Aequs Limited, a precision engineering and aerospace parts company based in Belagavi, has announced the price range for its upcoming IPO. Shares will be sold between ₹118 and ₹124, and the company aims to raise ₹921.72 crore.
The IPO will be open for the public from December 3 to 5, while anchor investors will participate on December 2.
Valuation and Investor Points
The price band is about 11.8 to 12.4 times the face value of ₹10.
However, Aequs is currently a loss-making company, with negative earnings in FY25, so a proper P/E ratio cannot be calculated.
Employees applying under the reserved category will get an ₹11 discount, so they will pay ₹107–113 per share.
IPO Structure
Total size: ₹921.72 crore
Fresh Issue: ₹670 crore
Offer for Sale (OFS): ₹251.72 crore (about 2.03 crore shares sold by existing investors)
Some early investors like Amicus Capital, Melligeri Private Family Foundation, Aequs Manufacturing Investments, and Ravindra Mariwala will be selling part of their holdings.
Pre-IPO Investment Shows High Interest
Before the IPO, Aequs raised ₹144 crore at ₹123.97 per share, almost equal to the IPO’s upper price.
Big investors like SBI Mutual Fund, DSP India Fund, and Think India Opportunities Master Fund participated, showing they believe in the company’s long-term potential.
Company Overview: Strengths & Risks
Strengths:
Known for high-quality precision manufacturing
Works with major global aerospace and consumer brands
Offers machining, forging, and assembly under one roof
Risks:
The company made losses in FY25
The 3-year average Return on Net Worth (RoNW) is –15.07%, showing continued pressure on profits
Important Dates
Allotment: December 8
Refunds / Shares in Demat: December 9
Listing on NSE & BSE: December 10
Lead Managers
The IPO is being handled by JM Financial, IIFL Capital, and Kotak Mahindra Capital.
KFin Technologies is the registrar.
