The Aequs IPO is a mainboard issue with a total of 7,43,39,651 shares amounting to ₹921.81 crore. The IPO has a price range of ₹118 to ₹124 per share, with a face value of ₹10 per share. The bidding starts on December 3, 2025. It will end on December 5, 2025. The expected date of allotment is December 8, 2025, while the listing is scheduled on December 10, 2025, on both BSE and NSE.
The IPO has 120 shares per lot, making the minimum investment for retail investors ₹14,880. The sNII category will have to bid for a minimum of 14 lots (1,680 shares), making their investment ₹2,08,320. The bNII will invest ₹10,11,840 for 68 lots (8,160 shares).
Aequs IPO Details
The important details of the Aequs IPO are given below:
| Particulars | Details |
| Bidding Opens | December 3, 2025 |
| Bidding Closes | December 5, 2025 |
| IPO Lot Size | 120 Shares |
| Face value | ₹10 per share |
| Price Band | ₹118 to ₹124 per share |
| Issue price | |
| Offer for sale | 2,03,07,393 shares(₹251.81 Cr) |
| Fresh issue | 5,40,32,258 shares (₹670.00 Cr) |
| Issue Type | Bookbuilding Issue |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | 7,43,39,651 shares (₹921.81 Cr) |
| Minimum Investment | ₹14,880 |
Aequs IPO Timeline
The schedule of the Aequs IPO is as follows:
| Particulars | Details |
| IPO opens on | December 3, 2025 |
| IPO closes on | December 5, 2025 |
| Expected Allotment | December 8, 2025 |
| Initiation of Refunds | December 9, 2025 |
| Demat account share credit on | December 9, 2025 |
| Expected Listing | December 10, 2025 |
| UPI mandate cut-off time | 5 PM on December 5, 2025 |
Aequs Key Performance Indicator
The following are the Aequs Key Performance Indicators (KPIs):
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | (40.68) | (1.49) | (14.30) |
| ROCE (%) | (3.72) | 2.84 | 0.87 |
| Debt Equity (times) | 2.54 | 0.55 | 0.99 |
| RoNW (%) | (43.47) | (1.76) | (14.47) |
| PAT Margin (%) | (13.48) | (1.48) | (11.07) |
| EBITDA margin (%) | 7.76 | 15.08 | 11.68 |
| Price Book Value | – | – | 9.94 |
Aequs Financials
The key Aequs financial metrics are listed below:
| Particulars (in ₹ million) | 2023 | 2024 | 2025 |
| Revenue | 8,405.39 | 9,883.04 | 9,592.13 |
| Total Asset | 13,216.91 | 18,229.83 | 18,598.40 |
| Profit | (1,094.95) | (142.44) | (1,023.46) |
Aequs IPO Grey Market Premium Today
The Aequs IPO Grey Market Premium (GMP) stands at ₹46.5 today, showing positive investor demand in the grey market. The premium has risen steadily from ₹44.5 to ₹46.5 over the last three days, indicating optimistic market sentiment ahead of the listing date.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 03-12-2025 | ₹46.5 | ₹170.5 | 37.50% | Neutral |
| 02-12-2025 | ₹46.5 | ₹170.5 | 37.50% | Increasing |
| 01-12-2025 | ₹44.5 | ₹168.5 | 35.89% | Increasing |
Note: The GMP figures are taken from the unofficial grey market. They can change based on investor demand, subscription levels, and market sentiment.
Aequs IPO Reservation
As per the investing category, the following number of shares are reserved:
| Investor Category | No. of Shares Offered |
| Market Maker | |
| QIB Shares | 5,56,21,995 (74.82%) |
| NII (HNI) Shares | 1,11,24,399 (14.96%) |
| Retail Shares | 74,16,266 (9.98%) |
| Employee Shares | 1,76,991 (0.24%) |
| Total Shares | 7,43,39,651 (100.00%) |
Lot Size of Aequs IPO
The available Aequs IPO lot sizes are as follows:
| Application | No. of Lots | No. of Shares | Amount |
| Individual investors (Retail) (Minimum) | 1 | 120 | ₹14,880 |
| Individual investors (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 Anchor Investors Details
The details of the Aequs IPO anchor investors are given below:
| Particulars | Details |
| Anchor Bidding Opens | December 2, 2025 |
| Shares Offered | 3,33,80,262 |
| Portion Size | 413.92 crore |
| 50% shares lock-in (30 days) | January 7, 2026 |
| Remaining shares lock-in (90 days) | March 8, 2026 |
Aequs IPO Prospectus
If you’re looking for more information, you can go through these files:
About Aequs
Aequs was founded in 2006 and is headquartered in Belagavi, Karnataka. It operates under the leadership of Mr. Aravind Melligeri, Chairman & Managing Director. The company has grown into an integrated manufacturing entity providing specialised services such as aerospace machining, precision forging, sheet-metal assemblies, plastic moulding, tooling, and high-volume consumer product manufacturing.
