| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹118 to ₹124 | 120 | 03rd Dec, 2025 –05th Dec, 2025 | ₹921.81 Cr |
Aequs Ltd
Aequs Limited is a precision manufacturing company with differentiated engineering capabilities and is the only precision component manufacturer in India to offer fully vertically integrated aerospace manufacturing within a single SEZ. The company is among the few in the country with niche metallurgy expertise, including precision machining of titanium and other high-end alloys for global aerospace clients. Aequs operates three vertically integrated ecosystems in India, comprising the company, its suppliers, and joint ventures, enabling end-to-end manufacturing aligned with customer specifications. It has also expanded globally through strategic acquisitions in North America (2015) and France (2016), strengthening its capabilities and broadening its aerospace product portfolio. As of FY25, Aequs had one of the largest aerospace component portfolios in India, spanning engine systems, landing systems, cargo and interiors, structures, assemblies, and turning operations, and by H1FY26, it had delivered over 5,000 products across major commercial aircraft programs such as the A220, A320, B737, A330, A350, B777, and B787. The company maintains long-standing relationships with marquee aerospace OEMs, including Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton, and Sabca, while also serving leading consumer brands such as Hasbro, Spinmaster, Wonderchef, and Tramontina through its growing consumer segment, which includes cookware, small appliances, outdoor toys, figurines, and components for portable electronics. In FY25, Aequs derived 89.2% of its revenue from Aerospace and 10.8% from the consumer segment, with EBITDA margins of 19.4% and -28.7% respectively; in H1FY26, Aerospace contributed 88.2% and consumer segment has 11.8% share, with margins improving to 24.7% and -23.9%, underscoring strong operating leverage in aerospace and ongoing scale-up investments in the consumer business.
Objective of the Aequs Ltd IPO
Out of the total issue size of Rs. 922 crores, Rs. 252 crores comprises OFS. The company proposes to utilize net proceeds (Rs. 670 crores) from the issue towards the following objects:
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by the company and three of its wholly owned subsidiaries;
- Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by the company and one of its wholly-owned subsidiaries;
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
Rationale To Aequs Ltd IPO
Integrated manufacturing platform enhances scalability, cost efficiency, and customer stickiness
Aequs’ integrated aerospace manufacturing platform provides a structural advantage that directly supports long-term scalability, operational efficiency, and customer retention. By consolidating end-to-end capabilities such as machining, forging, surface treatment, metal forming, and assembly within a single SEZ ecosystem, the company eliminates multi-vendor coordination challenges, shortens production cycles, and achieves tighter control over quality and costs. This integrated setup, supported by over 2.9 million machining/molding hours and a large base of CNC and molding machines, allows Aequs to manufacture complex, high-precision components at scale and respond quickly to customer ramp-up requirements. The ecosystem structure strengthens operational resilience, enables seamless onboarding of new programs, and enhances the company’s ability to deliver consistent turnaround times, which is a critical differentiator for global OEMs. As aerospace OEMs increasingly shift towards suppliers with consolidated capabilities, Aequs’ integrated model positions it to capture higher wallet share, participate in more sophisticated work packages, and improve margin visibility over the medium term.
Deep OEM relationships strengthen revenue visibility and reinforce high entry barriers
Aequs’ deep and long-standing relationships with marquee global OEMs (the top three customer groups had an average tenure of 15 years with Aequs) provide a high degree of business visibility and create durable competitive moats in an industry characterised by stringent qualification cycles and high switching costs. Aerospace OEMs typically undertake multi-year validation, testing, and first-article inspection processes before awarding production mandates, making supplier onboarding both expensive and time-consuming. Aequs’ sustained performance across quality, delivery, and technical capability has enabled it to build strong partnerships with customers such as Airbus, Boeing, Safran, Collins Aerospace, and Spirit AeroSystems, many of whom have expanded their engagement over the years. These relationships not only anchor recurring revenue streams but also enhance the company’s ability to win incremental, higher-value work packages as OEMs consolidate their supplier bases in favor of integrated, reliable partners. The company’s track record, reinforced by industry recognitions such as the Airbus Ramp-up Champion Award, further strengthens its positioning as a .
