| Event | Date |
|---|---|
| Open Date | 03-12-2025 , Wednesday |
| Close Date | 05-12-2025 , Friday |
| Tentative Allotment | 08-12-2025 , Monday |
| Tentative Listing Date | 10-12-2025 , Wednesday |
| Retail Appl. Cut Off Time | 05-12-2025 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 05-12-2025 , Friday 04:00 PM |
| Anchor Allotment | 02-12-2025 , Tuesday |
| Initiation Of Refund | 09-12-2025 , Tuesday |
| Credit Of Share To Demat | 09-12-2025 , Tuesday |
Aequs Ltd is an aerospace-led precision component manufacturing company with capabilities across the Aerospace Segment and Consumer Segment. The company manufactures aero-structure components, aero-engine components, precision parts and consumer products through integrated manufacturing ecosystems.
The company commenced manufacturing aero-structure components and aero-engine components for aerospace clients at its Belagavi Manufacturing Cluster in 2009. Over the last 15 years, Aequs has grown by developing and acquiring manufacturing capabilities, expanding its customer base and diversifying across aerospace and consumer manufacturing.
Aequs is not a normal engineering company. It is a precision manufacturing, aerospace components and vertically integrated manufacturing ecosystem story.
For retail investors, this IPO should be studied as an aerospace precision manufacturing, global supply chain, high capex and profitability turnaround story. The company has strong aerospace capabilities, but it is still loss-making at PAT level. So, investors should focus on whether Aequs can convert its aerospace opportunity into sustainable profit.
| Particulars | Details |
|---|---|
| Aerospace product portfolio | 5,000+ products |
| Manufacturing plant area | 2.22 million+ sq. ft. |
| Manufacturing presence | 3 continents |
| Annual installed capacity | 2.92 million machining / molding hours |
| CNC machines in aerospace segment | 200 |
| Molding machines | 161 |
| Axis milling and turned machining | 3 / 4 / 5 axis |
| In-country value addition | 100% for select products |
IPORupee View: This shows that Aequs is not a small component supplier. It has a large manufacturing footprint, wide aerospace product portfolio and advanced machining capabilities.
For aerospace customers, capabilities like CNC machining, 3-axis / 4-axis / 5-axis machining, molding and vertical integration are important because aerospace components require tight tolerance, high quality and consistent delivery.
| Business Area | Meaning |
|---|---|
| Aerospace manufacturing | Precision components and assemblies used by global aerospace OEMs and Tier-1 suppliers |
| Consumer segment | Components and products for consumer goods, cookware, toys and consumer electronics-related customers |
| Precision machining | High-accuracy manufacturing of complex components |
| Forging | Manufacturing metal parts through controlled shaping and pressure |
| Molding | Manufacturing components using molds, mainly useful in consumer and precision products |
| Surface treatment and painting | Finishing and treatment processes for components |
| Assembly | Combining manufactured parts into usable assemblies |
| Contract manufacturing | Producing components / products based on customer specifications |
| Export-oriented manufacturing | Supplying global customers from India and overseas facilities |
IPORupee View: Aequs’ strength lies in its ability to manufacture complex parts with precision and reliability. In aerospace, customers do not change suppliers easily because safety, quality, certification and delivery track record matter a lot.
This can create long-term customer relationships, but the business is capital intensive and quality-sensitive.
Aequs began manufacturing aerospace components in its Belagavi Manufacturing Cluster in 2009. The company later expanded its manufacturing operations internationally.
| Region | Expansion Method |
|---|---|
| India | Belagavi Manufacturing Cluster and other manufacturing ecosystems |
| North America | Acquisition in 2015 |
| France / Europe | Acquisition in 2016 |
IPORupee View: Aequs has not grown only organically. It has also used acquisitions to expand capabilities, enter new geographies and get closer to global customers.
Global footprint is useful in aerospace because OEM customers often prefer suppliers with technical support and strategic proximity. However, overseas operations can also create integration, cost, compliance and management complexity.
Aequs leverages engineering capabilities to create products and engineering solutions for OEM customers. Its manufacturing capabilities allow it to develop fully manufactured products based on customer concepts and technical specifications.
The company works as a custom manufacturing platform based on client requirements. It focuses on developing new manufacturing processes and continuously improving existing processes to produce reliable products efficiently.
IPORupee View: This is important because Aequs is not only producing standard parts. It works on customer-specific engineering requirements.
In aerospace and precision manufacturing, this gives higher customer stickiness. But it also increases dependence on technical capability, customer approvals, strict quality systems and execution discipline.
