In late 2025, India’s primary market continues to attract attention from investors looking for stories linked to long-term global themes such as aerospace, advanced manufacturing and export-led growth. Against this backdrop, Aequs Limited, a vertically integrated precision manufacturing company with a strong presence in the aerospace segment, is set to open its IPO on December 3, 2025.
Here is a detailed insight into Aequs Limited, its IPO structure and key business and financial details.
About Aequs Ltd.
Incorporated in 2000, Aequs Ltd. is engaged in manufacturing and operating a special economic zone (SEZ) in India that offers fully vertically integrated manufacturing capabilities primarily for the Aerospace Segment.
The company supplies precision components and assemblies for:
- Engine systems
- Landing systems
- Cargo and interiors
- Structures and assemblies
- Turning and other precision parts
While aerospace is its core, Aequs has also diversified into:
As of September 30, 2025, Aequs produced more than 5,000 products within the aerospace sector under various global programs for single-aisle aircraft such as A220, A320, B737 and long-range aircraft such as A330, A350, B777, and B787.
Product portfolio includes:
- Structures: Brackets, corner fittings, cable quadrants, triangular brackets, wing flap supports, couplings, gearbox brackets, floorboards and latch assemblies.
- Interiors and cargo: Power distribution unit trays, side panels, pawls, bases, pan seats, beams, support structures and housing components.
- Landing systems: Main landing gear components, bracket assemblies, front panels, uplock assemblies, rims, half wheels and main fittings.
- Actuation systems: Housings, manifolds, mounting feet, flanges, actuator pistons, jack heads and radar box components.
Aequs operates across three continents with manufacturing locations positioned close to key global customers.
As of September 30, 2025, its workforce comprised:
- 1,892 full-time employees
- 1,834 contractual employees
- 55 trainees
- 432 apprentices
- 325 fixed-term employees
Competitive strengths include:
- Advanced and vertically integrated precision manufacturing capabilities
- Operations within an engineering-led, ecosystem-style manufacturing cluster
- Global manufacturing presence with proximity to end customers
- Comprehensive product portfolio across high-value precision segments
- Long-standing relationships with global clients in high-entry-barrier markets
- Founder-led business supported by experienced management and qualified employees
Aequs IPO Details
Aequs IPO is a book-built issue of ₹921.81 crore, consisting of a fresh issue and an offer for sale (OFS).
With this IPO, Aequs aims to strengthen its balance sheet, reduce debt, fund capital expenditure and pursue inorganic opportunities through acquisitions and strategic initiatives.
Important IPO Timeline
| Event | Date (Tentative) |
| IPO Open Date | December 3, 2025 (Wed) |
| IPO Close Date | December 5, 2025 (Fri) |
| Allotment Date | December 8, 2025 (Mon) |
| Initiation of Refunds | December 9, 2025 (Tue) |
| Credit of Shares to Demat | December 9, 2025 (Tue) |
| Listing Date | December 10, 2025 (Wed) |
| Cut off time for UPI mandate confirmation | 5 PM on December 5, 2025 |
Key IPO Details
Here is the table on the Aequs IPO review:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹118 to ₹124 per share |
| Lot Size | 120 shares |
| Total Issue Size | 7,43,39,651 shares (aggregating up to ₹921.81 Cr) |
| Fresh Issue | 5,40,32,258 shares (aggregating up to ₹670.00 Cr) |
| Offer for Sale | 2,03,07,393 shares (aggregating up to ₹251.81 Cr) |
| Employee Discount | ₹11 per share |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum Offer for Sale |
| Listing At | BSE, NSE |
| Shareholding Pre Issue | 61,66,17,677 shares |
| Shareholding Post Issue | 67,06,49,935 shares |
| Book Running Lead Manager | JM Financial Ltd. |
| Registrar | Kfin Technologies Ltd. |
Aequs IPO Reservation
| Investor Category | Allocation guideline (of Net Offer) |
| QIB | Not less than 75% of the Net Offer |
| Retail | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
Investor category bidding limits and cut-off eligibility:
| Application Category | Maximum Bidding Limits | Bidding at the Cut-off Price Allowed |
| Only RII | Up to ₹2 lakhs | Yes |
| Only sNII | ₹2 lakhs to ₹10 lakhs | No |
| Only bNII | Above ₹10 lakhs up to the NII portion | No |
| Only employee | Up to ₹5 lakhs | Yes |
| Employee + RII or NII | Employee up to ₹5 lakhs, RII up to ₹2 lakhs, sNII above ₹2 lakhs up to ₹10 lakhs, bNII above ₹10 lakhs | Yes for employee and RII or NII legs |
Lot Size of Aequs IPO
Investors can bid for a minimum of 120 shares and in multiples of 120 shares thereafter.
