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HomeIPOAequs Limited IPO

About Aequs Limited IPO

Aequs is a diversified contract manufacturing company that facilitates large-scale and timely production of complex products, meeting the demanding needs of global Original Equipment Manufacturers (OEMs) in both the aerospace and consumer sectors. The company works within three specific, engineering-led vertically integrated precision manufacturing “ecosystems” in India that can offer “one-stop-shop” capabilities. This leads to various benefits: better quality management, cost and working capital efficiencies, reduced lead times, and lower global carbon emissions.

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Issue Size22561.57 Cr
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Aequs Limited IPO

Aequs Limited IPO

Open Date

03 Dec 2025

Close Date

05 Dec 2025

listed

Min Investment

₹14880

Lot Size

120 Shares

Issue Size

₹921.81 Cr

Price Range

₹118 - ₹124

Listing Date

Dec 10, 2025

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹24.5(+19.35%)GMP
19.76%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Aequs Limited IPO IPO - Issue Objectives

The company will use ₹ 64.00 crore to buy machinery and equipment as capital expenditure. The company will utilise ₹433.16 crore towards the repayment of certain outstanding borrowings. The proceeds will fund general corporate purposes and unidentified acquisitions.

Funding capital expenditure

9.5%

Repayment of borrowings

64.6%

Inorganic growth and general corporate purposes

25.9%

1

Funding capital expenditure

The company will use ₹ 64.00 crore to buy machinery and equipment as capital expenditure.

9.50%
2

Repayment of borrowings

The company will utilise ₹433.16 crore towards the repayment of certain outstanding borrowings.

64.60%
3

Inorganic growth and general corporate purposes

The proceeds will fund general corporate purposes and unidentified acquisitions.

25.90%

IPO Subscription Status

QIB
122.93x
NII
83.61x
Individual
80.95x
Total
104.28x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Aequs Limited IPO

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)30-Sep-24 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue565.55959.21475.51988.30840.54
EBITDA84.11107.9757.82145.5163.06
Expenses
Profit After Tax-16.98-102.35-71.70-14.24-109.50
Assets2134.351859.841863.501822.981321.69
Net Worth796.04707.53731.65807.17251.91
Reserves200.43135.09-90.83-15.31-146.15
Borrowing533.51437.06384.79291.88346.14

Aequs Limited IPO - Promoter(s)

Aravind Shivaputrappa Melligeri

Aequs Manufacturing Investments Private Limited

Melligeri Private Family Foundation

The Melligeri Foundation

Pre Issue Share Holding

64.48%

Post Issue Share Holding

59.09%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Advanced vertically integrated manufacturing

The company is the leading precision manufacturer in a single SEZ in India with end-to-end capabilities covering machining, forging, surface treatment and assembly for global aerospace customers. It operates over 200 CNC machines, 161 moulding machines and has 2,919,058 machining/moulding hours of annual installed capacity as of Sep 30, 2025, enabling production of complex engine and landing system components at scale. Its capabilities are further validated by Airbus and Boeing approvals and Nadcap certifications.

02

Exclusive SEZ-based aerospace integration

It is the only precision component manufacturer to offer fully vertically integrated manufacturing capabilities in the aerospace segment. The company operates three unique vertically integrated precision manufacturing ecosystems in India, comprising 1,231,721 sq. ft. of aerospace facilities in Belagavi, 299,957 sq. ft. of consumer electronics and durables capacity in Hubballi, and 554,138 sq. ft. of plastics facilities in Koppal, supported by co-located partners and JVs.

03

Global manufacturing presence

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on aerospace revenue

The company derives 88.23% of net external revenue from the Aerospace segment in H1FY26, 89.19% in FY25 and 78.44% in FY24. Any downturn in the global aerospace cycle, driven by policy, travel demand, or OEM slowdown, could materially impact the business and cash flows.

02

High customer concentration risk

Revenue contribution from the top 10 customers remains extremely concentrated at 82.51% in H1FY26, 88.57% in FY25 and 86.51% in FY24. Notably, revenue from Hasbro declined sharply from 17.63% in FY23 to 4.63% as of September 2025 due to a demand slowdown. Loss of any major OEM relationship may significantly impact the business operations and financial performance.

Contact Details

Aequs Limited IPO

Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post Belagavi Bengaluru, Karnataka, 560048

+919632058521
investor.relations@aequs.com
https://www.aequs.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222
aequs.ipo@kfintech.com
https://ipostatus.kfintech.com/

Aequs Limited IPO IPO - FAQs

Aequs Limited IPO IPO is a Mainboard IPO. The issue is priced at ₹118-124 per equity share. The minimum order quantity is 120 Shares. The IPO opens on 3 Dec, and closes on 5 Dec. Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-12-01
  • Bidding Starts2025-12-03
  • Bidding Ends2025-12-05
  • Allotment Finalisation2025-12-08
  • Release of Funds2025-12-09
  • Demat Transfer2025-12-09
  • Listing2025-12-10

With facilities in India, the U.S. (Texas) and France (Cholet), the company is among the few Indian aerospace suppliers operating across three continents, enabling strategic proximity to major OEMs such as Boeing, Spirit, Safran and Airbus. As of September 2025, India contributed 75.60%, the U.S. 12.74%, and France 11.66% to aerospace segment revenue, reflecting diversified access to global aerospace demand.

04

Large precision product portfolio

As of Sep 30, 2025, the company produced 5,000+ aerospace products across engine systems, landing gear, structures, cargo interiors and turning solutions. It had one of the largest portfolios of aerospace products in India, as of March 31, 2025.

05

Long-standing global customer relationships

The company has an average 15-year relationship tenure with its top 3 customer groups and is a Tier-1 approved supplier to aerospace majors, including Airbus and Boeing. The top 5 customers contributed 66.36% of revenue as of September 2025 and 73.17% in FY25, indicating deep integration into OEM supply chains. It has received prestigious recognitions such as the Airbus Detailed Parts Partner (D2P) Award (6 times since 2016) and the Ramp-up Champion Award in 2024.

03

No minimum order commitments

Contracts with major aerospace customers do not assure fixed volume orders, exposing the company to demand volatility and cancellation risk. Any mismatch between raw material procurement and the actual orders can adversely affect working capital efficiency.

04

Under-utilised manufacturing capacity

The capacity utilisation of the consumer segment remains low at 17.07% in FY25 vs 30.46% in FY24. The U.S. aerospace capacity is also underutilised at 14.35% as of September 2025 and 14.47% in FY25. Any machinery or utility interruptions, labour issues, or external disruptions could affect capacity utilisation. Prolonged or significant under-utilisation of manufacturing capacities may also negatively affect operational efficiency.

05

Raw material price volatility

Raw materials constitute 48.37% as of September 2025 and 47.96% of total expenses in FY25. The top 10 suppliers accounted for 40.48% of total purchases as of September 2055 and 40.17% in FY25. Additionally, the company sources from multiple countries, including Germany, the USA, Taiwan, France, etc. Any disruptions in the availability of quality raw materials from suppliers, such as trade restrictions, import tariffs and geopolitical factors, may lead to a deterioration in the quality of the company’s products and impact its operations.