Aequs IPO opens today: Check price band, issue size, GMP, brokerage reviews and more?
Aequs is selling its shares in the price band of Rs 118-124 apiece, applied for a minimum of 120 shares and its multiples to raise Rs 921.81 crore between December 3-5.
- Dec 3, 2025,
- Updated Dec 3, 2025 9:52 AM IST
Aequs is set to launch an initial public offering (IPO) for bidding on Wednesday, December 03. The defence and aerospace segment player shall be selling its shares in the range of Rs 118-124 and investors can apply for a minimum of 120 equity shares and its multiples thereafter. The issue will close for bidding on Friday, December 05.
The Rs 921.81 crore IPO of Aequs includes a fresh share sale of 5,40,32,258 equity shares worth Rs 670 crore and an offer-for-sale (OFS) of up to 2,03,07,393 equity shares by its promoters and existing shareholders worth Rs 251.81 crore. The net proceeds from the issue shall be used to repay debt, capital expenditure, funding inorganic growth opportunities and general corporate purposes.
Incorporated in 2000, Bengaluru-based Aequs is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the aerospace segment. Its diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients.
Aequs raised a total of Rs 413.91 crore from 33 anchor investors as it allocated 3,33,80,262 equity shares for Rs 124 apiece. Its anchor book included names like Smallcap World Fund, Blackrock, Government Pension Fund Global, Steadview Capital Master Fund, Eastspring Investments India, 3P India Equity Funds, SBI Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund and more.
Aeques reported a net loss of Rs 16.98 crore with a revenue of Rs 565.55 crore for the six months ended on September 30. The company's loss stood at Rs 102.35 crore with a revenue of Rs 959.21 crore for the financial year 2024-25. At current valuations, it shall command a market capitalization little more than Rs 8,316 crore.
Aequs has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have only 10 per cent of the allocation in the IPO. Last heard, Meesho was commanding a grey market premium of Rs 44-47 apiece, suggesting nearly 35-38 per cent listing pop for the investors.
JM Financial, IFL Capital Services, Kotak Mahindra Capital Company are the book running lead managers for the Aequs IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on December 10, 2025. Here's what a host of brokerage firms say about the IPO of Aequs:
Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Aequs is the only fully integrated aerospace precision manufacturer within a single SEZ in India—a high-entry-barrier sector requiring significant investment, proof-of-concept capabilities, and strong OEM relationships. They benefit from proximity to global OEMs, access to a skilled and diverse workforce and the ability to deliver innovative solutions, said Anand Rathi.
It aims to deepen wallet share with existing aerospace customers by moving up the value chain while also broadening its customer base in the Aerospace Segment. It plans to expand its consumer electronics portfolio by leveraging advanced aerospace capabilities to scale manufacturing, grow its customer base, and increase wallet share," it added with 'subscribe' for long-term' tag.
Aditya Birla Money
Rating: Subscribe for long-term
Aequs IPO is valued at 79 times EV/Ebitda on FY26 basis. Valuations to be at premium to listed comparable peers like Dynamatic Tech & Aazad Engineering, said Aditya Birla Monday. "Considering the company’s breadth of offering in the aerospace segment along with clientele and the opportunity in the consumer electronics & consumer durables segment, we expect significant growth in the mid to long term. We recommend 'subscribe for long-term' to the issue."
Arihant Capital Markets
Rating: Subscribe for long-term
Aequs has fully vertically integrated manufacturing ecosystems in India, which provide a unique, competitive advantage as global OEMs prioritize resilient, cost-efficient, and geographically concentrated supply chains. The aerospace segment remains strong, led by increased aircraft production rates at Airbus and Boeing, and the strategic sourcing shift towards India under the China+1 and Europe+1 strategies, said Arihant Capital.
The planned debt reduction through IPO proceeds will strengthen the balance sheet and lower interest costs. It is focused on deepening wallet share with existing aerospace customers, diversifying the aerospace client base, scaling the consumer electronics portfolio, and improving margins through higher-value manufacturing and operational efficiencies, it added with a 'subscribe' rating.
SBI Securities
Rating: Subscribe
Aequs has embedded itself in the global commercial aircraft component ecosystem, an industry which has high entry barriers. Both the leading OEMs - Boeing and Airbus have large order book for aircraft which should translate into robust demand for components. The Aerospace segment is operationally profitable with consistently improving Ebitda margin, said SBI Securities.
"The planned debt repayment from the IPO proceeds will result in substantial savings on interest cost which should also result in the company turning profitable at the PAT level. The issue is valued at 8.7 times EV/Sales on post issue capital. We recommend investors to 'subscribe' to the issue," it added.
DR Choksey Finserv
Rating: Subscribe
Aequs’s strategy is centered on diversifying its revenue base by significantly expanding its Consumer Segment. Specifically, the company plans to leverage its precision engineering capabilities to enter the manufacturing space for components used in portable computers and smart devices, said DR Choksey Finserv.
