Bookbuilding IPO | ₹922 Cr | Listed at BSE, NSE
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 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 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 |
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%) |
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 |
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 |
| 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 |
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:
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:
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 | |||||
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 The Company | 17.55 |
| 2 | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | 415.62 |
| 3 | 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 |
| 4 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | 125.21 |
| Total | 622.38 |
| KPI | Mar 31, 2025 |
|---|---|
| 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. |
| # | 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 |
| 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 |
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.
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 Zerodha IPO Application Process Review for more detail.
The Aequs IPO opens on Wed, Dec 3, 2025 and closes on Fri, Dec 5, 2025.
Aequs IPO lot size is 120, and the minimum amount required for application is ₹14,880.
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.
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.
The Aequs IPO listing date is on Wed, Dec 10, 2025.
