The Equs IPO opening date is December 3, 2025, and the IPO will close on December 5, 2025. The Equs IPO is a book-built issue. The company will raise approximately ₹921.81 crore through the IPO, which includes a fresh issue of ₹670 crore and an offer for sale of 2,03,07,393 equity shares with a face value of ₹10.
The price band for the Equs IPO is ₹118 to ₹124 per share. The retail quota is 10%, QIB 75%, and HNI 15%. The Equs IPO will be listed on the BSE and NSE on December 10, 2025. The allotment date for the Equs IPO is December 8, 2025.
The company reported revenue of ₹959.21 crore in 2025, compared to ₹988.30 crore in 2024. The company reported a loss of ₹102.35 crore in 2025, compared to a loss of ₹14.24 crore in 2024. According to financials, IPO investors should apply for the long term in IPOs.
Aequs IPO Details
| IPO Open Date | December 3, 2025 |
| IPO Close Date | December 5, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹118 to ₹124 Per Share |
| Issue Size | Approx ₹921.81 Crores |
| Fresh Issue | Approx ₹670 Crores |
| Offer for Sale: | Approx 2,03,07,393 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Aequs IPO Market Lot
The Aequs IPO minimum market lot is 120 shares with ₹14,880 application amount. The retail investors can apply up-to 13 lots with 1,560 shares of ₹1,93,440 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 120 | ₹14,880 |
| Retail Maximum | 13 | 1,560 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,680 | ₹2,08,320 |
| S-HNI Maximum | 67 | 8,040 | ₹9,96,960 |
| B-HNI Minimum | 68 | 8,160 | ₹10,11,840 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 3,33,80,262 Shares | -% |
| QIB (Ex. Anchor) | 2,22,41,733 Shares | -% |
| NII Shares Offered | 1,11,24,399 Shares | 27.16% |
| Retail Shares Offered | 74,16,266 Shares | 18.11% |
| Employee Shares Offered | 1,76,991 Shares | 0.43% |
Aequs IPO Anchor Investors
| Anchor Bidding Date | December 2, 2025 |
| Anchor Investors List | |
| Shares Offered | 3,33,80,262 Shares |
| Anchor Size | ₹413.92 Cr. |
| lock-in period end date 50% shares (30 Days) | January 7, 2026 |
| lock-in period end date 50% shares (90 Days) | March 8, 2026 |
Aequs IPO Dates
The Aequs IPO date is December 3 and the close date is December 5. The Aequs IPO allotment will be finalized on December 8 and the IPO listing on December 10.
| IPO Open Date: | December 3, 2025 |
| IPO Close Date: | December 5, 2025 |
| Basis of Allotment: | December 8, 2025 |
| Refunds: | December 9, 2025 |
| Credit to Demat Account: | December 9, 2025 |
| IPO Listing Date: | December 10, 2025 |
| IPO Bidding Cut-off Time: | December 5, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation and The Melligeri Foundation.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 61,66,17,677 | 64.48% |
| Promoter Holding Post Issue | 67,06,49,935 | 56.25% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable,availed by the company | ₹- |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable twoof our wholly-owned Subsidiaries, through investment in the below Subsidiaries | ₹- |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by the company | ₹- |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited through investment in such Subsidiary | ₹- |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | ₹- |
Aequs IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹840.54 | ₹777.48 | ₹109.50 | ₹1,321.69 |
| 2024 | ₹988.30 | ₹842.79 | ₹14.24 | ₹1,822.98 |
| 2025 | ₹959.21 | ₹851.24 | ₹102.35 | ₹1,859.84 |
| September 2025 | ₹565.55 | ₹481.44 | ₹16.98 | ₹2,134.35 |
Aequs IPO Valuation – FY2025
Check Aequs IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | (14.30)% |
| ROCE: | 0.87% |
| EBITDA Margin: | 11.68% |
| PAT Margin: | (11.07)% |
| Debt to equity ratio: | 0.99 |
| Earning Per Share (EPS): | ₹(1.80) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (14.47)% |
| Net Asset Value (NAV): | ₹12.47 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Azad Engineering Limited | 14.66 | 106.19 | 6.21% | 234.06 | 457.35 Cr. |
