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Aequs Ltd.

Aequs Ltd.

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Overview

Aequs Limited is a vertically integrated precision component manufacturer with capabilities in the Aerospace and Consumer segments. The company operates through three engineering-led, vertically-integrated manufacturing ecosystems in India, including a Special Economic Zone in Belagavi, which allows for end-to-end production of complex products for global OEM customers. Its product portfolio for the aerospace sector includes components for engine systems, landing systems, and aircraft structures, while its consumer segment produces items like consumer electronics components, plastics for toys, and consumer durables such as cookware. With a global manufacturing presence in India, the U.S., and France, Aequs serves major clients like Airbus and Boeing.

Opening Date

Dec 03, 2025

Closing Date

Dec 05, 2025

Listing Date

Dec 10, 2025

IPO Type

Mainboard

IPO Status

Closed

Issue Size

670 Cr

Fresh Issue

670 Cr

Offer for Sale

251.81 Cr

Price Band

₹118 - ₹124

Lot Size

120

IPO Timeline

Dec 03, 2025
Open Date
Dec 05, 2025
Close Date
Dec 08, 2025
Allotment Date
Dec 09, 2025
Initiation of Refunds
Dec 10, 2025
Listing Date

Financials

Revenue

Profit After Tax (PAT)

IPO Objective

The main objectives of the issue are to utilize the net proceeds from the Fresh Issue and the Pre-IPO Placement for the following purposes:

  • Repayment and/or prepayment, in full or in part, of certain outstanding borrowings aggregating to ₹433.17 crores availed by the company and three of its wholly-owned subsidiaries: AeroStructures Manufacturing India Private Limited, Aequs Consumer Products Private Limited, and Aequs Engineered Plastics Private Limited.

  • Funding capital expenditure of ₹64.00 crores to be incurred on account of purchasing machinery and equipment for the company and its wholly-owned subsidiary, AeroStructures Manufacturing India Private Limited.

  • Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.

Key Performance Indicator

P/E Ratio

9.94

EPS

ROE

-14.3%

ROCE

0.87%

RONW

-14.47%

Debt to Equity Ratio

PAT Margin

-11.07%

EBITDA Margin

11.68%

P/B

9.94

SWOT Analysis

Strengths

  • Operates unique, engineering-led vertically integrated precision manufacturing ecosystems in India, offering end-to-end solutions.

  • Advanced manufacturing capabilities, specializing in high-end alloys and complex components for the aerospace industry.

  • Long-standing relationships with high-entry-barrier global OEM customers such as Airbus, Boeing, and Safran.

  • Established manufacturing presence across India, the U.S., and France, providing strategic proximity to key global markets.

Weaknesses

  • High revenue concentration in the Aerospace Segment, which accounted for 89.19% of revenue in FY2025.

  • Significant dependence on its top ten customer groups, contributing 88.57% of revenue from operations in FY2025.

  • History of negative operating cash flows and losses for the period in recent financial years.

  • Geographical concentration of its Indian manufacturing clusters in the state of Karnataka, exposing it to regional risks.

Opportunities

  • Leverage the global 'China+1' and 'Europe+1' strategies to attract more manufacturing contracts to its Indian facilities.

  • Expand its portfolio in the high-growth consumer electronics segment by leveraging its precision engineering expertise.

  • Utilize government initiatives like the Production Linked Incentive (PLI) schemes to enhance competitiveness and expand capacity.

  • Increase market share in adjacent precision-driven sectors by capitalizing on its established manufacturing platform and capabilities.

Threats

  • Fluctuations in global demand and intense competition from established international players with advanced technology.

  • Volatility in the prices and availability of key raw materials such as titanium, steel, and aluminum due to geopolitical factors.

  • Rapid technological obsolescence in the manufacturing sector requires continuous and substantial capital investment.

  • Potential adverse impact from international trade policies and tariffs, such as US tariffs on goods exported from India.

Subscription Rate

CategoryShares Bid ForShares OfferedTimes Subscribed
Qualified Institutional Buyers1.66 Cr2.22 Cr0.75x
Non-Institutional Investors19.46 Cr1.11 Cr17.50x
Retail Individual Investors25.64 Cr74.16 L34.57x
Employee28.89 L1.77 L16.32x
Total47.05 Cr4.10 Cr11.49x