Aequs, the aerospace precision manufacturing company, marked an encouraging start in the public markets with its listing on 10 December 2025. The stock began trading at ₹140 on both the NSE and BSE, marking an increase of 12.9% compared with the issue price of ₹124. The debut showcased solid investor sentiment, supported by Aequs’ global relationships, integrated manufacturing platform and strategic position within the aerospace supply chain.
IPO Performance and Subscription Trends
The Aequs IPO garnered remarkable interest during its subscription window from 3 to 5 December. The public issue raised ₹921.81 crore, comprising a fresh issue of ₹670 crore and an offer for sale amounting to ₹251.81 crore. Anchor investors subscribed to more than 3.33 crore shares a day before the issue opened, contributing ₹413.92 crore.
Investor demand was robust across all categories. Qualified institutional buyers subscribed 122.93 times, while the non-institutional segment saw 83.61 times bids. Retail investors also demonstrated strong participation, with 81.03 times subscription. This overwhelming demand reflects confidence in Aequs’ long-term potential despite its near-term financial pressures.
Aequs’ Integrated Aerospace Ecosystem
Aequs runs an integrated aerospace precision manufacturing platform based in its special economic zone in Karnataka. Its facilities produce a wide range of components, including structural parts, engine modules, landing gear assemblies, interior elements and cargo systems for several major global aircraft programmes. Its products are used across well-known platforms, including the Airbus A320 and A350 series, as well as Boeing’s B737 and B787 families.
Beyond aerospace, Aequs serves clients in consumer electronics, plastics and consumer durable sectors, supported by manufacturing facilities across three continents. This diversified industrial presence, along with long-standing partnerships in high-entry-barrier sectors, strengthens its competitive position.
Use of IPO Proceeds
A large portion of the fresh capital will be used to reduce consolidated borrowings, with more than ₹433 crore allocated towards debt repayment. The company also plans to invest in new machinery and support its subsidiaries through the remainder of the funds. Reducing leverage is expected to help the company improve interest outflow and support a clearer pathway to profitability.
Financial Highlights
Aequs reported revenue of ₹959.21 crore in FY25, a slight decline from ₹988.30 crore in FY24. Losses widened during the same period, rising to ₹102.35 crore compared with ₹14.24 crore a year earlier. For the half-year ending September 2025, revenue stood at ₹565.55 crore, accompanied by a net loss of ₹16.98 crore.
Despite these challenges, analysts note that Aequs’ long-term prospects are supported by its scalable platform, strong customer base and relevance in India’s growing aerospace localisation ambitions.
Market Perspective and Analyst Views
Nearly fourteen brokerages have issued a subscribe recommendation, highlighting Aequs’ high entry barriers, advanced manufacturing ecosystem and global client relationships. Hem Securities notes that while the post-issue P/B of more than 5.14 times appears expensive, it aligns with the company’s asset-heavy and high-specification business model.
Analysts emphasise that Aequs’ vertically integrated operations and international partnerships provide structural advantages, though its negative earnings and leverage levels remain factors to watch.
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Conclusion
Aequs’ successful listing at a 13% premium marks an important milestone for the company as it expands its footprint in aerospace sector. The robust subscription and positive debut underscore investor confidence in its integrated manufacturing ecosystem and longstanding global partnerships. With fresh capital directed toward debt reduction and capacity expansion, Aequs is positioned to strengthen its operations as it navigates its next phase of growth.
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