Aequs, the aerospace and contract manufacturing company based in Belagavi, Karnataka, is gearing up for a big growth leap by converting into a public company before a planned USD 200 million (~INR 1,685 crore) initial public offering (IPO) later in 2025.
In a significant move towards this public listing, the company’s board has approved a special resolution to change its status from Aequs Private Limited to Aequs Limited, as per recent regulatory filings. Aequs IPO will reportedly include fresh equity issue and offer for sale (OFS) by existing shareholders.
Founded in 2006 by industry veteran Aravind Melligeri, Aequs has grown into a global player in aerospace components manufacturing with operations in consumer goods and toy manufacturing. The company is known for its vertically integrated manufacturing ecosystems that support complex, end-to-end product development especially for global aircraft supply chains.
Financial Turnaround and Expansion
The decision to go public comes after a strong year of growth and operational efficiency. For the year ending 31 March 2024, Aequs reported 19% growth in operating revenue at INR 965 crore compared to INR 812 crore in FY23. More importantly, the company reduced its net loss by 87% to INR 14.2 crore from a much higher figure in the previous year.
This financial upswing coincides with the company’s joint venture with Canadian aerospace company Magellan Aerospace. The two companies have partnered to set up a new sand casting facility in Belagavi to enhance Aequs’ capabilities in producing high-precision aerospace components. This facility will play a key role in increasing the company’s manufacturing depth and supporting its growth trajectory.
Funding and Valuation
Aequs has raised USD 95 million (~INR 800 crore) so far with the latest funding of USD 54 million (~INR 455 crore) led by Amansa Capital in October 2023. As per data from startup intelligence platform TheKredible, the company is valued at around USD 240 million (~INR 2,022 crore). Experts see Aequs IPO as a smart move, leveraging better financials, stronger manufacturing partnerships and global presence. The IPO will help the company to fuel its growth in aerospace and adjacent sectors, for capex, innovation and international expansion.
As Aequs becomes Aequs Limited, it will be one of the few aerospace-focused companies in Indian public markets, a milestone not just for the company but for the entire Indian aerospace and defence manufacturing ecosystem.
In the first four months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025. Collectively, these IPOs raised INR 18,963.81 crore. Hexaware Technologies was the biggest IPO in the last 4 months, which raised INR 8,750 crore. Out of the 10 IPOs, three delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 17.53%. Ather Energy launched its IPO on 28 April 2025, the listing will be on 6 May 2025. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.