Aequs Ltd. IPO
Mainboard Book-built Issue — BSE & NSE
UPCOMING IPOAequs Ltd. is raising up to ₹921.81 crore via a book-built IPO (fresh issue + offer for sale). The issue opens on Dec 3, 2025 and closes on Dec 5, 2025. Tentative allotment is Dec 8, 2025, with refunds and demat credit on Dec 9, 2025 and tentative listing on Dec 10, 2025 on BSE & NSE. Employee discount: ₹11 per share.
Price band: ₹118 to ₹124. Lot size: 120 shares (retail minimum 1 lot = ₹14,880 at upper band).
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹118 to ₹124 per share |
| Lot Size | 120 shares |
| Total Issue Size | 7,43,39,651 shares (aggregating up to ₹921.81 Cr) |
| Fresh Issue | 5,40,32,258 shares (aggregating up to ₹670.00 Cr) |
| Offer for Sale | 2,03,07,393 shares (aggregating up to ₹251.81 Cr) |
| Employee Discount | ₹11.00 per share |
| Issue Type | Book-building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 61,66,17,677 / 67,06,49,935 shares |
| BRLM / Registrar | JM Financial Ltd. / Kfin Technologies Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
Bidding limits & cut-off rules:
- Only RII: Up to ₹2 lakhs — bidding at cut-off allowed.
- Only sNII: ₹2 lakhs to ₹10 lakhs — bidding at cut-off not allowed.
- Only bNII: Above ₹10 lakhs — bidding at cut-off not allowed.
- Only Employee: Up to ₹5 lakhs — bidding at cut-off allowed (employee-specific rules apply).
| IPO Open | Wed, Dec 3, 2025 |
|---|---|
| IPO Close | Fri, Dec 5, 2025 |
| Allotment (Tentative) | Mon, Dec 8, 2025 |
| Initiation of Refunds | Tue, Dec 9, 2025 |
| Credit of Shares to Demat | Tue, Dec 9, 2025 |
| Listing (Tentative) | Wed, Dec 10, 2025 |
| UPI Mandate Cut-off | 5 PM on Fri, Dec 5, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
sNII = 14 lots (1,680 shares = ₹2,08,320). bNII = 68 lots (8,160 shares = ₹10,11,840). Amounts shown use the upper price band (₹124).
Founded in 2000, Aequs Ltd. is a vertically integrated precision manufacturing group focused on high-value aerospace components and assemblies. The company operates manufacturing ecosystems across continents and serves major global aerospace OEMs (programs for A220, A320, B737, A330, A350, B777, B787 etc.). Over time Aequs has expanded into consumer electronics, engineered plastics and consumer durables.
As of Sep 30, 2025, workforce included ~1,892 full-time employees, ~1,834 contract employees, 55 trainees, 432 apprentices and 325 fixed-term employees. The company emphasises integrated precision capabilities, long standing customer relationships and global manufacturing footprint.
Selected financials (₹ Crore)
| Period | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Total Borrowing |
|---|---|---|---|---|---|---|
| 30 Sep 2025 | 2,134.35 | 565.55 | -16.98 | 84.11 | 796.04 | 533.51 |
| 31 Mar 2025 | 1,859.84 | 959.21 | -102.35 | 107.97 | 707.53 | 437.06 |
| 31 Mar 2024 | 1,822.98 | 988.30 | -14.24 | 145.51 | 807.17 | 291.88 |
KPIs (as of Mar 31, 2025): ROE -14.30 | ROCE 0.87 | Debt/Equity 0.99 | PAT Margin -11.07% | EBITDA Margin 11.68% | Price/Book 9.94 | Market Cap: ₹8,316.06 Cr.
| 1 | Repayment / prepayment of certain outstanding borrowings and prepayment penalties — ₹433.17 Cr |
|---|---|
| 2 | Investment into three wholly-owned subsidiaries — ₹415.62 Cr (AeroStructures Manufacturing India Pvt. Ltd. ₹174.82 Cr; Aequs Consumer Products Pvt. Ltd. ₹231.16 Cr; Aequs Engineered Plastics Pvt. Ltd. ₹9.63 Cr) |
| 3 | Funding capital expenditure (machinery & equipment) — ₹64.00 Cr (Company & subsidiary split as per RHP) |
| 4 | Funding inorganic growth (acquisitions / strategic initiatives) & general corporate purposes |
Company Contact
- Aequs Ltd., Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post, Bengaluru, Karnataka, 560048
- Phone: +91 96 3205 8521
- Email: [email protected]
- Website: https://www.aequs.com/
Registrar
- Kfin Technologies Ltd. — Phone: 04067162222 / 04079611000 | Email: [email protected]
The Aequs IPO seems like a solid opportunity for both retail and institutional investors, especially with the employee discount. The price band is fairly reasonable given the issue size, but it’ll be interesting to see how the market reacts post-listing!
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