About
Aequs IPO is a book build issue of ₹921.81 crores. The issue is a combination of fresh issue of 5.40 crore shares aggregating to ₹670.05 crores and offer for sale of 2.03 crore shares aggregating to ₹251.76 crores.
Aequs IPO bidding started from Dec 3, 2025 and ended on Dec 5, 2025. The allotment for Aequs IPO was finalized on Dec 8, 2025. The shares got listed on BSE, NSE on Dec 10, 2025.
Aequs IPO price band is set at ₹124 per share. The lot size for an application is 120. The minimum amount of investment required by an retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840.
The issue includes a reservation of up to 1,76,991 shares for employees offered at a discount of ₹11.00 to the issue price.
JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Aequs IPO RHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Wed, Dec 3, 2025
IPO Close
Fri, Dec 5, 2025
Issue Price
₹124 per share
Market Cap (Pre-IPO)
₹8,316.06 Cr
IPO Details
| IPO Date | 3 to 5 Dec, 2025 |
| Listed on | Wed, Dec 10, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹118 to ₹124 |
| Issue Price | ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹11.00 |
| Total Issue Size | 7,43,55,351 shares (agg. up to ₹922 Cr) |
| Fresh Issue | 5,40,47,958 shares (agg. up to ₹670 Cr) |
| Offer for Sale | 2,03,07,393 shares of ₹10 (agg. up to ₹252 Cr) |
| Share Holding Pre Issue | 61,66,17,677 shares |
| Share Holding Post Issue | 67,06,65,635 shares |
| BSE Script Code / NSE Symbol | 544634 / AEQUS |
| ISIN | INE947N01017 |
IPO Timetable (Tentative)
- IPO OpenWed, Dec 3, 2025
- IPO CloseFri, Dec 5, 2025
- AllotmentMon, Dec 8, 2025
- RefundTue, Dec 9, 2025
- Credit of SharesTue, Dec 9, 2025
- ListingWed, Dec 10, 2025
IPO Reservation
Aequs IPO offers total 7,43,55,351 shares. Out of which 5,56,33,772 (74.82%) allocated to QIB, 2,22,53,510 (29.93%) allocated to QIB (Ex- Anchor), 1,11,26,753 (14.96%) allocated to
NII
74,17,835 (9.98%) allocated to RII and 3,33,80,262 (44.89%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 5,56,33,772 (74.82%) | NA |
| − Anchor Investor Shares Offered | 3,33,80,262 (44.89%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 2,22,53,510 (29.93%) | NA |
| NII (HNI) Shares Offered | 1,11,26,753 (14.96%) | NA |
| − bNII > ₹10L | 74,17,836 (9.98%) | 4,415 |
| − sNII < ₹10L | 37,08,917 (4.99%) | 2,207 |
| Retail Shares Offered | 74,17,835 (9.98%) | 61,815 |
| Employee Shares Offered | 1,76,991 (0.24%) | NA |
| Total Shares Offered | 7,43,55,351 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 120 shares and in multiples thereof.
| 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 |
IPO Anchor Investors
Aequs IPO raises ₹413.92 crore from anchor investors. Aequs IPO Anchor bid date is December 2, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Dec 2, 2025 |
| Shares Offered | 3,33,80,262 |
| Anchor Portion (₹ Cr.) | 413.92 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Jan 6, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Mar 7, 2026 |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to 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 | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
| Yes for Employee and RII/NII |
- Employee limit: Up to Rs 5 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs)
- If applying as RII: Upto Rs. 2 lakhs
- If applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs
About Aequs Ltd.
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.
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
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.