"This strategic pivot will be funded, in part, by the IPO proceeds, which are earmarked for capacity expansion through the purchase of new machinery and equipment. The company also intends to pursue inorganic growth through unidentified future acquisitions," it said.
Canara Bank Securities
Rating: Subscribe with caution
Aequs is a supplier to major OEMs, including Airbus and Boeing, and their Tier‑1 partners, with a diversified portfolio exceeding 5,000 SKUs. This positions it well for long‑term growth, said Canara Bank Securities. "We recommend 'subscribe' to the issue for investors with a high-risk appetite, with potential for long‑term gains."
Key concerns remain around sustained losses in the Consumer Segment and a stretched cash conversion cycle, which resulted in negative operating cash flows in FY24, the brokerage added.
Swastika Investmart
Rating: Subscribe with caution
Aequs is a unique, high-barrier entry into the aerospace & defense supply chain. It is currently loss-making with negative return ratios. The majority of IPO proceeds will be used to pay off debt, not for new expansion, said Swastika Investmart. "Priced significantly lower than peers on a Price-to-Book basis. Aggressive investors can park some money for the long term."
BP Equities
Rating: Subscribe
We believe Aequs is well placed to benefit from the ongoing commercial aerospace upcycle and the structural shift toward outsourcing to cost-competitive, capability-rich suppliers, said Aequs. "While the consumer segment remains in a build-out phase, its long-term potential, combined with the robust and predictable aerospace business, provides a balanced growth runway. In light of these strengths, we recommend a 'subscribe' rating for this issue."
Lakshmishree Investments & Securities
Rating: Subscribe
Aequs has established a unique and highly differentiated business model, centered on a fully vertically integrated "one-stop-shop" solution from forging to specialized surface treatment and final assembly. All housed within a single campus. This structural advantage, combined with long-standing relationships with global Tier-1 clients, said Lakshmishree Investments.
"Despite inherent risks associated with its high customer concentration and the cyclical nature of the aerospace industry, Aequs’s unique integrated ecosystem, strategic global footprint, and focus on high-barrier defence and commercial aerospace components provides a clear roadmap for sustained leadership. We recommend a ‘subscribe’ rating," it said.
Ventura Securities
Rating: Subscribe
Aequs is one of India’s few vertically integrated precision engineering (PEC) players, operating across three engineering clusters. Its end-to-end ecosystem machining, forgings, processing, and assemblies—creates deep entry barriers and enables multi-stage value capture unmatched by most domestic peer, said Ventura Securities with a 'subscribe' rating.
Aequs is set to launch an initial public offering (IPO) for bidding on Wednesday, December 03. The defence and aerospace segment player shall be selling its shares in the range of Rs 118-124 and investors can apply for a minimum of 120 equity shares and its multiples thereafter. The issue will close for bidding on Friday, December 05.
The Rs 921.81 crore IPO of Aequs includes a fresh share sale of 5,40,32,258 equity shares worth Rs 670 crore and an offer-for-sale (OFS) of up to 2,03,07,393 equity shares by its promoters and existing shareholders worth Rs 251.81 crore. The net proceeds from the issue shall be used to repay debt, capital expenditure, funding inorganic growth opportunities and general corporate purposes.
Incorporated in 2000, Bengaluru-based Aequs is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the aerospace segment. Its diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients.
Aequs raised a total of Rs 413.91 crore from 33 anchor investors as it allocated 3,33,80,262 equity shares for Rs 124 apiece. Its anchor book included names like Smallcap World Fund, Blackrock, Government Pension Fund Global, Steadview Capital Master Fund, Eastspring Investments India, 3P India Equity Funds, SBI Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund and more.
Aeques reported a net loss of Rs 16.98 crore with a revenue of Rs 565.55 crore for the six months ended on September 30. The company's loss stood at Rs 102.35 crore with a revenue of Rs 959.21 crore for the financial year 2024-25. At current valuations, it shall command a market capitalization little more than Rs 8,316 crore.
Aequs has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have only 10 per cent of the allocation in the IPO. Last heard, Meesho was commanding a grey market premium of Rs 44-47 apiece, suggesting nearly 35-38 per cent listing pop for the investors.
JM Financial, IFL Capital Services, Kotak Mahindra Capital Company are the book running lead managers for the Aequs IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on December 10, 2025. Here's what a host of brokerage firms say about the IPO of Aequs:
Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Aequs is the only fully integrated aerospace precision manufacturer within a single SEZ in India—a high-entry-barrier sector requiring significant investment, proof-of-concept capabilities, and strong OEM relationships. They benefit from proximity to global OEMs, access to a skilled and diverse workforce and the ability to deliver innovative solutions, said Anand Rathi.
