Aequs Ramps Up IPO Preparations, Converts Into Public Company

SUMMARY

The contract manufacturer received approval from its board on April 25 to change its name to ‘Aequs Limited’ from ‘Aequs Private Limited’ previously

Aequs is said to be looking to raise $200 Mn via its IPO later this year

Earlier this month, the company’s board also granted approval for appointment of its founder Aravinda Melligeri as the executive chairman and CEO

Aequs, a contract manufacturing company for consumer durable goods and aerospace parts, has converted into a public company, as it prepares to join the long list of new-age tech companies looking to go public.

The contract manufacturer received approval from its board on April 25 to change its name to ‘Aequs Limited’ from ‘Aequs Private Limited’ earlier, as per its regulatory filings accessed by Inc42.

“… the name of the company is hereby changed from AEQUS PRIVATE LIMITED to AEQUS LIMITED by deletion of the word ‘Private’ before the word ‘Limited’ in the name of the company,” the filing read.

Founded in 2006 by Aravind Melligeri, Aequs operates a diversified export-focused manufacturing platform, providing vertically integrated high-precision engineering and product solutions for the aerospace and consumer goods industries. It manufactures and exports aircraft components for companies like Airbus, Boeing, Safran, Dassault, Collings Aerospace, among others.

Aequs also claims to have built India’s first global-scale toys manufacturing ecosystem, the Koppal Toy Manufacturing Cluster, in Karnataka in 2016. Last year, the company joined Apple’s Indian suppliers list, becoming the sole domestic firm to manufacture parts for MacBooks and Apple watches.

Aequs last raised $54 Mn in an equity funding round led by Singapore-based Avansa Capital in 2023. Overall, it has raised over $81 Mn in funding till date and also counts Amicus Capital, Steadview Capital, Catamaran, the family office of Infosys founder Narayana Murthy, and Sparta Group among its investors.

The transition to a public company comes as Aequs gears up for a public listing. As per reports, the Karnataka-based startup is looking to raise $200 Mn (around INR 1,720 Cr) via its IPO, which is expected to be launched later this year.

In the run-up to its IPO, the board of Aequs also approved the appointment of Melligeri as the executive chairman and CEO of the company for five years with effect from May 13, 2025 to May 12, 2030. However, the appointment is subject to approval by the Centre as Melligeri is a non-resident, the startup said in a separate regulatory filing.

Aequs generates a bulk of its revenue from its bread-and-butter aerospace manufacturing business, which includes forging, precision machining, surface treatment and aerostructure assembly, testing and prototyping of components.

Besides India, it also operates aerospace manufacturing facilities in the US and France through joint ventures (JVs). These include Aerospace Processing India, a JV between Aequs and Magellan Aerospace of Canada; SQuAD Forging India, a JV between Aequs and Aubert & Duval SAS (ERAMET Group) of France, among others.

The aerospace parts maker managed to narrow its consolidated net loss by 89% to INR 12.1 Cr in the fiscal year ended March 2024 from INR 108.7 Cr in the previous year. Total revenue grew over 18% to INR 988.3 Cr during the year under review from INR 836.2 Cr in FY23.

Aequs is the latest addition to the pool of new-age tech companies looking to go public this year.

More than 20 such companies are gearing up for a public listing this year, including PhysicsWallah, BlueStone, boAt, Shiprocket, among others.

Last year saw 13 new-age tech companies, including Swiggy, MobiKwik, Awfis, Ola Electric, Go Digit, among others, make their debut on the bourses.