| Unimech Aerospace and Manufacturing Limited | 17.59 | 59.30 | 12.48% | 141.01 | 242.93 Cr. |
| Amber Enterprises India Limited | 72.01 | 113.89 | 10.99% | 672.61 | 9,973.02 Cr. |
| Kaynes Technology India Limited | 45.82 | 161.70 | 10.33% | 439.85 | 2,721.25 Cr. |
| Dixon Technologies (India) Limited | 205.70 | 86.44 | 47.50% | 494.74 | 38,860.10 Cr. |
| PTC Industries Limited | 41.37 | 368.96 | 4.40% | 940.03 | 308.07 Cr. |
About the Aequs IPO
Aequs is India's only precision components company that provides fully integrated manufacturing for the aerospace sector. What sets them apart is their fully integrated manufacturing for aerospace, giving them an advantage over other contract manufacturers that offer only a few services. Precision components are precisely machined parts that are custom-made and sold to original equipment manufacturers (OEMs) and system integrators.
Aequs has the largest aerospace product portfolio in India, including components for engine systems, landing systems, cargo and interiors, structures, assemblies, and turning parts for aerospace clients. While the company's core business is in the aerospace sector, over the past few years it has also expanded into consumer electronics, plastics, and consumer durables. Additionally, the company has manufactured over 4,500 aerospace products as of March 31, 2025.
Established in 2000, Aequs Ltd. works to create and operate a Special Economic Zone in India to provide fully vertically integrated manufacturing capabilities in the aerospace segment.
The company's diverse product portfolio includes engine systems, landing systems, cargo and interior components, structures, assembly, and turning components for aerospace clients.
While the company primarily operates in the aerospace segment, over the past few years, it has expanded its product portfolio to include consumer electronics, plastics, and consumer durables for its consumer clients.
As of September 30, 2025, the company will have manufactured over 5,000 products in the aerospace segment under a variety of manufacturing and assembly programs initiated with its aerospace customers, including programs for single-aisle (e.g., A220, A320, B737) and long-range (A330, A350, B777, B787) commercial aircraft.
Product Portfolio:
Structures: Brackets, corner fittings, cable quadrants, triangular brackets, wing flap supports, couplings, gearbox brackets, floorboards, latch assemblies, bracket structures.
Interior and Cargo: Power distribution unit trays, side panels, poles, bases, pan-seats, beam-back supports, panel-side tops, seat stays, outer poles, housing left, bracket offsets.
Landing Systems: Main landing gear, main fittings, bracket assemblies, front panels, front assembly uplocks, rims, half wheels, main fitting assemblies.
Actuation systems: housing, manifold, mounting foot, mounting flange, actuator piston, housing, jack head, radar box
As of September 30, 2025, the company had 1,892 full-time employees, 1,834 contract employees, 55 trainees, 432 apprentices, and 325 fixed-term employees.
Competitive Strengths:
Advanced and vertically integrated precision manufacturing capabilities
Operations in a unique, engineering-led vertically integrated precision manufacturing ecosystem
Manufacturing presence in three continents with strategic proximity to end customers
Comprehensive precision product portfolio in high-value segments
Long-standing relationships with high-entry barrier global customers
Founder-led business supported by an experienced management team and qualified employee base
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Kotak Mahindra Capital Co. Ltd.
Company Address
Aequs Ltd.
No 437/A, Hattargi Village
Hukkeri Taluk,
Belagavi
Bengaluru, Karnataka, 591243
Phone: +91 831 2499000
Email: investor.relations@aequs.com
Website: https://www.aequs.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: aequs.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/