Over the years, Aequs has strengthened its position through efficiency, cost competitiveness, and operational depth. It serves sectors such as aerospace, automotive, FMCG, and industrial components, competing with peers such as Dixon Technologies, Unimech Aerospace, Azad Engineering, and PTC Industries. Aequs continues to expand its ecosystem with skilled talent, advanced infrastructure, and long-term partnerships.
| Book running lead manager (s) | Kotak Mahindra Capital Co.LtdIIFL Capital Services Ltd.JM Financial Ltd. |
| Registrar of the issue | Kfin Technologies Ltd. |
Objectives of the Aequs IPO
Aequs will use the raised capital for the objectives listed below:
| S.No. | Objectives | Amount (₹ in crores) |
| 1 | Repayment and/ or prepayment of loans availed by the company and its subsidiaries | 433.17 |
| 2 | Aequs Engineered Plastics Private Limited | 9.63 |
| 3 | Aequs Consumer Products Private Limited | 231.16 |
| 4 | AeroStructures Manufacturing India Private Limited | 174.82 |
| 5 | Machinery purchase for the company | 8.11 |
| 6 | Machinery purchase for the subsidiary | 55.89 |
| 7 | Inorganic growth and general corporate use | – |
Strength Of Aequs
Aequs stands out through its engineering depth and tightly integrated manufacturing approach. The following core strengths help it stand out from the competition:
1. Integrated Capabilities
Aequs brings forging, moulding, surface finishing, and assembly under one manufacturing unit, allowing the components to be made from start to finish without relying on suppliers.
2. Cluster-Based Ecosystems
The company has engineering-led clusters in Belagavi, Koppal, and Hubballi that combine co-located plants, partners, and joint ventures, enabling faster production cycles and smoother scale-up for large programs.
3. Global Footprint
Facilities in India, the U.S., and France place the company close to major aerospace customers, helping strengthen collaboration and repetition of business.
4. Broad Portfolio
Aequs makes engine parts, landing systems, interiors, structures, plastics, and consumer electronics, giving it a wide reach across different segments.
5. Customer Relationships
The company has long associations with global names across aerospace and consumer markets, built on high quality, customer support, and an integrated production approach.
Risk of Aequs
Investors should be cautious of the following risks of Aequs:
1. Heavy Segment Reliance
A large share of revenue comes from aerospace, making the business sensitive to shifts in global aviation demand.
2. Regulatory Risk
Any changes in environmental, labour, safety, or export rules across India, the U.S., and Europe can raise costs or slow down operations.
3. Capital & Capacity Pressure
The business requires ongoing investment in machinery and upgrades; delays in funding or underuse of new capacity may affect performance.
4. Negative Cash Flows
The company and its subsidiaries have faced negative operating cash flow over the years, which could continue if working capital requirements rise faster than revenue.
Aequs IPO Review
The Aequs IPO comes from a well-established manufacturing company known for its strong engineering capabilities and global presence across India, the U.S., and France. The business benefits from long-term relationships with leading aerospace and consumer brands, along with an integrated production setup that supports efficiency and scale. With improving market sentiment and a steady rise in GMP, the IPO has attracted early interest.
This IPO may appeal to investors seeking an opportunity in a business with robust manufacturing strength and a wide global reach.
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Aequs IPO FAQs
It is a mainboard IPO of 7,43,39,651 shares amounting to ₹921.81 crore.
You can apply for the Aequs IPO using UPI or via the ASBA option through your bank.
The Aequs IPO offers both strengths and risks. Investors should review the business model, financials, and GMP before applying.
At a premium of ₹46.5, the expected returns on the Aequs IPO are 37.50%
The Aequs IPO will open on December 3, 2025.
The lot size of the Aequs IPO is 120 shares.
The Aequs IPO allotment is scheduled for December 8, 2025.
The Aequs shares are expected to list on December 10, 2025.
