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Aequs IPO
101.23xsubscribed

Aequs IPO

Engineering
listed
₹14,160Min. investment

Aequs Limited IPO Details

SectorEngineering
Price range₹118 – ₹124
IPO type
Regular
Lot size120 shares
Issue size₹921Cr
Red Herring Prospectus
Read
Market cap
₹8,316CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹924.61CrHigher than sector avg
Growth rate3Y CAGR
6.70%Higher than sector avg

Aequs IPO Subscription Status

Date
QIB
NII
Retail
Total
03-Dec-25
0.02 times (X)
3.35 times (X)
11.58 times (X)
3.43 times (X)
04-Dec-25
0.14X
16.48X
33.09X
11.1X
05-Dec-25
59.72X
78.88X
76.71X
101.23X

As on 03-Dec-25, 5:30 PM

Aequs IPO Timeline

  1. Pre-apply
    1 Dec 2025
  2. Bid start
    3 Dec 2025
  3. Bid end
    5 Dec 2025
  4. Allotment
    8 Dec 2025
  5. Release of funds
    9 Dec 2025
  6. Demat transfer
    9 Dec 2025
  7. Listing
    10 Dec 2025

About Aequs Limited

Aequs Limited is a precision component manufacturer offering fully vertically-integrated aerospace manufacturing within a single Special Economic Zone (SEZ) in India. Its expertise spans machining, forging, surface treatment and assemblies, enabling comprehensive “one-stop-shop” solutions for global aerospace OEMs. The company has one of the largest aerospace product portfolios in India, manufacturing over 5,000 aerospace components across engine systems, landing systems, cargo and interiors, structures and assemblies.
While aerospace remains the core business, Aequs has strategically diversified into consumer electronics, plastics and consumer durables. For the six months ended September 30, 2025, the aerospace segment contributed 88.23% of net external revenue, and the consumer segment contributed 11.77% to revenue from operations.
The company operates through three integrated manufacturing ecosystems in India -Belagavi (precision aerospace), Hubballi (consumer electronics and durables), and Koppal (plastics). Collectively, these clusters provide 2,201,098 sq. ft. of manufacturing area as of September 30, 2025 and an aggregate capacity of 2,919,058 annual machining/moulding hours for products within the aerospace segment and consumer segment, and over 200 computer numerical control (CNC) machines for the aerospace segment and 161 moulding machines deployed for consumer products.
The company also maintains strategic overseas facilities in the U.S. (Texas) and France, supporting proximity to key OEM customers. Net external revenue from the aerospace segment in India accounted for 75.60% of revenue, France 11.66% and the USA 12.74% as of September 2025.
Its blue-chip global customer base includes Airbus, Boeing, Bombardier, Spirit Aerosystems, Safran, Collins Aerospace, Eaton, and Honeywell on the aerospace side, with Hasbro, Spinmaster, Wonderchef and Tramontina in the consumer segment. The company’s top five customers accounted for 66.36% of revenue from operations in the six months ended September 30, 2025, indicating high customer loyalty.
The company has unique metallurgy capabilities such as precision machining of high-end alloys, including titanium alloys, and holds multiple international certifications such as ISO 9001:2015, AS9100D and NADCAP. It has also received multiple recognitions from Airbus, including the Ramp-up Champion Award (2024) and six D2P awards between 2016–2023. Additionally, the company employs 4,538 people, including 855 engineers as of September 30, 2025, ensuring strong in-house R&D and process-engineering capability.
The Indian Aerospace manufacturing market is expected to grow at a CAGR of 11.96% between CY24 to CY30. The company is well-positioned to grow as it is the only precision component manufacturer in India offering fully vertically-integrated aerospace capabilities within a single SEZ. Additionally, the global PC & laptop, tablets and wearables market is projected to grow from $351.6 billion in 2024 to $405.4 billion in 2030, registering a CAGR of 2.89%. The company is set to benefit from this as it is leveraging its aerospace-grade precision to scale consumer electronics manufacturing, enabling participation in the PLI and semiconductor incentive schemes.
The company aims to move up the value chain and increase the manufacture of more critical and complex parts in the aerospace segment and enter into long-term master service agreements (“MSAs”) with its clients. Additionally, it aims to grow its portfolio of consumer products and expand its market share in related precision-driven sectors in India.
Now, Aequs Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹670 crore and an offer for sale of ₹251.81 crore. The total issue size of the IPO is ₹921.81 crore. Its shares will be listed on the NSE and BSE.