| 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 Promoter Holding
The promoters of the company are:
- Aravind Shivaputrappa Melligeri
- Aequs Manufacturing Investments Private Limited
- Melligeri Private Family Foundation
- The Melligeri Foundation
| Pre Issue | Post Issue | |
| Promoter Holding | 64.48 % | – |
Aequs Ltd. Financials
Aequs Ltd. Financial Information (Restated Consolidated)
Aequs has seen pressure on profitability in recent years, with revenue declines and losses at the PAT level, although EBITDA remains positive.
Key Financials (₹ crore):
| 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 |
Key Performance Indicators (as of March 31, 2025):
| KPI | Value |
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt to Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Market Capitalisation (at issue terms) | ₹8,316.06 crore |
Per share metrics:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | -1.66 | -0.51 |
| P/E (x) | -74.71 | -244.92 |
Objects of the Aequs IPO
The company proposes to utilise the net proceeds from the issue as follows:
| S.No. | Objects of the Issue | Expected Amount (₹ in crore) |
| 1 | Repayment or prepayment, in full or part, of certain outstanding borrowings and related prepayment penalties availed by the Company and some subsidiaries | 433.17 |
| 2 | Of which, for the Company directly | 17.55 |
| 3 | For three wholly owned subsidiaries through investment in them | 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 for machinery and equipment | 64.00 |
| 8 | – For the Company | 8.11 |
| 9 | – For AeroStructures Manufacturing India Private Limited | 55.89 |
| 10 | Funding inorganic growth through acquisitions, other strategic initiatives and general corporate purposes | Balance of proceeds |
Aequs Ltd.: Industry Outlook
- Global aerospace upcycle: Over the long term, commercial aviation is expected to benefit from fleet replacement, traffic growth and renewed aircraft ordering, which supports demand for precision aerospace components.
- Shift to outsourcing: Global OEMs and tier 1 suppliers continue to outsource more work to cost-competitive, high-capability suppliers in markets like India.
- High entry barriers: Aerospace precision manufacturing involves rigorous certifications, long qualification cycles and strict quality standards, which create high entry barriers and favour established players.
- Diversification: Aequs’ involvement in consumer electronics, plastics and consumer durables provides diversification, although aerospace remains the core driver.
- Risks: Cyclicality in aerospace, foreign exchange movements, client concentration and leveraged balance sheet metrics remain important risk factors to monitor.
Aequs IPO: Peer Comparison
Aequs IPO can be compared with peers such as Astra Microwave Products Ltd, Data Patterns (India) Ltd, Paras Defence and Space Technologies Ltd, MTAR Technologies Ltd, and Lakshmi Machine Works Ltd. Exploring these companies provides investors with a clearer view of Aequs’ position within the aerospace and precision engineering ecosystem and helps them make more informed investment decisions.
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Conclusion
Aequs Ltd. offers investors an opportunity to participate in a vertically integrated aerospace and precision manufacturing platform with global operations, a broad product portfolio, and long-standing relationships with global customers. The IPO proceeds are largely directed towards deleveraging, capacity augmentation and inorganic growth, all of which can strengthen the company’s position if executed well.
At the same time, investors should carefully weigh:
- Recent losses at the PAT level
- Modest return ratios such as ROE and ROCE
- A relatively high valuation multiple when mapped to current earnings
- Sector and client concentration risks
Given the mix of structural aerospace tailwinds and financial and execution risks, this IPO may be more suitable for investors with a higher risk appetite and a longer investment horizon who are comfortable with cyclicality and earnings volatility.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