Valuation of Aequs Ltd IPO
Aequs Limited is a capability-led precision manufacturing company with a strong presence in the global aerospace supply chain and a growing footprint in high-precision consumer categories, supported by three integrated manufacturing ecosystems in India and complementary facilities in North America and Europe. The company’s ability to execute complex machining, forging, surface treatment, and assembly work within a consolidated SEZ platform provides meaningful advantages in cost efficiency, turnaround time, and scalability. This operational depth, combined with long-standing relationships with marquee aerospace OEMs and differentiated technical capabilities built through strategic acquisitions and joint ventures, positions Aequs as a trusted supplier in programs with high entry barriers and multi-year visibility. These strengths are reinforced by favourable industry tailwinds, including a sustained commercial aerospace production upcycle, increased global outsourcing to cost-competitive manufacturing hubs like India, supply-chain diversification away from single-country dependence, and supportive domestic policies. On the financial front, the company has demonstrated CAGR growth of 7%/46%/-2.9% in Revenue/EBITDA/PAT between FY23 and FY25. Given its strong positioning within the global aerospace supply chain, reinforced by high entry barriers, long-standing OEM relationships and a differentiated, integrated manufacturing model, we believe Aequs is well placed to benefit from the ongoing commercial aerospace upcycle and the structural shift toward outsourcing to cost-competitive, capability-rich suppliers. While the consumer segment remains in a build-out phase, its long-term potential, combined with the robust and a predictable aerospace business, provides a balanced growth runway. In light of these strengths, we recommend a “SUBSCRIBE” rating for this issue.
What is the Aequs Ltd IPO?
The initial public offer (IPO) of Aequs Ltd offers an early investment opportunity in Aequs Ltd . A stock market investor can buy Aequs Ltd IPO shares by applying in IPO before All Aequs Ltd shares get listed at the stock exchanges. An investor could invest in Aequs Ltd IPO for short term listing gain or a long term.
How to apply for the Aequs Ltd IPO through StoxBox?
To apply for the Aequs Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Aequs Ltd IPO open?
Aequs Ltd IPO is opening on 03rd Dec 2025. Apply Now
What is the lot size of the Aequs Ltd IPO?
The Lot Size of Aequs Ltd IPO is 120 equity shares. Login to your account now.
When is the Aequs Ltd allotment date?
The allotment Date for Aequs Ltd IPO is 08th Dec 2025. Login to your account now.
When is the Aequs Ltd IPO listing date?
The listing Date for Aequs Ltd IPO is 10th Dec 2025. Login to your account now
What is the minimum investment required for the Aequs Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,880. Login to your account now
What is the maximum investment allowed for the Aequs Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,93,440. Login to your account now
What are the risks associated with investing in the Aequs Ltd IPO?
- The company is highly dependent on ten of its largest customer groups, which account for a significant portion of its revenue from operations (82.5% in H1FY26 and 88.6% in FY25). Any failure to maintain its relationships with these customer groups, or any adverse changes affecting their financial condition, will adversely affect the company’s business.
- The company derives a substantial portion of its revenue from the Aerospace Segment (88.23% in H1FY26 and 89.19% in FY25). Any decline in demand for aerospace products or adverse developments affecting the economics of this segment could materially impact the company’s business.
- All of the company’s manufacturing units in India are concentrated in Karnataka, exposing it to regional risks that could adversely impact its operations.
When will the Aequs Ltd IPO shares be credited to my Demat account?
The Aequs Ltd IPO be credited to the account on allotment date which is 09th Dec 2025. Login to your account now
Where can I find the Aequs Ltd IPO prospectus?
The prospectus of Meesho Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