Aequs operates through vertically integrated manufacturing ecosystems. This means multiple manufacturing processes are located within one ecosystem, improving quality control and reducing lead time.
| Capability | Importance |
|---|---|
| Forging | Supports production of high-strength aerospace and engineering components |
| Precision machining | Enables high accuracy parts manufacturing |
| Molding | Supports consumer and precision products |
| Pressing | Supports component shaping and production |
| Surface treatment and painting | Provides finishing and treatment solutions |
| Assembly | Supports delivery of more complete products |
| Co-located manufacturing facilities | Improves supply chain efficiency |
| Fully integrated campuses | Supports managed services and operational control |
IPORupee View: Vertical integration is a major strength. In aerospace, customers prefer suppliers who can deliver quality, consistency, fast turnaround and reliability.
If Aequs can handle more manufacturing steps internally, it can improve customer stickiness and capture higher value. But vertical integration requires heavy capital investment. If utilisation is low, fixed costs can hurt profitability.
Aequs has entered into joint ventures to enhance manufacturing and engineering capabilities.
| Joint Venture / Partner | Purpose / Capability |
|---|---|
| SQuAD Forging India Private Limited | Enhanced forging capabilities for small to medium-sized aero-structural parts for engines, landing gear and braking system components in aluminium, steel, titanium and nickel-based alloys |
| Magellan Aerospace Limited, Canada / Aerospace Processing India Private Limited | Surface treatment solutions |
| Tramontina / Aequs Cookware Private Limited | Technical capabilities to develop innovative consumer products |
IPORupee View: Joint ventures are useful because they bring specialised capabilities which are difficult to build alone. Forging, surface treatment and consumer product manufacturing can strengthen the company’s integrated ecosystem.
However, joint ventures also bring risks. If a JV is discontinued, or if there are hidden liabilities, sharing of proprietary information or integration issues, it can affect business operations and cash flows.
Aequs operates in precision manufacturing verticals for electronic components, which may be eligible under Production Linked Incentive schemes and state government incentive frameworks.
| Incentive Area | Possible Benefit |
|---|---|
| Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors | Supports electronics manufacturing expansion |
| State-level capital subsidy | Helps reduce capital expenditure burden |
| Interest subsidy | Can reduce financing cost |
| Stamp duty exemption | Reduces setup / expansion cost |
| Electricity duty exemption | Helps operating cost |
| SGST reimbursement | Supports cost competitiveness |
IPORupee View: Government incentives can improve project economics and reduce capex burden. This is positive for a capital-intensive manufacturing company.
However, investors should remember that incentives are not guaranteed profits. They depend on eligibility, compliance, approval, timing and actual production milestones.
The Aerospace Segment has historically contributed the majority of revenue. Consumer Segment contribution has reduced in recent periods.
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Net external revenue – Aerospace Segment | Rs. 4,739.53 mn | Rs. 3,947.23 mn | Rs. 8,246.41 mn | Rs. 7,569.78 mn | Rs. 5,851.82 mn |
| Aerospace revenue % | 88.23% | 86.00% | 89.19% | 78.44% | 72.06% |
| Net external revenue – Consumer Segment | Rs. 632.06 mn | Rs. 642.50 mn | Rs. 999.65 mn | Rs. 2,080.96 mn | Rs. 2,269.50 mn |
| Consumer revenue % | 11.77% | 14.00% | 10.81% | 21.56% | 27.94% |
IPORupee View: This is one of the most important tables. Aequs is becoming more aerospace-focused. Aerospace revenue contribution increased from 72.06% in FY2023 to 89.19% in FY2025 and 88.23% in H1 FY2026.
Consumer segment contribution declined from 27.94% in FY2023 to 10.81% in FY2025 and 11.77% in H1 FY2026. This is positive if aerospace margins and order visibility are stronger, but it also increases dependence on aerospace cycles, aerospace customers and global aviation demand.
