Aequs IPO

Aequs IPO Key Details

Aequs Limited is a diversified precision manufacturing company best known for its integrated aerospace ecosystem at its SEZ in Belagavi, Karnataka. The upcoming IPO gives investors direct exposure to India’s emerging role in the global aircraft and precision engineering supply chain.

• Issue size: ₹921.81 crore (fresh + OFS)
  • Fresh issue: ₹670 crore
  • OFS: ₹251.81 crore
• IPO type: Main‑board, 100% book‑built
• Price band: ₹118–₹124 per share; face value ₹10
• IPO dates: 3–5 December 2025
• Allotment (tentative): 8 December 2025
• Listing (BSE & NSE): 10 December 2025
• Lot size: 120 shares; minimum investment ~₹14,880 at upper band
• Reservation: QIB 75%, NII 15%, Retail 10% (standard main‑board split).

What Does Aequs Do?

Aequs runs one of India’s only fully integrated aerospace manufacturing ecosystems within a single SEZ, combining machining, forging, surface treatment and assembly under one cluster. Its operations span three broad verticals:

• Aerospace manufacturing (core): Engine parts, landing gear components, structural assemblies, actuation systems, interiors and other precision parts, supplying major global aircraft programmes such as A320, B737, A350 and B787.
• Consumer electronics & plastics: Precision plastics and assemblies for global consumer brands in electronics and appliances.
• Consumer durable components: Contract manufacturing for leading OEMs, leveraging the same precision and scale ecosystem.

The company has facilities in India and overseas (including France and the US), and long‑term relationships with global OEMs and Tier‑1 suppliers.

Company Financials

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 Lot Size

Investors can bid for a minimum of 120 shares and in multiples thereof.  The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.

IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Net Offer
Retail Shares Offered	Not more than 10% of the Net Offer
NII Shares Offered	Not more than 15% of the Net Offer

Objective of the IPO :-

According to the RHP and broker summaries, Aequs plans to deploy fresh issue proceeds towards:

• Repayment / prepayment of borrowings and related charges – reducing leverage and finance costs.
• Investments into three wholly‑owned subsidiaries – to fund capacity and capability expansion across aerospace and consumer segments.
• Capex for machinery and equipment – particularly to move into more complex, higher‑value aerospace work.
• General corporate purposes – working capital, cluster expansion and corporate needs.

Strengths of Aequs IPO

• Unique integrated aerospace cluster: Only Indian player offering end‑to‑end aerospace manufacturing (machining, forging, treatment, assembly) from a single SEZ, which improves cost, quality and delivery control.
• Global OEM relationships: Longstanding contracts and preferred‑supplier status with major international aerospace and consumer brands, offering revenue visibility and qualification barriers for competitors.
• Diversified precision manufacturing base: Capabilities across aerospace, plastics, toys, consumer electronics and other engineered components reduce dependence on a single segment.
• Scale and cluster‑based efficiency: Co‑located suppliers and scalable infrastructure in Belagavi SEZ support operating leverage and faster turnarounds as utilisation rises.
• Sector tailwinds: Global aircraft order books for narrow‑body and wide‑body fleets remain strong, favouring long‑cycle demand for Aequs’ core aerospace parts.

Key Risks to Consider

• High customer concentration: A meaningful portion of revenue comes from a limited set of global OEMs and Tier‑1 customers; loss or downsizing of any large account could materially affect business.
• Cyclicality in aerospace and export dependence: Slowdowns in global aviation, defence budgets or economic conditions can hit order flows and capacity utilisation.
• Capital‑intensive, leveraged model: Precision manufacturing needs heavy upfront capex; while the IPO will reduce debt, the business still demands ongoing investment and careful balance‑sheet management.
• Execution & technology risk: Moving up the value chain into more critical parts requires continuous certification, high quality standards and flawless delivery; any slip can damage reputation and margins.
• Relatively modest margins vs risk profile: Aerospace and precision clusters can deliver strong ROCE only when utilisation is high; under‑utilisation would compress profitability.

How To Apply for the IPO?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs on Aequs IPO

Q1. What are Aequs IPO dates and listing schedule?
A: The IPO opens on 3 December 2025 and closes on 5 December 2025; allotment is expected on 8 December, with listing on BSE and NSE on 10 December 2025.

Q2. What is the Aequs IPO price band and lot size?
A: The price band is ₹118–₹124 per share, with a lot size of 120 shares; minimum retail investment is about ₹14,880.

Q3. How is the issue structured?
A: Total issue size is ₹921.81 crore, comprising a ₹670 crore fresh issue and a ₹251.81 crore offer for sale by existing shareholders.

Q4. What is the main business of Aequs?
A: Aequs is a precision manufacturing company with a core focus on integrated aerospace components, alongside plastics, electronics and consumer durable parts for global brands.

Q5. Where will Aequs shares be listed?
A: The company is planning a main‑board listing on both BSE and NSE.

Q6. Who should consider this IPO?
A: Investors comfortable with export‑oriented, capital‑intensive manufacturing and longer holding periods, and who want exposure to India’s aerospace and precision engineering growth, may track this issue closely, while reviewing valuation, leverage and utilisation trends in detail.