How to apply for the Aequs IPO?

If you are interested in this investment opportunity but unsure how to apply for the Aequs IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Aequs IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Aequs IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check Aequs IPO Allotment Status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Aequs IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Aequs IPO allotment status will be mentioned

How to pre-apply for the Aequs IPO?

You can pre-apply for the Aequs IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Aequs IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Advanced vertically integrated manufacturing

The company is the leading precision manufacturer in a single SEZ in India with end-to-end capabilities covering machining, forging, surface treatment and assembly for global aerospace customers. It operates over 200 CNC machines, 161 moulding machines and has 2,919,058 machining/moulding hours of annual installed capacity as of Sep 30, 2025, enabling production of complex engine and landing system components at scale. Its capabilities are further validated by Airbus and Boeing approvals and Nadcap certifications.

Exclusive SEZ-based aerospace integration

It is the only precision component manufacturer to offer fully vertically integrated manufacturing capabilities in the aerospace segment. The company operates three unique vertically integrated precision manufacturing ecosystems in India, comprising 1,231,721 sq. ft. of aerospace facilities in Belagavi, 299,957 sq. ft. of consumer electronics and durables capacity in Hubballi, and 554,138 sq. ft. of plastics facilities in Koppal, supported by co-located partners and JVs.

Global manufacturing presence

With facilities in India, the U.S. (Texas) and France (Cholet), the company is among the few Indian aerospace suppliers operating across three continents, enabling strategic proximity to major OEMs such as Boeing, Spirit, Safran and Airbus. As of September 2025, India contributed 75.60%, the U.S. 12.74%, and France 11.66% to aerospace segment revenue, reflecting diversified access to global aerospace demand.

Large precision product portfolio

As of Sep 30, 2025, the company produced 5,000+ aerospace products across engine systems, landing gear, structures, cargo interiors and turning solutions. It had one of the largest portfolios of aerospace products in India, as of March 31, 2025.

Long-standing global customer relationships

The company has an average 15-year relationship tenure with its top 3 customer groups and is a Tier-1 approved supplier to aerospace majors, including Airbus and Boeing. The top 5 customers contributed 66.36% of revenue as of September 2025 and 73.17% in FY25, indicating deep integration into OEM supply chains. It has received prestigious recognitions such as the Airbus Detailed Parts Partner (D2P) Award (6 times since 2016) and the Ramp-up Champion Award in 2024.

Objectives of Aequs Limited IPO

Repayment of borrowings
64.60%
The company will utilise ₹433.16 crore towards the repayment of certain outstanding borrowings.
Inorganic growth and general corporate purposes
25.90%
The proceeds will fund general corporate purposes and unidentified acquisitions.
Funding capital expenditure
9.50%
The company will use ₹ 64.00 crore to buy machinery and equipment as capital expenditure.

Compare

CompanyRevenue*3Y growthPATMarket capD/E ratio
This IPO₹924.61Cr6.70%-₹102.34Cr₹8,316Cr0.99
This sector (avg.)₹342.41Cr0.01%₹38.53Cr₹1,862.48Cr0.53
₹10,670.1Cr---₹1,263.5Cr₹39,460.23Cr0.10
₹2,217.81Cr---₹423.66Cr₹10,977.95Cr0
₹3,087.59Cr---₹471.9Cr₹9,693.55Cr0.01

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Aequs IPO Contact Details

Company NameAequs Limited

How to apply for Aequs IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Aequs Limited IPO FAQs

Investors can apply for the Aequs IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Aequs IPO is 921 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Aequs IPO will be open between 2025-12-03 and 2025-12-05.
Aequs IPO allotment date is 2025-12-09. For Aequs IPO allotment status check, you can visit the website of the registrar of the IPO.
For Aequs IPO, the IPO registrar is KFin Technologies Limited. You can check Aequs IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Aequs IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Aequs IPO lot size is 120 and minimum order quantity is 120.
Aequs IPO has set the price band for its IPO at 124 per equity share with a face value of 10.