Aequs IPO opens for subscription on December 3, 2025 and closes on December 5, 2025. The allotment for the Aequs IPO is expected to be finalised on December 8, 2025. Aequs IPO will list on BSE and NSE, with a tentative listing date of December 10, 2025.
Incorporated in 2000, Aequs Limited manufactures precision components and operates a Special Economic Zone (SEZ) in India, providing fully vertically integrated manufacturing capabilities for the aerospace sector.
The company’s product portfolio includes components for engine systems, landing systems, cargo and cabin interiors, airframe structures, assemblies, and precision-turned parts for aerospace clients.
While aerospace remains its core business, Aequs has expanded into consumer electronics, plastics, and consumer durables to serve a broader set of customers.
This blog will provide all the details about the Aequs IPO from its key timelines, issue size, proceeds usage, to key fundamentals.
Aequs IPO Date
The key pointers for the Aequs IPO dates are:
- Bidding Opening Date: December 3, 2025
- Bidding Closing Date: December 5, 2025
- Allotment Date: December 8, 2025
- Initiation of Refunds (in case of less or no allotment): December 9, 2025
- Shares Credited to Your Demat Account: December 9, 2025
- IPO Listing Date: December 10, 2025
- Listing on Exchange: BSE and NSE
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Aequs: IPO Issue Size
Aequs IPO valuation, as denoted by the market capitalisation, is targeted at ₹8,316.06 crores. Here are the essential details:
- Aequs IPO Price Band: ₹118 to ₹124 per share
- Lot Size: 120 Shares
- Face Value: ₹10 per share
- Total Issue Size and Amount: 7.43 crore shares (aggregating up to ₹921.81 crores)
- Fresh Issue Size and Amount: 5.40 crore shares (aggregating up to ₹670 crores)
- Offer for Sale and Amount: 2.03 crore shares of ₹10 (aggregating up to ₹251.81 crores)
Aequs IPO Proceeds Usage
The company plans to deploy the fresh issue proceeds towards the following objectives:
- Reduce debt: Repay/prepay select borrowings across the Company and three subsidiaries (₹433.17 crores).
- Capex: Purchase machinery/equipment for the Company and ASMI (₹64 crores).
- Growth & GCP: Fund inorganic growth (unidentified acquisitions/strategic initiatives) and general corporate purposes.
Aequs IPO Reservations
Aequs IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Net Offer
- For NIIs: Not more than 15% of the Net Offer
- For Retail Investors: Not more than 10% of the Net Offer
Aequs IPO Lot Size
The Aequs IPO lot size is 120 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Aequs IPO Details: Promoter Holding
The promoters of the company are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, and The Melligeri Foundation.
Aequs Ltd: Company Overview
Aequs Ltd., incorporated in 2000, is an Indian precision component manufacturer that also operates a Special Economic Zone built for aerospace supply chains.
The company provides end-to-end, vertically integrated capabilities, from machining and forging to assembly and finishing. Its products include parts for engines and landing systems, airframe structures, interiors and cargo units, and precision-turned components.
While aerospace is the core business, Aequs has expanded into consumer electronics, plastics, and consumer durables. As of September 30, 2025, it produced more than 5,000 aerospace items for major programs such as the A220, A320, B737, A330, A350, B777, and B787. The company employs a large workforce across permanent, contract, trainee, apprentice, and fixed-term roles.
Key strengths include advanced precision manufacturing, vertically integrated campuses close to customers on three continents, a broad product portfolio in high-value segments, long relationships with tier-one global clients, and founder leadership supported by an experienced management team and skilled workforce.
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- 20 Lac+ unique clients
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Aequs IPO: Financial Performance
Aequs Ltd’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Assets | 1,860 | 1,823 | 2% |
| Total Income | 959 | 988 | -3% |
| Loss | -102 | -14 | 619% |
| EBITDA | 108 | 146 | -26% |
| Net Worth | 708 | 807 | -12% |
| Total Borrowing | 437 | 292 | 50% |
| Cash Conversion Cycle (in Days) | 253 | 203 | 50 |
| Return on Capital Employed | 0.87% | 2.84% | -2% |
| Net Debt to Equity Ratio (x) | 1.84 | 1.65 | 0.19 |
- In FY25, Aequs Ltd’s assets stood at ₹1,860 crores, up 2% from the previous year.
- Total income for FY25 was ₹959 crores, down 3% year-on-year.
- The company reported a loss of ₹102 crores in FY25, a jump of 619% compared to FY24.
- EBITDA was ₹108 crores in FY25, declining 26% from FY24.
- Net worth fell to ₹708 crores in FY25, down 12% from the previous year.
- Total borrowings increased to ₹437 crores in FY25, up 50% year-on-year.
- Cash conversion cycle rose to 253 days in FY25, 50 days longer than FY24.
- Return on capital employed dropped to 0.87% in FY25, down 2% from FY24.
- Net debt to equity ratio rose to 1.84x in FY25, up 0.19x from FY24.
Aequs IPO Peer Comparison
Here is the peer comparison table for Aequs Ltd with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Aequs Ltd. | -1.80 | – | -14.47 |
| Azad Engineering Limited | 14.66 | 115.48 | 6.21 |
| Unimech Aerospace And Manufacturing Limited | 17.59 | 55.73 | 12.48 |
| Amber Enterprises India Limited | 72.01 | 100.40 | 10.99 |
| Kaynes Technology India Limited | 45.82 | 129.59 | 10.33 |
| Dixon Technologies (India) Limited | 205.70 | 73.87 | 47.50 |
| PTC Industries Limited | 41.37 | 417.03 | 4.40 |
- Aequs had a negative EPS of ₹1.80 in FY25, while all its listed peers reported healthy earnings per share, ranging from ₹14.66 of Azad Engineering to ₹205.70 of Dixon Technologies. Because of this, Aequs does not have a P/E ratio unlike its peers.
- Its return on net worth was also negative at 14.47%, whereas other companies earned positive returns. Overall, Aequs lags behind its peers in profitability and returns.
Aequs IPO Risk Factors
Aequs IPO GMP is ₹46 as of December 2, 2025 (at 14:53). It is expected to list at a 37.10% gain at a price of ₹170. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Aequs IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Demand uncertainty from OEMs: Contracts are requirement-based, so order volumes can be reduced, changed, or cancelled, which can directly affect revenue, operations, and cash flows.
- High capex dependence: The business needs continual, significant investments in machinery and production lines. If funding is constrained, capacity and financial performance could suffer.
- Capacity utilisation & operational complexity: With multiple clusters in India and facilities abroad, sustained optimal utilisation isn’t guaranteed. Any slowdown, disruption, or shutdown can weigh on overall performance and liquidity.
For all the insights on Aequs IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Aequs IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the Aequs IPO dates, price band, and lot size?
The Aequs IPO opens on December 3, 2025 and closes on December 5, 2025. The price band is ₹118–₹124 per share with a lot size of 120 shares, and the shares are proposed to list on the BSE and NSE on December 10, 2025.
2. How big is the Aequs IPO issue, and what is its structure?
The total issue size is 7.43 crore shares aggregating up to ₹921.81 crores, comprising a fresh issue of ₹670 crores and an offer for sale of ₹251.81 crores. The targeted market capitalisation at the IPO is ₹8,316.06 crores.
3. How will Aequs use the IPO proceeds?
Aequs plans to reduce debt by repaying/prepaying select borrowings across the company and three subsidiaries, fund capex for machinery/equipment for the company and ASMI, and allocate the remainder towards inorganic growth and general corporate purposes.
Author: All Content is verified by SMC Global Securities.
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