Aequs IPO reveals a ₹921.81 crore book-built issue opening December 3, 2025, blending aerospace precision manufacturing leadership with consumer diversification amid recent losses.
This DRHP driven review covers GMP trends, financials exceeding competitor depth, capex plans and risks beyond basic timelines.
Investors gain comprehensive insights into Aequs IPO Details with GMP Today and Analysis for informed subscription decisions.
Aequs IPO Structure and Timeline
Aequs IPO comprises a ₹670 crore fresh issue of 5.40 crore shares and ₹251.81 crore OFS of 2.03 crore shares at ₹118-₹124 price band (face value ₹10).
Subscription runs December 3-5, 2025 (anchor December 2), with allotment by December 8, refunds/credit December 9 and BSE/NSE listing December 10.
- Retail: 1 lot (120 shares, ₹14,880 min at cap) to 13 lots (₹1,93,440 max) aligning with standard IPO lot size rules.
- sNII: 14 lots min (₹2,08,320)
- bNII: 68 lots min (₹10,11,840)
- Employee quota: Up to ₹5 lakh with ₹11 discount
QIBs get ≥75% net offer, NIIs ≤15%, retail ≤10%; JM Financial, IIFL Capital, Kotak lead with Kfin as registrar. Pre-issue shares: 61.66 crore, post-issue: 67.06 crore; promoter holding drops from 64.48%.
Aequs IPO Allotment Chances
The Aequs IPO allotment appears to be heavily subscribed across categories, highlighting strong investor appetite.
For BHNI investors, the odds are 1 out of 16, but the competition rises steeply for SHNI participants at 1 out of 86, showcasing an exceptional level of interest.
Retail applicants face steep odds too, at 1 out of 66, indicating extremely high demand.
The QIB portion oversubscription of 123 times, with a massive ₹33,903 crore in bids, underscores substantial institutional backing and likely positions Aequs among the most sought-after IPOs in recent times.
- BHNI : 1 Out Of 16
- SHNI : 1 Out Of 86
- Retail : 1 Out Of 66
Aequs IPO GMP Today and Listing Outlook
Aequs IPO GMP today at ₹43 (Dec 5) implies ₹167 listing vs ₹124 cap, signaling 34.68% gain, trend rose from ₹18 (Nov 28) to ₹43 (5 Dec 2025).
Retail sauda ₹3900, sHNI ₹54600 per lot reflects steady demand despite loss-making books.
Aequs IPO GMP History:
- Dec 5: ₹43 (34.68% gain) – Expecting
- Dec 4: ₹41 (33.06% gain) – Expecting
- Dec 3: ₹45.5 (36.69% gain) – Expecting
- Nov 30: ₹43 (stable uptrend)
- Nov 29: ₹30 (24%)
- Nov 28: ₹18 (14.5% gain)
Unofficial GMP indicates sentiment, but Aequs IPO Details with GMP Today and Analysis prioritizes DRHP fundamentals and the actual IPO listing price discovery process over grey market noise.
Aequs Business and Competitive Edge
Aequs Limited (ex-QuEST Global Manufacturing, est. 2000) leads in aerospace precision components (89% FY25 revenue) across engines, landing gear, structures, interiors for A320 / B737 / A350 / B787 via Belagavi SEZ and global sites (France/US).
Portfolio exceeds 5,000 SKUs; consumer segment adds electronics / plastics / toys / cookware.
Strengths outpace competitors:
- Vertical integration in three continents near OEMs (top 10 customers 88% revenue)
- 1,892 FTEs +1,834 contract staff; long-term OEM contracts
- Capacity across 8 subsidiaries/JVs like AeroStructures India, Aequs Aerospace France
Unlike thinner peer coverage, Aequs serves single/wide-body jets plus renewables/mobility via alloys/machining.
Financial Performance Review
Restated consolidateds show revenue moderation with losses: FY25 ₹959 crore (-3% YoY), FY24 ₹988 crore, FY23 ₹841 crore; EBITDA FY25 ₹108 crore (11.3%), PAT -₹102 crore. H1FY26 total income ₹566 crore, PAT -₹17 crore; assets ₹2,134 crore, debt ₹534 crore (D/E 0.99).
| Period | Revenue | EBITDA | PAT | ROE | ROCE | EPS |
|---|---|---|---|---|---|---|
| FY23 | 841 | 63 | -110 | – | 0.87% | -2.44 |
| FY24 | 988 | 146 | -14 | -14% | – | -0.20 |
| FY25 | 959 | 108 | -102 | -14% | – | -1.66 |
| H1FY26 | 566 | 84 | -17 | – | – | – |
ROE negative; pre-IPO P/E -75x, post -245x (peers NM); NAV ₹12.5/share; net worth ₹796 crore FY25. Cash flows volatile (CFO positive FY25); inventory ₹4,083 crore (51% assets).
Objects and Capital Allocation
Net proceeds target debt reduction (₹433 crore across company/subsidiaries like AeroStructures ₹175 crore), capex ₹64 crore (machinery) and inorganic growth/general purposes. OFS modest (27%), funds strengthen balance sheet amid 0.99 D/E vs FY23 1.38.
Breakdown:
- Borrowings repayment: ₹433 (47%)
- Capex (machinery): ₹64 (7%)
- Acquisitions/strategic: Balance
Promoters: Aravind Melligeri et al (64%); no major RPT red flags beyond JV cross-charges.
Risks and Peer Valuation
Top risks: Aerospace dependency (89% revenue), top-10 clients (88%), requirement contracts (no fixed volumes), losses, forex (global ops), working capital cycles.
Peers scarce (loss-making aerospace niche), P/B 9.94x vs market cap ₹8,316 crore; superior to competitors’ shallow reviews.
Conclusion: Conclusion: Aequs IPO suits high-risk aerospace enthusiasts, but applying the framework from our detailed IPO analysis approach shows that despite GMP ₹43 (35% gain) and OEM ties, persistent losses (-₹102cr FY25), negative ROE (-14%), volatile cash flows and cyclical demand warrant caution.
Debt reduction helps, but execution risks dominate, revisit post-subscription Day 1 strength. Grey market optimistic, but Aequs IPO analysis flags fundamentals first.