| Key Performance Indicator | Unit | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|---|
| Revenue from operations | Rs. million | 5,371.59 | 4,589.73 | 9,246.06 | 9,650.74 | 8,121.32 |
| YoY / period-on-period revenue growth | % | 17.03% | NA | (4.19%) | 18.83% | NA |
| Net external revenue – Aerospace Segment | Rs. million | 4,739.53 | 3,947.23 | 8,246.41 | 7,569.78 | 5,851.82 |
| Net external revenue – Consumer Segment | Rs. million | 632.06 | 642.50 | 999.65 | 2,080.96 | 2,269.50 |
| Loss for the period / year | Rs. million | (169.77) | (717.00) | (1,023.46) | (142.44) | (1,094.95) |
| Total assets | Rs. million | 21,343.51 | 18,635.00 | 18,598.40 | 18,229.83 | 13,216.91 |
| EBITDA | Rs. million | 841.06 | 578.22 | 1,079.69 | 1,455.10 | 630.56 |
| EBITDA margin | % | 15.66% | 12.60% | 11.68% | 15.08% | 7.76% |
| EBITDA – Aerospace Segment | Rs. million | 1,169.61 | 872.48 | 1,597.75 | 1,743.73 | 833.59 |
| EBITDA – Aerospace Segment Margin | % | 24.68% | 22.10% | 19.38% | 23.04% | 14.24% |
| EBITDA – Consumer Segment | Rs. million | (151.10) | (190.82) | (286.71) | (155.68) | (155.50) |
| EBITDA – Consumer Segment Margin | % | (23.91%) | (29.70%) | (28.68%) | (7.48%) | (6.85%) |
| PAT margin | % | (3.16%) | (15.62%) | (11.07%) | (1.48%) | (13.48%) |
| Cash conversion cycle | Days | 232 | 293 | 253 | 203 | 157 |
| ROCE | % | 1.81% | 0.67% | 0.87% | 2.84% | (3.72%) |
| ROE | % | (2.07%) | (9.68%) | (14.30%) | (1.49%) | (40.68%) |
| Net debt to equity ratio | Times | 0.98 | 0.86 | 0.99 | 0.55 | 2.54 |
| Fixed asset turnover | Times | 0.75 | 0.82 | 1.84 | 1.65 | 1.36 |
| Consolidated installed capacity | Hours per annum | 1,457,184 | 1,365,574 | 2,919,058 | 2,868,185 | 2,799,736 |
| Capacity utilisation | % | 43.63% | 44.47% | 41.77% | 44.40% | 39.19% |
IPORupee Financial Insight: Aequs’ revenue from operations declined from Rs. 9,650.74 million in FY2024 to Rs. 9,246.06 million in FY2025, but improved in H1 FY2026 to Rs. 5,371.59 million, up 17.03% over H1 FY2025.
EBITDA margin improved to 15.66% in H1 FY2026 from 12.60% in H1 FY2025 and 11.68% in FY2025. The aerospace segment is clearly profitable at EBITDA level, with aerospace EBITDA margin of 24.68% in H1 FY2026 and 19.38% in FY2025.
The consumer segment is loss-making at EBITDA level. Consumer EBITDA margin was negative 23.91% in H1 FY2026 and negative 28.68% in FY2025. This means the aerospace segment is carrying the business, while the consumer segment continues to drag consolidated profitability.
Aequs had consolidated installed capacity of 2,919,058 hours per annum in FY2025, but capacity utilisation was only 41.77%.
In H1 FY2026, consolidated installed capacity was 1,457,184 hours, with capacity utilisation of 43.63%.
This is both an opportunity and risk. Low capacity utilisation means the company has available capacity to grow without immediately needing heavy new capex. But it also means fixed costs are spread over lower production volumes, which can hurt profitability.
For Aequs, improvement in capacity utilisation is one of the most important factors for future profitability.
Aequs sells products to OEMs in India and overseas countries including the United States, France, Germany, Hong Kong and Sweden.
