offer for Sale of 2.03 crore equity shares.
The IPO opens on December 3, 2025 and closes on December 5, 2025. Tentative listing is scheduled for December 10, 2025 on BSE and NSE.
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Aequs IPO Details
| Particulars | Details |
|---|---|
| IPO Date | December 3, 2025 to December 5, 2025 |
| Listing Date | December 10, 2025 |
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs.118 to Rs.124 per share |
| Lot Size | 120 Shares |
| Issue Structure | Fresh Issue + Offer for Sale |
| Fresh Issue | Aggregating up to Rs. 670.00 crore |
| Offer for Sale | 2,03,07,393 shares (aggregating up to Rs. 251.81 crore) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Pre-Issue Share Capital | 61,66,17,677 shares |
Aequs IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| Retail | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
Investor Category – Bidding Limits
| Category | Maximum Bidding Limit | Cut-off Allowed |
|---|---|---|
| Only RII | Up to Rs. 2 lakhs | Yes |
| sNII | Rs. 2 lakhs to Rs. 10 lakhs | No |
| bNII | Above Rs. 10 lakhs | No |
| Employee | Up to Rs. 5 lakhs | Yes |
| Employee + RII/NII | As per respective category | Yes |
Aequs IPO Timeline (Tentative Schedule)
| Event | Date |
|---|---|
| IPO Opens | Wed, Dec 3, 2025 |
| IPO Closes | Fri, Dec 5, 2025 |
| Allotment Finalisation | Mon, Dec 8, 2025 |
| Refund Initiation | Tue, Dec 9, 2025 |
| Shares to Demat | Tue, Dec 9, 2025 |
| Listing Date | Wed, Dec 10, 2025 |
| UPI Cut-off | 5 PM on Fri, Dec 5, 2025 |
Aequs IPO Promoter Holding
The promoters are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Pvt. Ltd., Melligeri Private Family Foundation, and The Melligeri Foundation.
| Particulars | Percentage |
|---|---|
| Promoter Holding (Pre-Issue) | 64.48% |
| Promoter Holding (Post-Issue) | [. ] |
About Aequs Ltd.
Incorporated in 2000, Aequs Ltd. is a diversified precision manufacturing company operating a specialised aerospace-focused SEZ in India. The company offers fully vertically integrated manufacturing solutions across engine systems, landing systems, interiors, cargo, structures, assemblies, and actuation systems.
Over the years, Aequs has expanded into consumer electronics, plastics, and consumer durables, adding significant value to its global customer base.
As of September 30, 2025:
-
Produced 5,000+ aerospace products
-
Supplies to major programs: A220, A320, B737, A330, A350, B777, B787
-
Workforce includes 1,892 full-time employees, 1,834 contract staff, 55 trainees, 432 apprentices, and 325 fixed-term employees
Competitive Strengths:
-
Vertically integrated precision manufacturing ecosystem
-
Strategic global manufacturing presence across three continents
-
Broad, high-value aerospace product portfolio
-
Long-term customer relationships with high entry barriers
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Founder-led organisation backed by strong management
Aequs Ltd. Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2,134.35 | 1,859.84 | 1,863.50 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| Net Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves & Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
Amount in Rs. crore
Key Performance Indicators (KPI)
| KPI | Value |
|---|---|
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | -28.68% |
(Check Aequs IPO Peer Comparison here.)
Objects of the Issue
| S. No. | Purpose | Amount (Rs. crore) |
|---|---|---|
| 1 | Repayment/prepayment of borrowings and penalties | 433.17 |
| 2 | The Company – Borrowings repayment | 17.55 |
| 3 | Investment in Subsidiaries | 415.62 |
| 4 | AeroStructures Manufacturing India Pvt. Ltd. | 174.82 |
| 5 | Aequs Consumer Products Pvt. Ltd. | 231.16 |
| 6 | Aequs Engineered Plastics Pvt. Ltd. | 9.63 |
| 7 | Capital expenditure for machinery | 64.00 |
| 8 | Company – Machinery purchase | 8.11 |
| 9 | Subsidiary – Machinery purchase (AeroStructures) | 55.89 |
| 10 | Funding acquisitions, strategic initiatives, and general corporate purposes | – |
Aequs Ltd. Contact Details
Aequs Ltd.
Aequs Tower, No. 55,
Whitefield Main Road, Mahadevapura Post
Belagavi
Bengaluru, Karnataka – 560048
Phone: 91 96 3205 8521
Email: investor.relations@aequs.com
Website: https://www.aequs.com/
Aequs IPO Lead Managers
-
JM Financial Ltd.
-
IIFL Capital Services Ltd.
-
Kotak Mahindra Capital Co. Ltd.
Aequs IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222 / 04079611000
Email: aequs.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Aequs IPO – Short Review
Aequs Ltd. is a leading precision manufacturing player with a strong presence in aerospace, a sector expected to witness multi-year expansion driven by global aircraft demand and India’s rising role in engineering exports. The company has grown its income steadily, from Rs. 840 crore in FY23 to Rs. 959 crore in FY25, supported by long-term contracts and a high-entry-barrier ecosystem. Its vertically integrated SEZ gives it a structural cost advantage and enables deeper value capture across engine parts, structures, and systems.
Competition exists from global Tier-1 and Tier-2 aerospace manufacturers, but Aequs’ integrated ecosystem, multi-continent footprint, and relationships across Airbus and Boeing programmes offer strong positioning. While profitability remains weak and debt levels are high, the fresh issue is aimed at debt reduction and capex, which may improve margins over time. Expansion into consumer electronics and engineered plastics also opens new revenue streams. Overall, the IPO offers long-term strategic potential but carries medium risk due to losses and leverage.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
