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Aequs IPO is a bookbuilt issue of ₹921.81 crore. It combines a fresh issue of 5.40 crore shares aggregating to ₹670.00 crore and offer for sale of 2.03 crore shares aggregating to ₹251.81 crore.
The IPO opens for subscription on December 3, 2025 and closes on December 5, 2025. The allotment is expected to be finalized on Monday, December 8, 2025. The price band for the IPO is set at ₹118 to ₹124 per share, and the minimum lot size for an application is 120 shares.
Company Summary
Incorporated in 2000, Aequs Ltd. is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment.
The company’s diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients.
The company primarily operate in the Aerospace Segment, over the years, they have expanded their product portfolio to include consumer electronics, plastics, and consumer durables for their consumer clients.
As of September 30, 2025, the company produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with their aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts.
As of September 30, 2025, the company had 1,892 full-time employees, 1,834 employees on a contractual basis, 55 trainees, 432 apprentices and 325 fixed term employees.
Product Portfolio
- Structures: Bracket, corner fitting, cable quadrant, triangular bracket, wing flap support, coupling, gearbox bracket, floorboard, latch assembly, bracket structure
- Interiors and cargo: Power distribution unit tray, side panel, pawls, base, pan-seat, beam-back support, panel-side top, seat stay, outer pawl, housing left, bracket offset
- Landing systems: Main landing gear, main fitting, bracket assembly, front panel, front assembly uplock, rim, half wheel, main fitting assembly.
- Actuation Systems: Housing, manifold, mounting foot, mounting flange, actuator piston, housing, jack head, radarbox.
Company Strengths
- Advanced and vertically integrated precision manufacturing capabilities
- Operations in unique, engineering-led vertically-integrated precision manufacturing ecosystems
- Manufacturing presence across three continents with strategic proximity to end customers
- Comprehensive precision product portfolio across high value segments
- Long-standing relationships with high entry barrier global customers
- Founder-led business supported by an experienced management team and a qualified employee base
Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,134.35 | 1,859.84 | 1,863.84 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.3 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.7 | -14.24 | -109.5 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| Net Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves and Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
| Amount in ₹ Crore | |||||
Objectives of the IPO
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by:
- The Company
- three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries
- AeroStructures Manufacturing India Private Limited
- Aequs Consumer Products Private Limited
- Aequs Engineered Plastics Private Limited
- Funding capital expenditure to be incurred on account of purchase of machinery and equipment by:
- Company
- one of the wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes
Promoters of the company
The Promoters of the company are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation and The Melligeri Foundation.
IPO Details
| IPO Date | December 3, 2025 to December 5, 2025 |
| Listing Date | December 10, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 per share |
| Lot size | 120 shares |
| Total Issue size | 7,43,39,651 shares (aggregating upto ₹921.81 Cr ) |
| Fresh Issue | 5,40,32,258 shares (aggregating upto ₹670.00 Cr ) |
| Offer for Sale | 2,03,08,393 shares of ₹10 (aggregating upto ₹251.81 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 61,66,17,677 shares |
| Share Holding Post Issue | 67,06,49,935 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto 5 Lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto 5 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 120 | ₹14,880.00 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440.00 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320.00 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960.00 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840.00 |
Allotment Schedule
| Basis of Allotment | Mon, 8 Dec, 2025 |
| Initiation of Refunds | Tue, 9 Dec, 2025 |
| Credit of Shares to Demat | Tue, 9 Dec, 2025 |
| Tentative Listing Date | Wed, 10 Dec, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 5, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
To check allotment, click here
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