Aequs IPO Dec 2025: GMP, Price Band, Dates & Full Review

Aequs Ltd. is a ₹921.81 crore IPO, making it one of the most tracked offerings in the advanced manufacturing sector. The issue includes a fresh issue of 5.40 crore shares worth ₹670 crore and an offer for sale (OFS) of 2.03 crore shares amounting to ₹251.81 crore.

With a strong presence in aerospace, automotive, and consumer verticals, Aequs Ltd. has attracted investor interest due to its integrated manufacturing ecosystem and global client base.

The Aequs IPO will open for subscription on December 3, 2025, and close on December 5, 2025. The allotment is expected on December 8, 2025, and the tentative listing date is December 10, 2025, on both BSE and NSE.

The company has set its IPO price band between ₹118 and ₹124 per share, with a lot size of 120 shares. A retail investor will need a minimum of ₹14,880 (based on upper band) to apply. The sNII quota requires 14 lots (1,680 shares) totaling ₹2,08,320, while bNII applicants must apply for 68 lots (8,160 shares) costing ₹10,11,840.

JM Financial Ltd. is acting as the book-running lead manager, and Kfin Technologies Ltd. is the registrar for the issue. 

Let’s discuss the Aequs IPO in detail now.

Aequs IPO Key Details

The following are some of the important and key details about the Aequs IPO:

Aequs IPO Reservation Structure

The following table shows the investor-wise Aequs IPO reservation.

Aequs IPO Investor Category Limits

These are the maximum bidding limits for each investor category:

Aequs IPO Timeline

The following is the complete Aequs IPO schedule:

Aequs IPO Lot Size Details

The following table shows the minimum and maximum investment requirements:

Aequs Promoter Holding

Below is the promoter shareholding of Aequs Ltd. before and after the IPO:

Business & Operations of Aequs Ltd.

Aequs Ltd., incorporated in 2000, is a precision manufacturing company operating one of India’s most advanced aerospace-focused SEZs. The company designs and manufactures components for:

• Engine systems
• Landing systems
• Actuation systems
• Cargo and interiors
• Aircraft structures & assemblies

Aequs works on programs for top global aircraft families like A220, A320, B737, A330, A350, B777, B787, and more. It has also diversified into:

• Consumer electronics
• Plastics
• Consumer durable manufacturing

As of September 2025, Aequs has:

• 1,892 full-time employees
• 1,834 contract employees
• 55 trainees
• 432 apprentices
• 325 fixed-term employees 

The company follows a vertically integrated model, meaning it handles machining, forging, surface treatment, assembly and finishing under one ecosystem — reducing costs and improving efficiency.

Aequs Product Portfolio

The following are major product categories manufactured by Aequs Ltd:

• Structures: brackets, fittings, flaps, couplings
• Interiors & Cargo: trays, panels, pawls, seat components
• Landing Systems: landing gear parts, rims, assemblies
• Actuation Systems: pistons, manifolds, housings

Competitive Strengths of Aequs Ltd.

Here are the major strengths that support Aequs Ltd.’s business model.

• Fully vertically integrated precision manufacturing
• Strong global customer relationships
• High entry barriers in the aerospace supply chain
• Capabilities across 3 continents
• Experienced founder-led management
• Comprehensive product portfolio

Aequs Ltd. Financials

The following table shows the financial performance of Aequs Ltd. over recent years:

Note: All values in ₹ Crores.

Aequs Ltd. Key Performance Indicators (KPI)

The following are the important financial ratios for Aequs Ltd:

Aequs EPS & P/E (Pre & Post IPO)

The following table shows Aequs Ltd.’s EPS before and after the issue.

Note: P/E is negative due to negative earnings.

Objects of the Issue

These are the purposes for which Aequs Ltd. will use the IPO funds.

Subsidiaries receiving funds include:

• AeroStructures Manufacturing India Pvt. Ltd.
• Aequs Consumer Products Pvt. Ltd.
• Aequs Engineered Plastics Pvt. Ltd.

Conclusion

The following is a summary of the views from analysts.

According to experts, Aequs Ltd. operates in a high-barrier, niche sector — aerospace precision manufacturing — where very few Indian companies operate at scale. While the aerospace division is profitable, other segments such as plastics and consumer durables continue to make losses. The IPO is priced at a negative P/E due to losses in FY24 and FY25. However, the company has:

• Strong global relationships
• Vertically integrated ecosystem
• Significant capex-driven expansion
• Improving order pipeline

Analysts believe that ONLY informed or long-term investors should consider the IPO.

For a broader view of all IPOs opening this month, don’t miss our detailed List of IPOs in December 2025, covering every major December issue.

Frequently Asked Questions

Q. What is the Aequs Ltd. IPO?

Aequs Ltd. IPO is a ₹921.81 crore issue consisting of fresh shares and an OFS for listing on BSE and NSE.

Q. What is the Aequs Ltd. IPO price band?

The price band for Aequs Ltd. IPO is ₹118 to ₹124 per share.

Q. What is the lot size for Aequs Ltd. IPO?

Investors must apply for a minimum of 120 shares.

Q. When does the Aequs Ltd. IPO open and close?

Aequs Ltd. IPO opens on December 3, 2025 and closes on December 5, 2025.

Q. What is the listing date for Aequs Ltd. IPO?

Aequs Ltd. is expected to list on December 10, 2025.

Q. How can retail investors apply for Aequs Ltd. IPO?

Retail investors can apply via UPI through brokers like Zerodha, Groww, Paytm Money, etc.

Q. Is Aequs Ltd. profitable?

Aequs Ltd. has reported losses in FY24 and FY25, though EBITDA remains positive.

Q. What are the key risks in Aequs Ltd. IPO?

High debt, negative PAT, and losses in non-core business segments are major risks.

Q. Who are the promoters of Aequs Ltd.?

The promoters include Aravind Melligeri and the promoter group foundations.

Q. Is Aequs Ltd. IPO good for long-term investment?

Only long-term investors with a high risk appetite may consider applying based on sector potential.

Author: Diwakar Singh

 

Diwakar Kumar Singh is a certified SEO content writer and finance specialist with 7+ years of experience in the BFSI industry. He has written 1,000+ finance articles, published books across seven countries and authored research papers.

In 2018, he was awarded a Gold Medal in Marketing and Finance from IMT Hyderabad. He combines analytical strength with clear communication. Diwakar simplifies complex financial concepts, decodes unlisted shares, analyses IPOs, ratios and company profiles and delivers evidence-backed insights that help investors make informed decisions. communication.

 

Beyond finance, Diwakar is a dedicated fitness enthusiast and the founder of TheFitnessJournal. He also holds a nutrition certification from ISSA, USA, and writes about health, nutrition and science-backed wellness in a simple and approachable style. His ability to excel in two demanding fields makes him a versatile creator committed to clarity, accuracy and meaningful impact.