Competitive 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 (Restated Consolidated)
Aequs Ltd.’s revenue decreased by 3% and profit after tax (PAT) dropped by 619% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2,134.35 | 1,859.84 | 1,863.50 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| 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 | |||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | 433.17 |
| 2 | The Company | 17.55 |
| 3 | three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | 415.62 |
| 4 | AeroStructures Manufacturing India Private Limited | 174.82 |
| 5 | Aequs Consumer Products Private Limited | 231.16 |
| 6 | Aequs Engineered Plastics Private Limited | 9.63 |
| 7 | Funding capital expenditure to be incurred on account of purchase of machinery and equipment by company & wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | 64.00 |
| 8 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | 125.21 |
Key Performance Indicator (KPI)
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.66 | -ve |
| P/E (x) | -74.71 | -ve |
| Promoter Holding | 64.48% | 59.09% |
| Market Cap | ₹8,316.06 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Aequs IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 14 | 1 | 0 | 0 |
| Members | 1 | 1 | 0 | 0 |
Aequs IPO Subscription Status (Bidding Detail)
The Aequs IPO is subscribed 104.30 times on December 5, 2025 6:19:38 PM (Day 3). The public issue subscribed 81.03 times in the retail category, 122.93 times in the QIB category, and 83.61 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 122.93 | 2,22,41,733 | 2,73,41,34,360 |
| NII | 83.61 | 1,11,24,399 | 93,01,66,200 |
| bNII (bids above ₹10L) | 79.86 | 74,16,266 | 59,22,48,480 |
| sNII (bids below ₹10L) | 91.13 | 37,08,133 | 33,79,17,720 |
| Retail | 81.03 | 74,16,266 | 60,09,72,000 |
| Employee | 37.86 | 1,76,991 | 67,00,560 |
| Total | 104.30 | 4,09,59,389 | 4,27,19,73,120 |
Total Application : 44,15,043
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commissions (including underwriting commission) | 23.05 |
| 2 | Selling commission, commission and processing fees for SCSBs and Bankers to the Offer and fees payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.97 |
| 3 | Fees payable to the Registrar to the Offer | 0.48 |
| 4 | Listing fees, SEBI filing fees, BSE & NSE processing fees, book building software fees and other regulatory expenses | 6.35 |
| 5 | Printing and stationery expenses | 0.79 |
| 6 | Advertising and marketing expenses for the Offer | 4.65 |
| 7 | Fees payable to other advisors to the Offer, including but not limited to Statutory Auditors, legal counsel, independent chartered accountant, industry expert, and independent chartered engineer | 25.72 |
| 8 | Miscellaneous | 2.74 |
Listing Day Trading Information
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹124.00 | ₹124.00 |
| Open | ₹140.00 | ₹140.00 |
| Low | ₹135.50 | ₹135.40 |
| High | ₹157.00 | ₹157.00 |
| Last Trade | ₹151.50 | ₹151.29 |
Check IPO Performance…
IPO Registrar
Kfin Technologies Ltd.
- 04067162222, 04079611000
- aequs.ipo@kfintech.com
- Visit Website
IPO Lead Manager(s)
- JM Financial Ltd. (Past IPO Performance)
- IIFL Capital Services Ltd. (Past IPO Performance)
- Kotak Mahindra Capital Co.Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- 91 96 3205 8521
- investor.relations@aequs.com
- Visit Website
IPO FAQs
What is the Aequs IPO?
Aequs IPO is a main-board IPO of 7,43,55,351 equity shares of the face value of ₹10 aggregating up to ₹922 Crores. The issue is priced at ₹124 per share. The minimum order quantity is 120.
The IPO opens on Wed, Dec 3, 2025, and closes on Fri, Dec 5, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
How to apply in Aequs IPO through Zerodha?
Zerodha customers can apply online in Aequs IPO using UPI as a payment gateway. Zerodha customers can apply in Aequs IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Aequs IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Aequs IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
When Aequs IPO will open?
The Aequs IPO opens on Wed, Dec 3, 2025 and closes on Fri, Dec 5, 2025.
What is the lot size of Aequs IPO?
Aequs IPO lot size is 120, and the minimum amount required for application is ₹14,880.
How to apply for Aequs IPO?
You can apply in Aequs IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
When is Aequs IPO allotment?
The finalization of Basis of Allotment for Aequs IPO will be done on Monday, December 8, 2025, and the allotted shares will be credited to your demat account by Tue, Dec 9, 2025. Check the Aequs IPO allotment status.
When is Aequs IPO listing date ?
The Aequs IPO listing date is on Wed, Dec 10, 2025.
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