The Aequs IPO commenced its subscription on December 3, 2025, and quickly garnered full subscription, indicating significant investor interest. The public offering received an overall subscription of 1.35 times, with the retail category oversubscribed at 5.60 times and the non-institutional investor (NII) category at 1.19 times. However, the Qualified Institutional Buyers (QIB) segment, excluding anchor investors, showed zero subscriptions at the latest update.
Aequs IPO, a book-built issue amounting to Rs 921.81 crores, comprises a fresh issue of 5.40 crore shares valued at 670.00 crores and an offer for sale of 2.03 crore shares totaling 251.81 crores. The price range is set between 118.00 to 124.00 per share, with a lot size of 120 shares for retail investors, requiring a minimum investment of 14,880 at the upper price band.
The IPO allotment for Aequs is scheduled for December 8, 2025, with listing on the BSE and NSE set for December 10, 2025. JM Financial Ltd. serves as the book running lead manager, and Kfin Technologies Ltd. acts as the registrar for the issue.
According to Rajan Shinde, a Research Analyst at Mehta Equities Ltd, the Aequs Ltd IPO presents an opportunity for investors to participate in India’s advanced aerospace precision-manufacturing platform. Aequs operates as an integrated aerospace precision-manufacturing platform from a single SEZ in India, providing end-to-end capabilities including machining, forging, surface treatment, and assembly. With a global manufacturing presence in India, the United States, and France, Aequs collaborates closely with major OEMs such as Airbus, Boeing, Safran Collins, and Spirit AeroSystems.
The IPO at the upper price band of 124 aims for a market cap of 8,316 crore. Shinde highlighted the company’s strong customer relationships, diversified portfolio, and joint ventures with global leaders, positioning Aequs well to benefit from the increasing outsourcing trend in aerospace components. He recommended investors to subscribe to the Aequs Ltd IPO for a long-term perspective considering its competitive advantages and alignment with India’s aerospace manufacturing opportunities.
In financial terms, Aequs reported an 18.8% revenue growth in FY24 but experienced a 4.2% decline in FY25, mainly attributed to slowdowns in the consumer division and strategic business transitions. The company’s global customer base, long-term contracts, and joint ventures with key firms contribute to its competitive edge. The Grey Market Premium (GMP) for Aequs IPO stands at 46.5 as of December 3, 2025, indicating an estimated listing price of 170.5 per share, approximately 37.5% higher than the cap price. Analysts suggest a long-term investment strategy given the strong retail demand and the company’s industry position.