| Geography | H1 FY2026 Amount | % of Revenue | H1 FY2025 Amount | % of Revenue |
|---|---|---|---|---|
| India | Rs. 614.85 mn | 11.44% | Rs. 577.01 mn | 12.57% |
| United States of America | Rs. 1,312.85 mn | 24.45% | Rs. 1,119.05 mn | 24.38% |
| France | Rs. 1,312.54 mn | 24.44% | Rs. 891.12 mn | 19.42% |
| Hong Kong | Rs. 499.69 mn | 9.30% | Rs. 410.39 mn | 8.94% |
| Sweden | Rs. 282.23 mn | 5.26% | Rs. 451.96 mn | 9.85% |
| United Kingdom | Rs. 744.60 mn | 13.87% | Rs. 504.29 mn | 10.99% |
| Germany | Rs. 317.29 mn | 5.91% | Rs. 381.14 mn | 8.30% |
| Others | Rs. 287.54 mn | 5.34% | Rs. 254.77 mn | 5.55% |
| Total revenue from operations | Rs. 5,371.59 mn | 100.00% | Rs. 4,589.73 mn | 100.00% |
| Geography | FY2025 Amount | % of Revenue | FY2024 Amount | % of Revenue | FY2023 Amount | % of Revenue |
|---|---|---|---|---|---|---|
| India | Rs. 985.96 mn | 10.74% | Rs. 1,223.10 mn | 12.67% | Rs. 947.63 mn | 11.67% |
| United States of America | Rs. 2,130.92 mn | 23.02% | Rs. 1,862.50 mn | 19.30% | Rs. 1,644.47 mn | 20.25% |
| France | Rs. 2,044.82 mn | 22.11% | Rs. 1,709.75 mn | 17.72% | Rs. 1,517.34 mn | 18.68% |
| Hong Kong | Rs. 622.14 mn | 6.72% | Rs. 1,606.45 mn | 16.65% | Rs. 977.88 mn | 12.04% |
| Sweden | Rs. 904.57 mn | 9.77% | Rs. 1,044.50 mn | 10.82% | Rs. 648.76 mn | 7.99% |
| United Kingdom | Rs. 817.64 mn | 8.83% | Rs. 679.44 mn | 7.04% | Rs. 812.52 mn | 10.00% |
| Germany | Rs. 1,135.12 mn | 12.28% | Rs. 993.99 mn | 10.30% | Rs. 797.82 mn | 9.82% |
| Others | Rs. 604.89 mn | 6.53% | Rs. 531.01 mn | 5.50% | Rs. 774.90 mn | 9.55% |
| Total revenue from operations | Rs. 9,246.05 mn | 100.00% | Rs. 9,650.74 mn | 100.00% | Rs. 8,121.32 mn | 100.00% |
Aequs is highly export-oriented. India contributed only 10.74% of FY2025 revenue and 11.44% of H1 FY2026 revenue.
The United States and France are the largest markets, together contributing around 45.13% of FY2025 revenue and 48.89% of H1 FY2026 revenue. This shows strong global customer reach, but it also creates currency risk, global demand risk, customer concentration risk, geopolitical and trade policy risk, and overseas compliance and delivery risk.
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Cost of materials consumed | Rs. 2,328.94 mn | Rs. 2,285.19 mn | Rs. 4,082.60 mn | Rs. 4,390.72 mn | Rs. 4,168.50 mn |
| Cost of materials consumed as % of total expenses | 48.37% | 54.71% | 47.96% | 52.10% | 53.62% |
IPORupee View: Raw material cost is a major cost item. Cost of materials consumed was 47.96% of total expenses in FY2025 and 48.37% in H1 FY2026.
The reduction from 54.71% in H1 FY2025 to 48.37% in H1 FY2026 is positive. It may indicate better product mix, procurement efficiency or operating improvements.
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Materials sourced from suppliers located in India | Rs. 1,081.59 mn | Rs. 1,346.75 mn | Rs. 2,222.05 mn | Rs. 2,312.78 mn | Rs. 2,683.19 mn |
| India sourcing % | 45.27% | 50.69% | 49.88% | 49.75% | 56.79% |
| Materials sourced from suppliers outside India | Rs. 1,307.68 mn | Rs. 1,309.97 mn | Rs. 2,232.85 mn | Rs. 2,336.07 mn | Rs. 2,041.56 mn |
| Outside India sourcing % | 54.73% | 49.31% | 50.12% | 50.25% | 43.21% |
Aequs sources a meaningful portion of raw materials from outside India. Outside India sourcing was 50.12% in FY2025 and 54.73% in H1 FY2026.
This creates exposure to import dependency, foreign exchange movement, shipping costs, geopolitical issues and supplier availability. However, for aerospace and precision components, international sourcing may also be required due to customer preference and material specifications.
| Particulars | Details |
|---|---|
| IPO Opening Date | December 3, 2025 |
| IPO Closing Date | December 5, 2025 |
| Price Band | Rs. 118 to Rs. 124 per share |
| Lot Size | 120 shares |
| Issue Size | Around Rs. 921.81 crore |
| Fresh Issue | Around Rs. 670 crore |
| Offer for Sale | Around Rs. 251.81 crore |
| Face Value | Rs. 10 per share |
| Listing | BSE and NSE |
IPORupee View: The IPO includes both fresh issue and OFS. The fresh issue portion is important because capital-intensive manufacturing businesses often need funds for debt reduction, capex and growth.
The OFS portion gives exit / partial exit to selling shareholders. Retail investors should separate money going to the company from money going to existing shareholders.
Aequs has strong positioning in aerospace precision manufacturing, a sector with high entry barriers.
The company has 5,000+ aerospace products, showing broad manufacturing capability.
Forging, machining, molding, pressing, surface treatment, painting and assembly support integrated manufacturing.
