Aequs IPO is scheduled to open on December 3, 2025, and will close on December 5, 2025. This is a Book Built Issue in which the company plans to raise around ₹921.81 crores. The IPO comprises a fresh issue of ₹720 crores and an Offer for Sale of up to 3,17,72,368 equity shares with a face value of ₹10 each. The price band is fixed between ₹118 and ₹124 per share.
The basis of allotment will be announced on December 8, 2025, and shares are expected to list on BSE and NSE on December 10, 2025. The IPO quota allocation is QIB 75%, NII 15%, and Retail 10%.
As per the latest grey market data, Aequs IPO is witnessing a GMP of ₹41, indicating a potential listing price of around ₹165, which could deliver a listing gain of 33%. Retail Subject to Sauda stands at ₹3,700, while Small HNI Sauda rates are at ₹51,800, reflecting healthy demand. Over the last nine sessions, the GMP has shown an upward trend, suggesting strong investor sentiment ahead of listing.
On the financial front, the company reported revenue of ₹959.21 crores in FY25 compared to ₹988.30 crores in FY24. Losses widened to ₹102.35 crores in FY25 from ₹14.24 crores in FY24. Given these figures, investors may consider the IPO for long-term potential rather than short-term gains.
Contents
Aequs IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | December 3, 2025 (Tentative) |
| IPO Close Date | December 5, 2025 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹118 to ₹124 per share |
| Issue Size | Approx ₹921.81 crores |
| Fresh Issue | Approx ₹720 crores |
| Offer for Sale | Approx 3,17,72,368 equity shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP | View PDF |
| RHP | View PDF |
Open: 3-5 Dec Issue Size: ₹921.81 Cr. Objective: Raise funds to cut debt, expand manufacturing capacity and grow via acquisitions. Exchange: NSE BSE
Aequs IPO
Aequs IPO GMP Today
Aequs IPO continues to draw strong interest in the grey market, although the latest GMP trend shows a visible cooling-off. As of 10 December 2025, the last reported GMP is ₹24, indicating a downward movement from previous sessions.
With the IPO price band fixed at ₹124 per share, the estimated listing price works out to around ₹148, which reflects a potential gain of 19.35%. Retail Subject to Sauda stands at ₹2,200, while Small HNI Sauda is quoted at ₹30,800.
Based on the last 14 trading sessions, the GMP has fluctuated between ₹18 (lowest) and ₹46.5 (highest). The overall trend shows that after touching its peak on 2 December, premiums have steadily slipped. This suggests weaker buying enthusiasm in the grey market even though subscription numbers remain strong at their peak levels.
Aequs IPO GMP Trend:
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 10-12-2025 | ₹24 (Down) | ₹148 | 19.35% |
| 09-12-2025 | ₹31 (Down) | ₹155 | 25.00% |
| 08-12-2025 | ₹34 (Down) | ₹158 | 27.42% |
| 07-12-2025 | ₹37 (Down) | ₹161 | 29.84% |
| 06-12-2025 | ₹39 (Down) | ₹163 | 31.45% |
| 05-12-2025 | ₹43 (Up) | ₹167 | 34.68% |
| 04-12-2025 | ₹41 (Down) | ₹165 | 33.06% |
| 03-12-2025 | ₹45.5 (Down) | ₹169.5 | 36.69% |
| 02-12-2025 | ₹46.5 (Up) | ₹170.5 | 37.50% |
| 01-12-2025 | ₹44.5 (Up) | ₹168.5 | 35.89% |
| 30-11-2025 | ₹43.5 (Up) | ₹167.5 | 35.08% |
| 29-11-2025 | ₹43 (Up) | ₹167 | 34.68% |
| 28-11-2025 | ₹40 (Up) | ₹164 | 32.26% |
| 27-11-2025 | ₹18 (No Change) | ₹18 | 0.00% |
Overall, the GMP trend highlights early strength followed by consistent correction. Investors should track daily movements closely to gauge listing-day sentiment.
Disclaimer: GMP is based on grey market news. We do not trade or recommend trading in the grey market or Subject to Sauda (sub2) rates.
How to check Aequs IPO allotment status?
Steps to check Aequs IPO allotment status on NSE
- Visit NSE’s IPO status page.
- Click on Equity & SME IPO bid details.
- From the Select Symbol list, choose Aequs.
- Enter your PAN and IPO application number.
- Click the Submit button to see your allotment status.
Steps to check Aequs IPO allotment status on BSE
- Go to the BSE IPO status page.
- Keep Issue Type as Equity.
- Select Aequs from the Issue Name dropdown.
- Enter your PAN or application number.
- Click Search to view the result.
Steps to check Aequs IPO allotment status on KFin Technologies
- Visit the KFin Tech IPO status page.
- From the Select IPO dropdown, pick Aequs Ltd.
- Enter your PAN, Demat account number or IPO application number.
- Click Submit to view your allotment details.
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Aequs IPO Review
Aequs IPO has gained strong traction in the market, supported by solid anchor investment of about ₹415 crore and quick subscription within hours on Day 1. As India’s only fully integrated aerospace components manufacturer, Aequs supplies precision parts to major global clients like Airbus and Boeing, giving it a strong strategic position.
The company’s integrated model and long-term customer relationships continue to drive investor interest. At the same time, Aequs reported losses in FY25, mainly due to margin pressure and weak performance in its consumer-products division. Its heavy dependence on the aerospace sector also adds cyclical risk.
