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
The Aequs IPO continues to attract strong attention in the grey market, with the latest GMP holding steady at ₹41 as of 5th December 2025 (10:29 AM).
With a price band of ₹124 per share, the estimated listing price currently stands at around ₹165, indicating a potential listing gain of 33.06%. Retail Subject to Sauda is quoted at ₹3,700, while Small HNI Sauda rates are around ₹51,800, reflecting solid demand across investor categories.
Over the last nine sessions, the GMP trend has remained positive, showing steady buying interest despite small corrections on certain days. The premium has ranged between ₹18 and ₹46.50, with the upward movement suggesting confidence in Aequs’ fundamentals and expected listing performance.
Below is the simplified day-wise GMP movement to help readers understand the trend clearly:
| Date | GMP (₹) | Movement | Estimated Listing Price | Gain (%) |
|---|---|---|---|---|
| 05 Dec | 41 | No Change | 165 | 33.06% |
| 04 Dec | 41 | Down | 165 | 33.06% |
| 03 Dec | 45.5 | Down | 169.5 | 36.69% |
| 02 Dec | 46.5 | Up | 170.5 | 37.50% |
| 01 Dec | 44.5 | Up | 168.5 | 35.89% |
| 30 Nov | 43.5 | Up | 167.5 | 35.08% |
| 29 Nov | 43 | Up | 167 | 34.68% |
| 28 Nov | 40 | Up | 164 | 32.26% |
| 27 Nov | 18 | No Change | 18 | 0% |
These movements indicate that Aequs IPO is trending upward and may deliver a healthy listing. As always, GMP reflects market sentiment and should not be seen as financial advice.
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.
