Aequs ₹921.81 Crore IPO Opens Today; Key Dates, Price Band and Allocation Structure

Mumbai, 03 December 2025: Aequs Ltd. has opened subscriptions for its ₹921.81 crore Initial Public Offering (IPO), marking a significant capital-raising move driven by expansion plans across its aerospace and manufacturing ecosystems. The issue, which comprises a fresh issue of ₹670 crore and an offer for sale (OFS) worth ₹251.81 crore, will remain open until 5 December 2025, with a tentative listing scheduled for 10 December 2025 on the BSE and NSE.

Aequs Ltd., incorporated in 2000, operates a specialised aerospace-focused Special Economic Zone (SEZ) with end to end manufacturing capabilities across structures, actuation systems, landing systems, interiors and cargo components. As of 30 September 2025, the company supplied over 5,000 products across aerospace programmes for commercial aircraft such as A220, A320, B737, A330, A350, B777 and B787

IPO Strcuture: Price Band At ₹118-₹124 Band, Lot Size 120 Shares 

Aequs IPO is a book build issue of ₹921.81 crores. The issue is a combination of fresh issue of 5.40 crore shares aggregating to ₹670.00 crores and offer for sale of 2.03 crore shares aggregating to ₹251.81 crores.

Aequs IPO opens for subscription today, December 3, 2025 and closes on December 5, 2025. The allotment for the Aequs IPO is expected to be finalised on December 8, 2025. Aequs IPO will list on BSE, NSE with a tentative listing date fixed as December 10, 2025.

Aequs IPO price band is set at ₹118.00 to ₹124.00 per share. The lot size for an application is 120. The minimum amount of investment required by a retail is ₹14,880 (120 shares) (based on upper price). The lot size investment for sNII is 14 lots (1,680 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (8,160 shares), amounting to ₹10,11,840.

JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

The IPO’s reservation structure allocates not less than 75% of the net offer to Qualified Institutional Buyers (QIBs), not more than 10% to Retail Individual Investors (RIIs), and not more than 15% to Non-Institutional Investors (NIIs). Employees are offered an ₹11 discount per share.

Financial Performance Shows Revenue Dip and Steep PAT Decline Amid Higher Borrowings

Aequs’ financials indicate fluctuating performance over recent years. Total income fell from ₹988.30 crore in FY24 to ₹959.21 crore in FY25, representing a decline of roughly 3%, largely influenced by volatility in aerospace order flows and increased operational expenditure. PAT experienced a sharp downturn, sliding from -₹14.24 crore in FY24 to -₹102.35 crore in FY25, a fall of 619%, driven by higher finance costs, scaling-related expenses, and margin pressures.

For the six months ending 30 September 2025, income stood at ₹565.55 crore, while PAT remained negative at -₹16.98 crore, indicating persisting challenges in stabilising profitability.

Key Performance Indicators Highlight Margin Compression and Leverage Pressure

Aequs’ performance metrics reflect the financial burden of heightened borrowing and softer earnings. As of 31 March 2025, Return on Equity (ROE) stood at -14.30, and Return on Capital Employed (ROCE) at 0.87, signalling constrained returns. The Debt-to-Equity ratio, at 0.99, underscores the company’s gearing position, while the PAT margin of -11.07% illustrates ongoing pressure on net profitability.

The EBITDA margin of 11.68%, however, indicates the company’s ability to generate operating-level earnings despite net losses. Market capitalisation is cited at ₹8,316.06 crore, based on RHP disclosures. Pre-issue EPS stands at -1.66, while post-issue EPS is -0.51, based on annualised September 2025 numbers.

Funds Allocation Targets Debt Reduction, Capex and Subsidiary Investments

The company plans to allocate ₹433.17 crore towards debt repayment for itself and its wholly owned subsidiaries. A further ₹64 crore will support capital expenditure related to machinery purchases. Investments in subsidiaries are directed to AeroStructures Manufacturing India Private Limited (₹174.82 crore), Aequs Consumer Products Private Limited (₹231.16 crore) and Aequs Engineered Plastics Private Limited (₹9.63 crore). Additional proceeds will be used for inorganic growth and general corporate purposes.

The Aequs IPO outlines a detailed capital deployment plan focused on debt reduction and operational expansion. Readers may follow the subsequent listing developments, track the company’s financial disclosures post-issue, and monitor progress on debt repayment and manufacturing capacity enhancement as the company executes its stated objectives.

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