Aequs Ltd. IPO 2025: Price Band, Dates, GMP, Allotment & Review

The IPO of Aequs Ltd, a contract manufacturing company focused on aerospace components and consumer durables, opened on 3rd December 2025. The ₹921.81 crore IPO combines a ₹670 crore fresh issue and ₹251.81 crore offer for sale (OFS).
 

With a strong aerospace manufacturing footprint and global client base, the company presents a growth story—but also carries risks due to recent losses. Investors are closely watching the price band, dates, allotment, and Grey Market Premium (GMP) for potential listing insights.
 

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• IPO Size: ₹921.81 crore (Fresh Issue: ₹670 crore, OFS: ₹251.81 crore)
• IPO Dates: December 3–5, 2025
• Price Band: ₹118–₹124 per share
• Lot Size: 120 shares (₹14,880 minimum investment)
• Listing: BSE & NSE, tentative date: December 10, 2025
• Registrar: Kfin Technologies
• Lead Manager: JM Financial Ltd

Founded in 2000, Aequs Ltd is today a vertically integrated precision components manufacturer operating from a single special economic zone (SEZ). The company has one of the largest aerospace product portfolios. But Aequs is not just about planes. The company has also expanded its product portfolio to consumer electronics, plastics, and small apppliances. Aequs is backed by strong OEM partnerships, advanced technology adoption, certified quality systems,  and a proven track record of performance and innovation.
 

With its ₹921.81 crore IPO subscribed 8 times by day 2, the company has already received a great response from investors. Should you invest in a company that’s already making waves worldwide and isn’t shy about chasing big growth? Let’s take a closer look.

Company Overview: 
 

• Vertically integrated aerospace manufacturing
• Global clientele including leading aircraft manufacturers
• Diverse product portfolio across aerospace and consumer products
• Employees: 1,892 full-time, 1,834 contractual, 55 trainees, 432 apprentices
• Products: Precision components for engine systems, landing systems, interiors, structures, assemblies
• IPO proceeds largely for debt repayment, capital expenditure, and subsidiary investments
• EBITDA remains positive despite PAT losses in some segments 

Investment Size (Retail & HNI)

Promoter Holding

Here are the key ratios: 
 

• ROE: -14.30%
• RoNW: -14.47%
• Debt/Equity: 0.99
• EBITDA Margin: 11.68%
• P/BV: 9.94
• Market Cap: ₹8,316.06 Cr 

Aequs IPO size is ₹921.81 crore, with a fresh issue of up to ₹670 crore and an OFS of ~₹251.81 crore. This means that 27% of the money raised through the IPO will directly go into the pocket of existing shareholders.
 

From the fresh issue component, Aequs plans to use ₹433.17 crore along with ₹20.25 crore already drawn from pre-IPO funds, to repay loans taken by the parent company and its three wholly owned subsidiaries. 

Source: URHP 

The latest Grey Market Premium (GMP) for Aequs IPO is ₹45.5, implying a 36.69% premium over the upper price band of ₹124.
 

Estimated Listing Price:

₹124 + ₹45 = ₹170 per share (approx.) 

Source: Investorgain

Investor Note:
 

• Positive GMP indicates strong demand and sentiment.
• GMP is volatile and should not be the sole basis for applying. 

Disclaimer: Grey Market Premium (GMP) is not regulated or recommended by the stock exchanges or SEBI. ArihantPlus does not endorse or facilitate trading in the grey market. Investors are advised to conduct their own research or consult an expert before making any investment decisions

Aequs is a precision manufacturing leader with profitable aerospace operations and a growing global footprint. Its consumer electronics and plastics divisions are still developing, which contributes to PAT losses.
 

Investment Outlook:
 

• Suitable for long-term, informed investors
• Less suitable for those seeking short-term listing gains 

• Integrated aerospace ecosystem: Aequs runs a fully integrated manufacturing setup—machining, forging, surface treatment, and assembly—within its SEZ campus. This end-to-end model gives it strong cost and efficiency advantages.
• Aerospace-led revenue mix: Aerospace is the company’s backbone, contributing nearly 88% of external revenue in H1 FY26 and representing one of the widest aerospace portfolios in the country.
• Deep customer relationships: Aequs has long-standing ties with major global OEMs, with top client groups associated for over a decade. This brings stability and repeat business as aircraft production scales globally.
• SEZ benefits: Operating from SEZs allows the company to enjoy tax and duty incentives, which help offset costs and improve competitiveness.
• Improving financial structure: A large portion of IPO proceeds is earmarked for debt repayment and capital expansion, which should strengthen the balance sheet.
• Sector tailwinds: The company stands to gain from rising global aircraft demand and the ongoing shift of supply chains towards India under China+1 and Europe+1 strategies. 

• Loss-making track record: Aequs continues to post consolidated net losses, raising concerns around profitability.
• Customer concentration: A significant share of revenue comes from a handful of large clients, creating dependency risk.
• Weak non-aerospace performance: The consumer products and plastics businesses have struggled with low utilisation and past impairments, limiting diversification benefits.
• High leverage: The company carries considerable debt, including foreign-currency borrowings, exposing it to interest rate and FX fluctuations.
• Long cash cycle: Working capital remains stretched due to a lengthy cash conversion cycle, putting pressure on liquidity.
• Volatile order flow: Aerospace orders are largely requirement-driven, making revenues vulnerable to production changes at global OEMs and broader economic conditions. 

Aequs has built strong, fully integrated manufacturing ecosystems in India. This gives the company a clear edge at a time when global OEMs are looking for supply chains that are resilient, cost-efficient, and closer to home. Its aerospace business continues to do well, supported by rising aircraft production at Airbus and Boeing, and by the shift of global sourcing to India under the China+1 and Europe+1 trends.
 

The company also plans to use part of its IPO proceeds to reduce debt, which will strengthen its balance sheet and cut interest costs. Going forward, Aequs aims to grow its share with existing aerospace clients, expand its customer base, scale its consumer electronics business, and improve margins through higher-value manufacturing and better operational efficiency. However, Aequs IPO is valued at 79 times EV/Ebitda on FY26 basis. The company’s valuations is at a premium compared to listed peers like Dynamatic Tech & Aazad Engineering, said Aditya Birla Monday.
 

Long term investors with a risk appetite can consider subscribing to this IPO for portfolio diversification and growth. However, you need to look at your risk profile, overall investment goals and do your own research to make the decision. 

What are the Aequs IPO dates?

December 3–5, 2025
 

What is the price band?

₹118–₹124 per share
 

What is the minimum investment?

₹14,880 (1 lot of 120 shares)
 

When is the allotment date?

December 8, 2025
 

When is the listing date?

Tentative: December 10, 2025

What is the current Aequs IPO GMP?

The latest Grey Market Premium (GMP) is ₹46.5, implying a 37.50% premium over the upper price band of ₹124.
 

What is the expected listing price of Aequs IPO? 

Based on the current GMP, the estimated listing price is around ₹170 per share.