Aequs Files Confidential DRHP For $200 Million IPO

Mumbai, June 3, 2025: Precision manufacturing firm Aequs has confidentially submitted its draft documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), aiming to raise USD 200 million through a mix of fresh equity and Offer For Sale (OFS).

IPO Structure and Book-Running Managers

The IPO will consist of newly issued shares and an OFS component. Kotak Mahindra Capital, JM Financial, and IIFL Capital have been appointed as the lead book-running managers for the offering. The company made the submission via SEBI’s confidential pre-filing route, offering greater discretion and strategic timing. This follows a board resolution to convert Aequs from a private to a public limited company.

Business Overview and Global Presence

Aequs operates a vertically integrated manufacturing platform serving global clients in the aerospace and consumer durable industries. It has a robust manufacturing network across India, France, and the USA, enabling seamless cross-border operations.

In India, Aequs has built three major manufacturing clusters in Belagavi, Hubballi, and Koppal (Karnataka). These clusters are key to its end-to-end production capability. The company was founded by Aravind Melligeri, a seasoned entrepreneur and co-founder of Quest Global Engineering.

Investor Base and Financials

Aequs is backed by top-tier investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (N R Narayana Murthy’s family office), Sparta Group, and Desh Deshpande’s investment office.

In FY24, Aequs reported a total income of ₹988 crore, with operating income at ₹970 crore, demonstrating its strong performance in the precision manufacturing sector.

Confidential Pre-Filing Trend in India

Aequs joins other notable Indian firms like Groww, Shiprocket, Tata Capital, PhysicsWallah, and Imagine Marketing (boAt) in opting for the confidential IPO route. This process gives companies up to 18 months after SEBI’s final observations to go public, compared to 12 months under the traditional method.

While not all companies using this route have gone public—OYO being a key example—the approach is gaining popularity for the strategic flexibility it offers.

 Aequs’ IPO is expected to draw significant investor interest once it transitions to the public launch phase.

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