[Update] Aequs IPO: Issue Subscribed 11X On Day 2

SUMMARY

Retail investors showed the highest interest, placing bids for 25.32 Cr shares against 76.91 Lakh shares reserved for them

The non-institutional investors’ portion was oversubscribed 16.82X, getting bids for 19.40 Cr shares against 1.15 Cr shares on offer

Aequs’ IPO comprises a fresh issue of shares worth up to INR 670 Cr and an OFS component of up to 2.03 Cr shares

Updated | December 04, 18:35 IST

Aequs’ IPO closed the second day of bidding with an oversubscription of 11.10X, with investors placing bids for 46.66 Cr shares against 4.2 Cr shares on offer.

Retail investors showed the highest interest, placing bids for 25.32 Cr shares against 76.91 Lakh shares reserved for them. The portion reserved for them was oversubscribed 32.92X.

The non-institutional investors’ portion was oversubscribed 16.82X, getting bids for 19.40 Cr shares against 1.15 Cr shares on offer. Investors who placed bids for over INR 10 Lakh applied for 10.48 Cr shares, while those placing bids for INR 2 Lakh to INR 10 Lakh applied for 8.91 Cr shares.

Qualified institutional buyers bid for 1.65 Cr shares as against 2.26 Cr shares reserved for them, translating to 73% subscription. Under the QIB section, foreign institutional investors placed bids for 1.48 Cr shares.

The employee quota was oversubscribed 15.18X, getting bids for 28.4 Lakh shares against 1.87 Lakh shares reserved for them.

Original | December 03, 13:51 IST

Contract manufacturing company Aequs’ IPO continued to witness strong investor interest on the second day of bidding and was oversubscribed 7.47X as of 12:54 IST today. The issue received bids for 31.38 Cr shares against 4.20 Cr shares available for subscription.

Retail investors’ quota was oversubscribed 23.46X, getting bids for 18.04 Cr shares against 76.92 Lakh earmarked for them.

Non-institutional investors (NIIs) placed bids for 11.59 Cr shares against 1.15 Cr shares reserved, translating to 10.05X subscription. The company’s employees placed bids for 21.25 Lakh shares, oversubscribing their portion by 11.4X.

Meanwhile, qualified institutional buyers (QIBs) showed the least interest in Aequs’ public float on the second day. They bid for 1.52 Cr shares against 2.26 Cr shares on offer, translating to a 68% subscription.

Aequs’ IPO comprises a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) component of up to 2.03 Cr shares. Investors such as Amicus Capital, the Dempo family trusts, Ravindra Mariwala and Raman Subramanian will sell their stakes via OFS.

Aequs has set a price band of INR 118 to INR 124 for its IPO. At the upper end of the price band, the IPO values the company at INR 8,316 Cr (about $930 Mn).

The contract manufacturing company raised INR 413.9 Cr from anchor investors on December 2 (Tuesday). As many as 33 investors subscribed to 3.3 Cr equity shares, of which about 57% shares were lapped by domestic mutual funds.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer. It manufactures customised components for major aerospace OEMs, such as Airbus, Boeing, Safran, and Collins Aerospace. It also caters to clients in toys and consumer durable sectors. The company has facilities in India, France, and the US.

On the financial front, the Bengaluru-based company’s net loss declined more than 76% to INR 16.9 Cr in the first half (H1) of the fiscal year 2025-26 (FY26) from INR 71.6 Cr during the same period last year. Revenue grew 17% to INR 537.1 Cr from INR 458.9 Cr in H1 FY25.

Aequs’ loss soared 618.7% to INR 102.3 Cr in FY25 from INR 14.2 Cr in the previous fiscal. The company’s bottom line was impacted by INR 48.3 Cr impairment loss on goodwill for its subsidiary Aequs Force Consumer Products Pvt Ltd (AFCPPL). Operating revenue declined over 4% to INR 924.6 Cr from INR 965 Cr in FY24.