IPO-Bound Aequs Nets INR 414 Cr From Anchor Investors

SUMMARY

As many as 33 investors subscribed to 3.3 Cr equity shares of the company at a price of INR 124 apiece, the upper band of its IPO price band

Of the total, 1.9 Cr shares or 56.7% of the total anchor round were picked up by 10 domestic mutual funds through 18 schemes

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

Ahead of the commencement of the bidding for its public issue tomorrow, contract manufacturing company Aequs has raised INR 413.9 Cr from anchor investors.

As many as 33 investors subscribed to 3.3 Cr equity shares of the company at a price of INR 124 apiece, the upper band of its IPO price band.

Of the total, 1.9 Cr shares or 56.7% of the total anchor round were picked up by 10 domestic mutual funds through 18 schemes. The domestic mutual funds that led the Aequs’ anchor round were SBI, HDFC, Bank of India, Motilal Oswal Manufacturing Fund, Axis Mutual Fund, among others.

Other investors who participated in the round included Edelweiss, BlackRock, Steadview Capital, Susquehanna, among others.

With this, the contract manufacturing company’s public issue will now open tomorrow and close on December 5 (Friday). The company’s shares are expected to list on the exchanges on December 10.

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.

Earlier this month, the contract manufacturing company also set a price band of INR 118 to INR 124 for its IPO. At the upper end of the spectrum, the listing will value the company at a nifty INR 8,316 Cr (about $930 Mn).

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

Since its inception, Aequs has raised more than $96 Mn in funding.

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) as against INR 71.6 Cr during the same period last year. Meanwhile, revenue grew 17% to INR 537.1 Cr from INR 458.9 Cr in H1 FY25.

Aequs’ losses soared 618.7% to INR 102.3 Cr in FY25 from INR 14.2 Cr in the previous fiscal. Operating revenue declined 4.19% to INR 924.6 Cr from INR 965 Cr in FY24.