Updated on 10.12.2025 @ 11:16 AM
Aequs Limited is launching its Initial Public Offering (IPO) on the mainboard BSE and NSE. To explore more investment opportunities in the primary market, check our latest, upcoming and live IPOs.
It is a precision manufacturing company serving the aerospace and consumer segments.
The subscription for this public issue will open on December 3, 2025, and close on December 5, 2025.
The company aims to raise up to ₹921.81 crores through a mix of a fresh issue and an Offer for Sale (OFS).
The price band has been fixed at ₹118 to ₹124 per share, with a minimum lot size of 120 shares. To plan your long-term wealth systematically, you can use our SIP calculator.
Aequs presents a unique proposition as India's only fully vertically integrated aerospace component manufacturer, but investors must weigh this against its persistent losses. If you want to strengthen your investment basics before making decisions, explore our Mutual Fund learning platform for simple, beginner-friendly guides.
In this article, you will find Aequs IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Aequs IPO Details
- Price Band: ₹118 – ₹124 per share
- IPO Open / Close Dates: December 3, 2025 – December 5, 2025
- Lot Size: 120 Shares
- Issue Size: ₹921.81 Crores (Fresh Issue of ₹670 Cr + OFS of ₹251.81 Cr)
- Fresh Issue / OFS: Both
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE & NSE
What is Aequs IPO GMP Today?
Check GMP at a single place of all IPOs at our GMP Hub page. (GMP is an unofficial indicator that reflects market sentiment, it is not regulated by SEBI/NSE/BSE).
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 124 | 140 | 12.9 |
What Are the Aequs IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 3, 2025 – December 5, 2025
- Basis of Allotment Date: December 8, 2025
- Refund Initiation Date: December 9, 2025
- Credit of Shares: December 9, 2025
- Listing Date: December 10, 2025.
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What Are The Objectives of Aequs IPO?
The company intends to utilise the net proceeds from the fresh issue for its expansion and operational needs:
- Debt Repayment: A portion of the ₹670 crore fresh issue will likely be used to reduce the company's growing debt burden.
- Capital Expenditure: Funds will be allocated to expand its manufacturing capabilities and invest in new technologies.
- General Corporate Purposes: The balance amount will be used for other strategic requirements. For those looking to build an additional income stream beyond market investments, learn how to make money passively through blogging.
- Note: The proceeds from the Offer for Sale (OFS) of ₹251.81 crores will go to the selling shareholders and not the company.
How is The Financial Performance of Aequs?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Period Ended 30 Sep 2024 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 565.55 | 475.51 | 959.21 | 988.30 | 840.54 |
Profit After Tax (PAT) | (16.98) | (71.70) | (102.35) | (14.24) | (109.50) |
EBITDA | 84.11 | 57.82 | 107.97 | 145.51 | 63.06 |
Net Worth | 796.04 | 731.65 | 707.53 | 807.17 | 251.91 |
Total Borrowing | 533.51 | 384.79 | 437.06 | 291.88 | 346.14 |
Assets | 2,134.35 | 1,863.50 | 1,859.84 | 1,822.98 | 1,321.69 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
Aequs has consistently reported net losses over the past few years. In FY25, the loss stood at ₹102.35 Crores, largely due to operational challenges in its Consumer segment and impairment losses.
While the loss narrowed in the first half of FY26, profitability remains elusive.
Total Income:
Revenue has been somewhat volatile, with FY25 revenue slightly lower than FY24.
However, the company has shown growth in the first half of FY26 compared to the same period last year, driven by its core aerospace business.
EBITDA:
Despite net losses, the company generates positive EBITDA, indicating operational viability.
The aerospace segment is profitable at the operating level, but overall margins are dragged down by the loss-making consumer segment.
Total Borrowings:
Debt has risen significantly to ₹533.51 Crores as of September 2025 to fund expansion and operations.
The IPO proceeds will be crucial for deleveraging the balance sheet.
Assets:
The asset base has grown steadily to ₹2,134.35 Crores, reflecting continuous investment in building its vertically integrated manufacturing ecosystems.
