Aequs IPO: Check IPO Date, Live Subscription and Key Details
Aequs is a precision component manufacturer specializing in fully vertically integrated production for the Aerospace Segment, operating out of a single Special Economic Zone (SEZ) in India. It is among the largest aerospace product portfolio holders in India, supplying parts for engines, landing systems, and assemblies for programs like A220, A320, B737, and B787. Aequs is distinguished by its specialized metallurgy skills, particularly in machining high-end alloys like titanium. While aerospace is the core focus, the company also produces components for consumer electronics, plastics, and durables. It is a one-stop-shop supplier, holding major global certifications (AS9100D, NADCAP) and is regularly audited by customers like Airbus and Boeing.
Price Range
₹118.0 - ₹124.0
Issue Size
₹921.81 Cr
Lot Size
120 shares
IPO Type
Mainboard
GMP
₹24(+19.35%)
Est. Listing Price
₹148
Estimate Profit
₹2,880
Retail Portion
10.00%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
-0.51
P/E Ratio
-244.92
RoNW
-14.47%
ROE
-14.3%
Debt to Equity
0.99
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Timeline
IPO Opens
3 Dec
IPO Closes
5 Dec
Allotment
8 Dec
Listing
10 Dec
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 3 December 2025 | Subscription starts |
| IPO Close Date | 5 December 2025 | Subscription ends |
| Allotment Date | 8 December 2025 | Allotment |
| Listing Date | 10 December 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,880 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,440 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,320 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,96,960 |
BHNIAbove ₹10,00,000 | 68 | ₹10,11,840 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 75.00% |
| NII (Non-Institutional Investor) | 15.00% |
| Retail | 10.00% |
| Total | 100.00% |
IPO Objectives
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties availed by the Company and its subsidiaries (Total ₹433.17 Cr).
- Funding capital expenditure for purchase of machinery and equipment by the Company and its subsidiary (₹64.00 Cr).
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
Strengths
- The company has advanced and vertically integrated precision manufacturing capabilities, making it a 'one-stop-shop' supplier preferred by major OEMs like Airbus and Boeing.
- Operations are set up in unique, engineering-led ecosystems (SEZ), which helps reduce costs, lower logistics needs, and improve quality.
- It offers a comprehensive precision product portfolio, with specialized metallurgy skills in machining high-end alloys like titanium.
- The business maintains long-standing relationships with global aerospace customers, a high entry barrier segment, ensuring stable business.
- It is a founder-led business supported by an experienced management team, driving continuous compliance (AS9100D, NADCAP) and quality control.
Weaknesses
- The company has a History of sustained Net Losses (FY23-FY25), resulting in a negative P/E ratio, indicating a high-risk investment based purely on uncertain future profitability.
- It carries a high Debt-to-Equity ratio of 0.62 in FY25, although the IPO proceeds are heavily focused on debt reduction (₹433.17 Cr).
- There is high dependence on the Aerospace Segment, which has long project cycles and is vulnerable to fluctuations in the global aviation industry.
- The project-based revenue model involves long lead times and high capital expenditure requirements for specialized machinery and certifications (NADCAP).
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 2,134.35 | 1,859.84 | 1,822.98 | 1,321.69 |
| Revenue (₹ Cr.) | 565.55 | 959.21 | 988.3 | 840.54 |
| PAT (₹ Cr.) | -16.98 | -102.35 | -14.24 | -109.5 |
| Net Worth (₹ Cr.) | 796.04 | 707.53 | 807.17 | 251.91 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Aequs Ltd. | 9.94 | -244.92 | -14.3% | 796.04 |
| Azad Engineering | 7.4 | 99.03 | 7.55% | 1,393 |
| Unimech Aerospace | 7.05 | 62.6 | 11.27% | 669 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.68x | 0.75x | 122.93x |
| NII | 3.55x | 17.5x | 83.61x |
| S-HNI | 4.68x | 24.21x | 91.13x |
| B-HNI | 2.98x | 14.14x | 79.86x |
| RII | 12.16x | 34.57x | 81.03x |
| EMP | 7.38x | 16.32x | 37.86x |
| Total | 3.56x | 11.49x | 104.3x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 2,22,41,733 | 2,73,41,34,360 | 33,903.27 |
| NII | 1,11,24,399 | 93,01,66,200 | 11,534.06 |
| Small NII | 37,08,133 | 33,79,17,720 | 4,190.18 |
| Big NII | 74,16,266 | 59,22,48,480 | 7,343.88 |
| RII | 74,16,266 | 60,09,71,760 | 7,452.05 |
| EMP | 1,76,991 | 67,00,560 | 83.09 |
| Total | 4,09,59,389 | 4,27,19,72,880 | 52,972.46 |
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Company Details
- Aequs Ltd.
- Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post, Bengaluru, Karnataka-560048
- 91 96 3205 8521
- investor.relations@aequs.com
- https://www.aequs.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- aequs.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
When does the Aequs IPO open and close?
Aequs IPO opens for subscription on 3rd December 2025 and closes on 5th December 2025. Apply within this window via your broker or ASBA-enabled bank.
What is the Aequs IPO price band and market lot?
The price band is ₹118.00–₹124.00 per share and the market lot is 120 shares. The minimum retail investment per lot at the upper band is ₹14,880.
How is the Aequs IPO allocation split between investor categories?
Allocation is structured with QIBs getting about 75% of the net offer, NIIs up to 15%, and Retail investors up to 10% of the net offer.
When will Aequs shares be allotted and listed?
Tentative dates: Basis of Allotment — 8th Dec 2025; Refunds & Demat Credit — 9th Dec 2025; Listing on BSE & NSE — 10th Dec 2025. Confirm final dates via the registrar or exchanges.
What is GMP and how should I interpret it for Aequs IPO?
GMP (Grey Market Premium) is an unofficial demand indicator in the grey market. It is not regulated and should be used only as a directional signal alongside fundamentals and subscription data.
What financials should I check before applying to the Aequs IPO?
Review revenue trends, PAT/EBITDA, net worth, borrowings, and segment revenues (especially aerospace). Compare these with peers and consider order book and long-term contracts.
How can I apply for Aequs IPO as a retail investor?
Apply through your broker’s IPO application (ASBA) or via your bank’s ASBA facility. Ensure PAN and Demat are active and linked, choose the required number of lots and submit before the issue closes.
Is Aequs IPO suitable for retail investors?
Aequs operates in high-value precision manufacturing with long-term aerospace contracts. While that can mean steady demand, IPO investing carries risk; retail investors should assess risk tolerance, liquidity needs and consult advisors if unsure.
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