Aequs sets price band for ₹922 crore issue, IPO opens on December 3

The initial share sale of Aequs, a contract manufacturing firm specialising in consumer durable goods and aerospace parts, will open for bidding on Wednesday, December 3 and close on Friday, December 5. Anchor bidding will open on Tuesday, December 2.

This will be the first mainboard public issue of the month.

Aequs will sell its shares in a fixed price band of ₹118 - ₹124 per share. Investors can bid for a minimum of 120 shares in one lot and in multiples thereafter.

The company aims to raise ₹921.81 crore through the IPO, which includes a fresh issue of shares and an offer for sale.

The OFS will involve 2.03 crore shares offloaded by promoters and existing investors.

Melligeri Private Family Foundation and Aequs Manufacturing Investments Private Limited are the promoter selling shareholders.

The investor sellers include Amicus Capital Private Equity I LLP, Amicus Capital Partners India Fund I, Vasundhara Dempo Family Private Trust and Girija Dempo Family Private Trust. Individual investors Ravindra Mariwala and Raman Subramanian will also sell part of their stake.

Aravind Shivaputrappa Melligeri is the company’s promoter and serves as executive chairman and CEO.

Aequs is backed by Amicus Capital Private Equity I LLP, Amicus Capital Partners, Amansa Investments, Steadview Capital Mauritius, Catamaran Ekam and Sparta Group LLC, which together hold 25.54% of its pre offer equity.

The net proceeds from the fresh issue will be used to repay outstanding borrowings and prepay penalties at two wholly owned subsidiaries, AeroStructures Manufacturing India and Aequs Consumer Products.

Funds will also go towards purchasing machinery and equipment, inorganic growth through acquisitions, other strategic initiatives and general corporate purposes.

The Karnataka based company, which positions itself as the only precision component manufacturer operating within a single special economic zone in India with fully vertically integrated aerospace manufacturing capabilities, supplies components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning.

On the financial front, the loss for the six months ended September 2025 narrowed to ₹17 crore from ₹71.7 crore in the same period last year. Revenue rose 17% to ₹537.2 crore from ₹459 crore.

For FY25, however, the loss widened to ₹102.3 crore compared to ₹10.8 crore in the previous year, while revenue declined 4.2% to ₹924.6 crore from ₹965 crore.

JM Financial, IIFL Capital and Kotak Mahindra Capital are the book running lead managers to the issue.

IPO share allotment will be finalised by December 8, and trading in Aequs shares will begin on the BSE and NSE from December 10.