It aims to deepen wallet share with existing aerospace customers by moving up the value chain while also broadening its customer base in the Aerospace Segment. It plans to expand its consumer electronics portfolio by leveraging advanced aerospace capabilities to scale manufacturing, grow its customer base, and increase wallet share," it added with 'subscribe' for long-term' tag.
Aditya Birla Money
Rating: Subscribe for long-term
Aequs IPO is valued at 79 times EV/Ebitda on FY26 basis. Valuations to be at premium to listed comparable peers like Dynamatic Tech & Aazad Engineering, said Aditya Birla Monday. "Considering the company’s breadth of offering in the aerospace segment along with clientele and the opportunity in the consumer electronics & consumer durables segment, we expect significant growth in the mid to long term. We recommend 'subscribe for long-term' to the issue."
Arihant Capital Markets
Rating: Subscribe for long-term
Aequs has fully vertically integrated manufacturing ecosystems in India, which provide a unique, competitive advantage as global OEMs prioritize resilient, cost-efficient, and geographically concentrated supply chains. The aerospace segment remains strong, led by increased aircraft production rates at Airbus and Boeing, and the strategic sourcing shift towards India under the China+1 and Europe+1 strategies, said Arihant Capital.
The planned debt reduction through IPO proceeds will strengthen the balance sheet and lower interest costs. It is focused on deepening wallet share with existing aerospace customers, diversifying the aerospace client base, scaling the consumer electronics portfolio, and improving margins through higher-value manufacturing and operational efficiencies, it added with a 'subscribe' rating.
SBI Securities
Rating: Subscribe
Aequs has embedded itself in the global commercial aircraft component ecosystem, an industry which has high entry barriers. Both the leading OEMs - Boeing and Airbus have large order book for aircraft which should translate into robust demand for components. The Aerospace segment is operationally profitable with consistently improving Ebitda margin, said SBI Securities.
"The planned debt repayment from the IPO proceeds will result in substantial savings on interest cost which should also result in the company turning profitable at the PAT level. The issue is valued at 8.7 times EV/Sales on post issue capital. We recommend investors to 'subscribe' to the issue," it added.
DR Choksey Finserv
Rating: Subscribe
Aequs’s strategy is centered on diversifying its revenue base by significantly expanding its Consumer Segment. Specifically, the company plans to leverage its precision engineering capabilities to enter the manufacturing space for components used in portable computers and smart devices, said DR Choksey Finserv.
"This strategic pivot will be funded, in part, by the IPO proceeds, which are earmarked for capacity expansion through the purchase of new machinery and equipment. The company also intends to pursue inorganic growth through unidentified future acquisitions," it said.
Canara Bank Securities
Rating: Subscribe with caution
Aequs is a supplier to major OEMs, including Airbus and Boeing, and their Tier‑1 partners, with a diversified portfolio exceeding 5,000 SKUs. This positions it well for long‑term growth, said Canara Bank Securities. "We recommend 'subscribe' to the issue for investors with a high-risk appetite, with potential for long‑term gains."
Key concerns remain around sustained losses in the Consumer Segment and a stretched cash conversion cycle, which resulted in negative operating cash flows in FY24, the brokerage added.
Swastika Investmart
Rating: Subscribe with caution
Aequs is a unique, high-barrier entry into the aerospace & defense supply chain. It is currently loss-making with negative return ratios. The majority of IPO proceeds will be used to pay off debt, not for new expansion, said Swastika Investmart. "Priced significantly lower than peers on a Price-to-Book basis. Aggressive investors can park some money for the long term."
BP Equities
Rating: Subscribe
We believe Aequs is well placed to benefit from the ongoing commercial aerospace upcycle and the structural shift toward outsourcing to cost-competitive, capability-rich suppliers, said Aequs. "While the consumer segment remains in a build-out phase, its long-term potential, combined with the robust and predictable aerospace business, provides a balanced growth runway. In light of these strengths, we recommend a 'subscribe' rating for this issue."
Lakshmishree Investments & Securities
Rating: Subscribe
Aequs has established a unique and highly differentiated business model, centered on a fully vertically integrated "one-stop-shop" solution from forging to specialized surface treatment and final assembly. All housed within a single campus. This structural advantage, combined with long-standing relationships with global Tier-1 clients, said Lakshmishree Investments.
"Despite inherent risks associated with its high customer concentration and the cyclical nature of the aerospace industry, Aequs’s unique integrated ecosystem, strategic global footprint, and focus on high-barrier defence and commercial aerospace components provides a clear roadmap for sustained leadership. We recommend a ‘subscribe’ rating," it said.
Ventura Securities
Rating: Subscribe
Aequs is one of India’s few vertically integrated precision engineering (PEC) players, operating across three engineering clusters. Its end-to-end ecosystem machining, forgings, processing, and assemblies—creates deep entry barriers and enables multi-stage value capture unmatched by most domestic peer, said Ventura Securities with a 'subscribe' rating.