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

SUMMARY

Aequs has raised funds via rights issue led by its holding company Aequs Manufacturing Investments Pvt Ltd. Existing investors like Amicus Capital, Steadview Capital and Amansa Investments also participated

The contract manufacturer issued 1.71 Cr equity shares to existing shareholders with a face value of INR 10 and a premium of INR 64.64 apiece

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer which caters to the requirements of entities operating in the aerospace, toys and consumer durable goods industries

Ahead of filing its DRHP confidentially with SEBI last month, contract manufacturing company Aequs raised INR 128 Cr (around $15 Mn) via a rights issue, which was led by its holding company Aequs Manufacturing Investments Pvt Ltd.

Other existing investors like Amicus Capital, Steadview Capital, Amansa Investments, and a host of family offices and angel investors also participated in the round.

As per the company’s filings with the Registrar of Companies, Aequs issued 1.71 Cr equity shares to existing shareholders with a face value of INR 10 and a premium of INR 64.64 apiece in early May to raise the funding.

While Aequs’ holding company infused INR 84.83 Cr, Amansa Investments and Amicus Capital invested INR 14.16 Cr and INR 12.32 Cr, respectively.

Queries sent to Aequs on the fundraise did not elicit any response till the time of publishing this story.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer which caters to the requirements of entities operating in the aerospace, toys and consumer durable goods industries. It has manufacturing units in India, France, and the US, and counts Airbus, Boeing, Safran, Dassault and Collings Aerospace among its clients.

The company has raised over $96 Mn in funding, including the latest fundraise, to date.

It filed its DRHP in early June to list on the stock exchanges. According to media reports, Aequs is planning to raise $200 Mn via its public offering.

As the company filed the draft IPO papers via the confidential route, its latest financial numbers are not available. In FY24, it saw its standalone operating revenue rise 6.45% to INR 74.20 Cr from INR 69.70 Cr in the previous fiscal year. However, net loss surged almost 200% to INR 130.30 Cr from INR 43.60 Cr in FY23.

In the run up to the IPO, Aequs converted into a public entity and appointed Melligeri as the executive chairman and CEO of the company for five years with effect from May 13, 2025.

Aequs is among the long list of Indian new-age tech companies which are eyeing a public listing this year. While 19 such companies, including Urban Company, BlueStone and Curefoods, have filed their DRHPs so far this year, three have gone public in 2025 – Ather Energy, ArisInfra and Smartworks.