Aequs IPO: Shares List At 13% Premium

SUMMARY

Aequs made a strong debut on the bourses, with its shares getting listed at INR 140 apiece on the BSE and the NSE

The issue price for the offering, which comprised a fresh issue of shares worth INR 670 Cr and OFS of up to 2.03 Cr shares, was INR 124

Aequs’ IPO closed with an oversubscription of 101.63X, receiving bids for 427.1 Cr shares against 4.20 Cr shares available for subscription

Contract manufacturing company Aequs made a strong debut on the bourses, with its shares getting listed at INR 140 apiece on the BSE and the NSE, a premium of 12.9% to the issue price of INR 124.

The shares rose further following their listing and were trading at INR 147.35 apiece on the BSE at 10:47 IST, up 18.8% from the issue price and 5.2% from the listing price. The company’s market capitalisation stood at INR 9,882.26 Cr (about $1.1 Bn) at the time.

The public offering comprised a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) of up to 2.03 Cr shares. The company had set a price band of INR 118 to INR 124 for it.

Amicus Capital, the Dempo family trusts, and individual shareholders Ravindra Mariwala and Raman Subramanian, alongside promoter entities Aequs Manufacturing Investments and Melligeri Private Family Foundation, offloaded shares via the OFS.

Aequs’ IPO closed with an oversubscription of 101.63X, receiving bids for 427.1 Cr shares against 4.20 Cr shares available for subscription.

In November, the company also raised INR 144 Cr in a pre-IPO placement led by SBI Fund Management, with participation from DSP Mutual Fund and Think Investments.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer that caters to clients in aerospace, toys, and consumer durables sectors. The company carries production of over 5,000 unique parts in its facilities operating in India, France, and the US.

It supplies customised components and assemblies to major aerospace OEMs, such as Airbus, Boeing, Safran and Collins Aerospace.

Its business model relies on vertical integration and in-house capabilities, ranging from forging, machining, coating, and molding to assembly and testing. It manufactures components like landing gear, engine components, aerostructure components, flight control actuators.

On the financial front, the Bengaluru-based company’s net loss declined over 76% to INR 16.9 Cr in H1 FY26 from INR 71.6 Cr in the same period last year. Revenue grew 17% to INR 537.1 Cr from INR 458.9 Cr in H1 FY25.

In FY25, its loss soared 618.7% to INR 102.3 Cr from INR 14.2 Cr in the previous year. Operating revenue, too, declined 4.19% to INR 924.6 Cr from INR 965 Cr in FY24.