Aequs Shares End First Trading Session 22% Above Issue Price

SUMMARY

Aequs made a strong debut on the bourses, and the stock ended the session at INR 151.5, up 22.18% from the issue price on the BSE

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

Update | December 10, 17:37 IST

Shares of Aequs jumped over 12% to touch an intraday high of INR 157 on the BSE following their listing today. The stock ended the session at INR 151.5, up 22.18% from the issue price and 8.21% from the listing price.

On the NSE, the stock ended at INR 150, up about 21% from the issue price and over 7% from the listing price of INR 140.

The company’s market capitalisation stood at INR 10,160.58 Cr (about $1.13 Bn) at the end of the session on the BSE.

Original | December 10, 10:12 IST

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.

Speaking with Inc42, Melligeri describes Aequs as a “ready to print company”, where a customer requests to manufacture their drawing with specifications, and Aequs’ 250 engineers in the aerospace department would take the requirement and translate that into actual parts.

The founder mentions Aequs’ business in working with about 120 unique materials including aluminum, steel, inconel, titanium and super alloys. The materials are then processed and passed for machining, surface treatment or forging and assemblies to be shipped to customers globally.

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

“We are the only company possessing the 10,000 tonne hydraulic press, making it the largest capacity press in the country and we’re able to vertically integrate and deliver products like wheels, which constitutes to 10% of the global wheels capacity from India for us,” the founder added.