Aequs IPO Description – Aequs stands as India’s only precision component manufacturer operating within a single Special Economic Zone (SEZ), offering fully vertically integrated aerospace manufacturing capabilities. As of 31 March 2025, the company maintained one of the largest aerospace product portfolios in India, encompassing components for engines, landing, cargo, interiors, and structural systems. For FY 2025 and the six months ended 30 September 2025, its Aerospace Segment reported net external revenues of INR 824.64 crore and INR 473.95 crore, respectively.
The company’s advanced metallurgy expertise includes machining high-end titanium alloys, while its three integrated manufacturing ecosystems—comprising Aequs, suppliers, and joint ventures—enable large-scale, end-to-end production with 100% in-country value addition for select products. Major aerospace clients include Airbus and Boeing, which benefit from Aequs’s “one-stop-shop” capabilities, reduced logistics costs.
Aequs also leverages its aerospace precision capabilities to serve consumer segments, manufacturing cookware, home appliances, toys, and smart device components. Strategic joint ventures such as SQuAD Forging India, Aerospace Processing India (API), and Aequs Cookware expand its forging, surface treatment, and consumer product expertise, reinforcing its position as a diversified, engineering-led manufacturer.
Promoters of Aequs – Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments, Melligeri Private Family Foundation, and The Melligeri Foundation
Table of Contents
Aequs IPO Details
| Aequs IPO Dates | 3 – 5 December 2025 |
| Aequs Issue Price | INR 118 – 124 per share Employee Discount – INR 11 per share |
| Fresh issue | INR 670 crore |
| Offer For Sale | 2,03,07,393 shares (INR 239.63 – 251.81 crore) |
| Total IPO size | INR 909.63 – 921.81 crore |
| Minimum bid (lot size) | 120 shares (INR 14,880) |
| Face Value | INR 10 per share |
| Retail Allocation | 10% |
| Listing On | BSE, NSE |
Aequs Financial Performance
| FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 812.13 | 965.07 | 924.61 | 537.16 |
| Expenses | 777.48 | 842.79 | 851.24 | 481.44 |
| Net income | (109.50) | (14.24) | (102.35) | (16.98) |
| Margin (%) | (13.48) | (1.48) | (11.07) | (3.16) |
Aequs Offer News
Aequs Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre-Issue) | FY 2026 (Post-Issue) | |
| EPS | (2.44) | (0.20) | (1.80) | (0.51) |
| PE Ratio | – | – | – | – |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | (43.47) | (1.76) | (14.47) |
| NAV | 6.21 | 14.82 | 12.47 |
| ROCE (%) | (3.72) | 2.84 | 0.87 |
| EBITDA (%) | 7.76 | 15.08 | 11.68 |
| Debt/Equity | 2.54 | 0.55 | 0.99 |
Aequs IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 9 December 2025 | 35 | 3,300 |
| 8 December 2025 | 43 | 3,600 |
| 6 December 2025 | 43 | 3,600 |
| 5 December 2025 | 43 | 3,600 |
| 4 December 2025 | 45 | 4,200 |
| 3 December 2025 | 48 | 4,300 |
| 2 December 2025 | 44 | 3,800 |
| 1 December 2025 | 44 | 3,800 |
| 29 November 2025 | 37 | 3,400 |
| 28 November 2025 | 18 | 1,700 |
Aequs Offer Objectives
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: – INR 433.17 crore
(a) The company – INR 17.55 crore
(b) Two of the wholly-owned subsidiaries, through investment in the following subsidiaries – INR 415.62 crore
i. AeroStructures Manufacturing India – INR 174.82 crore
ii. Aequs Consumer Products Private – INR 231.16 crore
iii. Aequs Engineered Plastics Private – INR 9.63 crore - Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by: INR 64 crore
(a) The company – INR 8.11 crore
(b) One of the wholly-owned subsidiaries, AeroStructures Manufacturing India, through investment in such subsidiary – INR 55.89 crore - Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes
Aequs IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 2,26,10,608 | 1,15,37,634 | 76,91,756 | 1,86,915 | 4,20,26,913 |
| 5 Dec 2025 | 120.92 | 80.62 | 78.05 | 35.85 | 101.63 |
| 4 Dec 2025 | 0.73 | 16.82 | 32.92 | 15.18 | 11.10 |
| 3 Dec 2025 | 0.66 | 3.40 | 11.46 | 6.72 | 3.42 |
3,33,80,262 shares allotted to anchor investors are not included in these calculations.
Aequs – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Aequs | – | (1.80) | (14.47) | 12.47 | 924.61 |
| Azad Engineering | 115.48 | 14.66 | 6.21 | 234.06 | 457.35 |
| Unimech Aerospace | 55.73 | 17.59 | 12.48 | 141.01 | 242.93 |
Aequs IPO Allotment Status
Aequs IPO allotment status is now available on KFin Technologies’ website. Click on this link to get the allotment status.
Aequs IPO Dates & Listing Performance
| IPO Opening Date | 3 December 2025 |
| IPO Closing Date | 5 December 2025 |
| Finalization of Basis of Allotment | 8 December 2025 |
| Initiation of refunds | 9 December 2025 |
| Transfer of shares to demat accounts | 9 December 2025 |
| Aequs IPO Listing Date | 10 December 2025 |
| Opening Price on NSE | INR 140 per share (up 12.90%) |
| Closing Price on NSE | INR 151.29 per share (up 22.01%) |
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Aequs IPO Lead Manager
JM FINANCIAL LIMITED
7th Floor, Cnergy Appasaheb Marathe
Marg Prabhadevi, Mumbai 400 025
Phone: 91 22 6630 3030
Email: [email protected]
Website: www.jmfl.com
Aequs Offer Registrar
KFIN TECHNOLOGIES LIMITED
Selenium, Tower-B, Plot No. 31 & 32,
Financial District Nanakramguda,
Serilingampally, Rangareddi, Hyderabad 500 032
Phone: +91 40 6716 2222/ 1800 309 4001
Email: [email protected]
Website: www.kfintech.com
Aequs Contact Details
AEQUS LIMITED
Aequs SEZ, No. 437/A, Hattargi Village,
Hukkeri Taluk, Belagavi 591 243
Phone: +91 96 3205 8521
Email: [email protected]
Website: www.aequs.com
Aequs IPO FAQs
How many shares in the Aequs IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply in the Aequs Public Offer?
The best way to apply for Aequs public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stockbroker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is the Aequs IPO GMP today?
Aequs IPO GMP today is INR 35 per share.
What is Aequs Subject to Sauda rate today?
Aequs Subject to Sauda rate today is INR 3,300 per application.