- Issue price
- ₹124per share
- Issue size
- ₹921.81 Cr7,43,55,351 shares
- Face value
- ₹10per equity share
- Lot size
- 120 sharesMin. ₹14,880 at the upper price
- Anchor biddingTue, 2025
- OpensWed, 2025
- ClosesFri, 2025
- AllotmentMon, 2025
- ListingWed, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 5,40,47,958 shares (₹670 Cr)
- Offer for sale
- 2,03,07,393 shares (₹251.81 Cr)
- Total issue
- 7,43,55,351 shares (₹921.81 Cr)
- Face value
- ₹10
- Listing at
- NSE, BSE
- Promoter holding
- 63.82% → 58.48%
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor64.1%
- NII21.4%
- Retail14.2%
- Employees0.3%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 74,17,835 | 14.24% | — |
| Non-institutional investors (NII) | 1,11,26,753 | 21.36% | — |
| Qualified institutional buyers (QIB) | 5,56,33,772 | 106.78% | — |
| Anchor investors | 3,33,80,262 | 64.07% | — |
| Employees | 1,76,991 | 0.34% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹124 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 120 | ₹14,880 |
Source: ProspectusUpdated
Special quotas
- Employees
- ₹11 discount per share
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25- EPS (basic)
- -₹1.8
- RoNW
- -14.47%
- NAV per share (Sep 30, 2025)
- ₹13.6
- NAV per share (At Offer Price)
- ₹24.74
- EBITDA margin
- 11.68%
- Debt to equity
- 0.99
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 537.16 | 924.61 | 965.07 | 812.13 |
| Total income | 565.55 | 959.21 | 988.30 | 840.54 |
| EBITDA | 84.11 | 107.97 | 145.51 | 63.06 |
| Profit after tax | -16.98 | -102.35 | -14.24 | -109.50 |
| Net worth | 796.04 | 707.53 | 807.17 | 251.91 |
| Reserves and surplus | 200.43 | 135.09 | -15.31 | -146.15 |
| Total assets | 2,134.35 | 1,859.84 | 1,822.98 | 1,321.69 |
| Total borrowing | 533.51 | 437.06 | 291.88 | 346.14 |
FY 2024-25 vs FY 2023-24: revenue −4.2%, profit after tax −618.5%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company is a vertically integrated precision component manufacturer serving global OEM customers in aerospace and consumer sectors. It operates engineering-led manufacturing ecosystems and makes components such as engine, landing system and structural parts, along with consumer electronics, plastics and durables.
- Incorporated
- 2000
- Industry
- Aerospace and Consumer Precision Manufacturing
- Sector
- Defence and Aerospace
- CIN
- U80302KA2000PLC026760
- Website
- aequs.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Aequs Manufacturing Investments Private Limited | Promoter | 47.16% | 43.35% | 1,00,000 |
| Melligeri Private Family Foundation | Promoter | 16.50% | 14.98% | 13,23,500 |
| Aravind Shivaputrappa Melligeri | Promoter | 0.16% | 0.15% | — |
| Amicus Capital Partners India Fund II | Selling shareholder | 3.53% | 1.93% | 88,79,915 |
| Amicus Capital Private Equity I LLP | Selling shareholder | 2.01% | 0.74% | 74,81,908 |
| Ravindra Mariwala | Selling shareholder | 0.35% | — | 8,71,308 |
| Amicus Capital Partners India Fund I | Selling shareholder | 0.20% | — | 7,54,450 |
| Vasundhara Dempo Family Private Trust | Selling shareholder | 0.17% | — | 4,35,656 |
| Girija Dempo Family Private Trust | Selling shareholder | 0.17% | — | 4,35,656 |
| Raman Subramanian | Selling shareholder | 0.05% | — | 25,000 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain borrowings of the company and three wholly-owned subsidiaries | 433.17 |
| Funding capital expenditure on machinery and equipment for the company and one subsidiary | 64.00 |
| Funding inorganic growth, other strategic initiatives and general corporate purposes | 125.21 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Azad Engineering Limited | ₹14.66 | 115.48× | 6.21% | ₹234.06 |
| Unimech Aerospace and Manufacturing Limited | ₹17.59 | 55.73× | 12.48% | ₹141.01 |
| Amber Enterprises India Limited | ₹72.01 | 100.40× | 10.99% | ₹672.61 |
| Kaynes Technology India Limited | ₹45.82 | 129.59× | 10.33% | ₹439.85 |
| Dixon Technologies (India) Limited | ₹205.7 | 73.87× | 47.50% | ₹494.74 |
| PTC Industries Limited | ₹41.37 | 417.03× | 4.40% | ₹940.03 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Vertically integrated precision manufacturing across aerospace and consumer segments.
- Operates in three engineering-led manufacturing ecosystems in India.
- Long-standing relationships with global OEM customers, averaging 11 years with top 10 customer groups.
- Niche metallurgy capability in precision machining of titanium and high-end alloys.
- Manufacturing units hold multiple international quality certifications.
Risks
- Heavy dependence on the aerospace segment for net external revenue.
- Dependence on ten largest customer groups for a large share of revenue.
- Customer contracts are requirement-based and do not commit fixed order volumes.
- Negative operating cash flows in the past and possible in future.
- Manufacturing clusters are all located in Karnataka, creating regional concentration risk.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹124) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Aequs IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 3 December 2025 and closes on Friday, 5 December 2025.
What is the Aequs IPO price band?
The final issue price is ₹124 per share.
What is the lot size of the Aequs IPO?
One lot is 120 shares, which is ₹14,880 at ₹124 per share.
Where will Aequs shares list?
On NSE and BSE. The tentative listing date is Wednesday, 10 December 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Aequs IPO allotment status?
The basis of allotment is expected to be finalised on Monday, 8 December 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹433.17 Cr for repayment or prepayment of certain borrowings of the company and three wholly-owned subsidiaries, ₹64 Cr for funding capital expenditure on machinery and equipment for the company and one subsidiary, ₹125.21 Cr for funding inorganic growth, other strategic initiatives and general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.