Even so, the broader industry outlook remains positive with shifting global supply chains favouring Indian manufacturers. Overall, the IPO may appeal more to long-term investors tracking India’s aerospace growth story, while short-term investors may prefer a cautious approach.
Aequs IPO Market Lot
The minimum market lot for the Aequs IPO is 120 shares, requiring an application amount of ₹14,880. Retail investors can apply for up to 13 lots, totaling 1,560 shares and an investment of ₹1,93,440.
| Application Type | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
Aequs IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | – Shares | –% |
| QIB (Excluding Anchor) | – Shares | 75% |
| NII | – Shares | 15% |
| Retail | – Shares | 10% |
Aequs IPO Anchor Investors
| Details | Information |
|---|---|
| Anchor Bidding Date | 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | shares |
| Anchor Size | ₹ crores |
| Lock-in (50%, 30 days) | 2025 |
| Lock-in (50%, 90 days) | 2025 |
Aequs IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | December 3, 2025 |
| IPO Close Date | December 5, 2025 |
| Basis of Allotment | December 8, 2025 |
| Refunds | December 9, 2025 |
| Credit to Demat | December 9, 2025 |
| Listing Date | December 10, 2025 |
| Bidding Cut-off Time | December 5, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of Aequs are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, and The Melligeri Foundation.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 60,50,01,964 | –% |
| Promoter Holding Post Issue | 67,06,49,935 | –% |
Objects of the Issue
The company aims to utilise the proceeds for multiple purposes, including repayment or prepayment of certain outstanding borrowings and related prepayment penalties. A portion will be invested in two wholly owned subsidiaries for repayment of their borrowings.
Funds will also be allocated towards capital expenditure for purchase of machinery and equipment for the company and its subsidiary, AeroStructures Manufacturing India Private Limited.
Additionally, the company plans to use part of the funds for inorganic growth opportunities, strategic initiatives, and general corporate purposes.
About Aequs Limited Company
Aequs is a leading precision engineering and aerospace manufacturing company offering fully integrated solutions. It manufactures precision components for engine systems, landing systems, cargo systems, aircraft interiors, and structural assemblies.
Apart from aerospace, the company has diversified into consumer electronics, plastics, and consumer durables. Aequs has produced more than 4,500 aerospace products as of March 31, 2025.
Aequs IPO Financial Report (₹ in crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹840.54 | ₹777.48 | ₹109.50 | ₹1,321.69 |
| 2024 | ₹988.30 | ₹842.79 | ₹14.24 | ₹1,822.98 |
| 2025 | ₹959.21 | ₹851.24 | ₹102.35 (Loss) | ₹1,859.84 |
Aequs IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | (14.30)% |
| ROCE | 0.87% |
| EBITDA Margin | 11.68% |
| PAT Margin | (11.07)% |
| Debt to Equity | 0.99 |
| EPS (Basic) | ₹(1.80) |
| PE Ratio | N/A |
| RoNW | (14.47)% |
| NAV | ₹12.47 |
- Also Read: Astron Multigrain IPO
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Azad Engineering Ltd. | 14.66 | 106.19 | 6.21% | 234.06 | ₹457.35 Cr |
| Unimech Aerospace | 17.59 | 59.30 | 12.48% | 141.01 | ₹242.93 Cr |
| Amber Enterprises | 72.01 | 113.89 | 10.99% | 672.61 | ₹9,973.02 Cr |
| Kaynes Technology | 45.82 | 161.70 | 10.33% | 439.85 | ₹2,721.25 Cr |
| Dixon Technologies | 205.70 | 86.44 | 47.50% | 494.74 | ₹38,860.10 Cr |
| PTC Industries | 41.37 | 368.96 | 4.40% | 940.03 | ₹308.07 Cr |
IPO Lead Managers
JM Financial Ltd.
IIFL Capital Services Ltd.
Kotak Mahindra Capital Co. Ltd.
Company Address
| Details | Information |
|---|---|
| Company | Aequs Ltd. |
| Address | No 437/A, Hattargi Village, Hukkeri Taluk, Belagavi, Bengaluru, Karnataka, 591243 |
| Phone | +91 831 2499000 |
| investor.relations@aequs.com | |
| Website | https://www.aequs.com/ |
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: aequs.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Aequs IPO FAQs
What is Aequs IPO?
Aequs IPO is a Mainboard IPO through which the company plans to raise ₹921.81 crores. The price band is ₹118 to ₹124 per share. The shares will be listed on BSE and NSE.
When will Aequs IPO open?
The IPO will open on December 3, 2025, and will close on December 5, 2025.
What is the investors’ quota?
QIB quota is 75%, NII quota is 15%, and Retail quota is 10%.
How to apply for Aequs IPO?
You can apply through ASBA using your bank account, UPI through stock brokers, or by submitting an offline application form.
What is the issue size?
The issue size is approximately ₹921.81 crores.
What is the price band?
The price band is ₹118 to ₹124 per share.
What is the lot size?
Investors must bid 120 Shares with ₹14,880 amount for a minimum of shares.
What is the allotment date?
The allotment date is December 8, 2025.
What is the listing date?
The IPO will list on December 10, 2025, on BSE and NSE.
Expert Comment
Aequs Limited operates in a niche and fast-growing precision aerospace manufacturing segment, where India has strong long-term potential. The company’s integrated model gives it an advantage over standalone component makers.
However, the recent losses and high debt levels may pose short-term risks. Investors looking for long-term exposure to the aerospace and engineering sector may track this IPO closely and take a decision based on the final valuations and market conditions at the time of issue.
