Aequs Gets SEBI Nod For Its Confidential DRHP

Exclusive: IPO-Bound Aequs Nets INR 128 Cr Via Rights Issue

SUMMARY

Belgaum-based contract manufacturing company Aequs has received SEBI’s nod for its DRHP, filed via the pre-filing route

According to SEBI’s weekly processing report, it issued observations on Aequs’ draft papers on September 18, marking a key step towards its $200 Mn (about INR 1,700 Cr) IPO

Aequs filed its confidential DRHP in June. Prior to that, it converted into a public entity by dropping the word ‘Private’ from its name

Belgaum-based contract manufacturing company Aequs has received SEBI’s nod for its DRHP, filed via the pre-filing route.

According to SEBI’s weekly processing report, it issued observations on Aequs’ draft papers on September 18, marking a key step towards its $200 Mn (about INR 1,700 Cr) IPO.

In SEBI’s parlance, issuance of observations is a green light to proceed with the public issue.

Aequs filed its confidential DRHP in June. Prior to that, it converted into a public entity by dropping the word ‘Private’ from its name.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturing platform catering to aerospace, toys, and consumer durable goods. It supplies components to global giants like Airbus, Boeing, Safran, Dassault, and Collins Aerospace, and also manufactures parts for Apple MacBooks and Watches. The company has facilities in India, France, and the US.

Ahead of its IPO, Aequs raised INR 128 Cr ($15 Mn) via a rights issue in May 2025, led by its holding entity Aequs Manufacturing Investments.

On the financial front, Aequs saw its consolidated operating revenue grow 18% to INR 988.3 Cr in FY24 from INR 836.2 Cr in the previous fiscal year. Its net loss narrowed 89% to INR 12.1 Cr from INR 108.7 Cr in the same period.

With this, Aequs becomes the third new-age tech company to receive the markets regulator’s nod for its confidential DRHP in recent times. While the SEBI approved PhysicsWallah’s confidential papers earlier in July, it approved Groww’s confidential DRHP later in August. Both the companies filed their respective updated DRHPs in September.

Other new-age tech companies that have taken the confidential route to file their IPO papers include the likes of Shiprocket, Turtlemint, bOAt, Shadowfax, among others.