P/E Ratio & Peer Comparison
Since Aequs is currently loss-making, the Price-to-Earnings (P/E) ratio is not applicable (N.A.).
However, we can look at industry peers to understand valuations in this sector.
| Company Name | P/E Ratio | Revenue (FY25, ₹ Cr) | RoNW (%) |
Aequs (at IPO price) | N.A. | 924.61 | (14.47)% |
| PTC Industries Ltd | 417.03x | 308.07 | 4.40% |
| Kaynes Technology | 100x | 2,721.25 | 10.33% |
| Amber Enterprises | 111x. | 9,973.02 | 10.99% |
Analysis for Investors:
The precision engineering sector commands high valuations due to high entry barriers and growth potential, with an average industry P/E of around 148x.
While Aequs cannot be valued on earnings today, its unique position as a vertically integrated aerospace manufacturer could justify a premium once it turns profitable. Investors are essentially paying for future potential and the strategic moat of its manufacturing ecosystems.
Industry Outlook
- Aequs operates in the high-tech precision manufacturing sector, catering to the booming aerospace and consumer goods industries.
- The global aerospace supply chain is diversifying, and India is emerging as a key hub.
- Aequs, with its established relationships with global OEMs like Airbus and Boeing, is well-placed to benefit.
- However, the business is capital-intensive and sensitive to global economic cycles.
What Are The Strengths and Risks of Aequs IPO?
Strengths:
- Unique Vertical Integration: The only company in India with a fully integrated aerospace manufacturing ecosystem in a single SEZ.
- Strong Global Customer Base: Long-term relationships with marquee global clients in aerospace.
- Positive Operating Profit (EBITDA): The core business generates cash at the operating level.
- Growth in Order Book: Increasing demand from the aerospace sector post-pandemic recovery.
Risks:
- Sustained Net Losses: The company has not yet reported a net profit in recent years, which is a major risk for retail investors.
- High Debt: Increasing borrowings add financial pressure, though the IPO will help reduce this.
- Customer Concentration: A significant portion of revenue comes from a few top global clients.
- Foreign Exchange Risk: With nearly 90% of revenue from exports, currency fluctuations can impact earnings.
What Are The Expert Recommendations – Should You Apply?
Subscribe for Long-Term (High Risk)
The Aequs IPO is a high-risk, high-reward bet on India's manufacturing capabilities in the aerospace sector.
- For Long-Term Investors: If you believe in the India manufacturing story and can tolerate the risk of investing in a loss-making company, Aequs offers a unique entry point. Its strategic moat is strong, and profitability could follow with scale.
- For Listing Gains: The GMP of around ₹18 (approx. 15%) suggests reasonable listing gains are possible. The unique nature of the business may attract interest despite the losses.
- Our View: The financials are weak due to losses, but the business model is robust and difficult to replicate. We recommend a "Subscribe for Long-Term" rating, but only for investors with a high-risk appetite who understand the gestation period of infrastructure-heavy businesses.
Key Takeaways
- IPO Price Band: ₹118 – ₹124 per share
- Lot Size: 120 Shares (Minimum Investment: ₹14,880)
- Allotment & Listing Dates: Tentative listing on December 10, 2025.
- Recommendations of experts: A "Subscribe" recommendation for high-risk investors. A unique, strategic asset in the aerospace sector, but financials are currently weighed down by losses. (This is not a financial advise ask your advisor and research well before making any decisions)
FAQs on Aequs IPO
What is Aequs IPO price band?
The price band for the IPO is set at ₹118 to ₹124 per equity share.
What is Aequs IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, December 8, 2025.
How to check Aequs IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Aequs IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Wednesday, December 10, 2025.
Should I apply for Aequs IPO?
This is a high-risk proposition due to the company's history of losses. However, its unique position in the aerospace manufacturing sector makes it an interesting long-term bet for investors with a high risk tolerance. Listing gains are also possible given the current GMP.
IPO Disclaimer:
This article is for informational and educational purposes only. It is not investment advice. IPO investments are subject to market risks—please review all documents carefully and consult your financial advisor before investing.