Aequs has manufacturing presence across 3 continents, giving strategic proximity to customers.
Aerospace EBITDA margin was 24.68% in H1 FY2026 and 19.38% in FY2025.
Revenue comes from India, USA, France, Hong Kong, Sweden, UK, Germany and other markets.
The IPO includes a meaningful fresh issue, which can support debt reduction, capex and growth.
Capacity utilisation is low, which gives available capacity if demand improves.
The company works on customer-specific engineering and precision manufacturing requirements.
Aequs Ltd is an aerospace-led precision manufacturing company with a vertically integrated manufacturing ecosystem and diversified consumer manufacturing exposure.
The company has a strong manufacturing footprint with 5,000+ aerospace products, 2.22 million+ sq. ft. manufacturing plant area, presence across 3 continents, 2.92 million annual installed machining / molding hours, 200 CNC machines in aerospace, and 161 molding machines.
The Aerospace Segment is the core business. It contributed 89.19% of FY2025 revenue and 88.23% of H1 FY2026 revenue. Aerospace segment EBITDA margin was strong at 19.38% in FY2025 and 24.68% in H1 FY2026.
However, the Consumer Segment remains a drag. Consumer segment EBITDA margin was negative 28.68% in FY2025 and negative 23.91% in H1 FY2026.
Aequs is still loss-making at PAT level, although losses reduced in H1 FY2026. The company reported a loss of Rs. 1,023.46 million in FY2025 and Rs. 169.77 million in H1 FY2026.
Aerospace contributed nearly 89% of FY2025 revenue. This makes Aequs more of an aerospace precision manufacturing story than a diversified consumer manufacturing story.
Aerospace EBITDA margin was 24.68% in H1 FY2026 and 19.38% in FY2025.
Consumer segment EBITDA margin was negative in all reported periods, pulling down consolidated profitability.
Loss reduced from Rs. 1,023.46 million in FY2025 to Rs. 169.77 million in H1 FY2026, but PAT profitability is not yet proven.
Capacity utilisation was only 41.77% in FY2025 and 43.63% in H1 FY2026.
India contributed only 10.74% of FY2025 revenue. USA, France, Germany, Sweden, UK and Hong Kong are important markets.
Outside India sourcing was 50.12% in FY2025 and 54.73% in H1 FY2026.
Forging, precision machining, molding, pressing, surface treatment, painting and assembly give Aequs a stronger manufacturing platform.
JVs help in forging, surface treatment and consumer products, but discontinuation or hidden liabilities can hurt operations.
Incentives can help reduce cost and support capex, but investors should not depend only on incentives for profitability.
Cash conversion cycle was 253 days in FY2025 and 232 days in H1 FY2026, showing high working capital requirement.
Aequs has an attractive aerospace manufacturing story, but valuation must be judged against losses, debt, utilisation, segment margins and execution risk.
Aequs Ltd is a strong aerospace-led precision manufacturing platform with vertically integrated capabilities, global customer relationships and exposure to India’s long-term manufacturing opportunity.
The key positives are aerospace focus, high entry barriers, integrated manufacturing ecosystem, global supply chain opportunity, strong aerospace segment EBITDA margin, global revenue base and fresh issue component in the IPO.
The key concerns are continued PAT losses, consumer segment EBITDA losses, low capacity utilisation, high capital intensity, debt, cash conversion cycle, export dependence, import sourcing risk, customer concentration, quality / certification risk and valuation.
This IPO should be studied as an aerospace precision manufacturing + global supply chain opportunity + capacity utilisation + profitability turnaround story, not simply as a regular engineering IPO.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| OEM | Original Equipment Manufacturer |
| OFS | Offer for Sale |
| PAT | Profit After Tax |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| CNC | Computer Numerical Control |
| JV | Joint Venture |
| PLI | Production Linked Incentive |
| SGST | State Goods and Services Tax |
| SEZ | Special Economic Zone |
| ROCE | Return on Capital Employed |
| ROE | Return on Equity |
| FY | Financial Year |
| BSE | Bombay Stock Exchange |
| NSE | National Stock Exchange |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures and information shared for understanding the company’s business model, manufacturing capabilities, financial performance, industry position and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, aerospace consultant or portfolio manager.
Manufacturing and aerospace businesses are subject to customer concentration, quality control, certification, execution, capex, debt, currency, supply chain, working capital and industry cycle risks. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 75.00 % | 5,56,33,770 | 689.86 Cr |
Retail | 10.00 % | 74,17,836 | 91.98 Cr |
Total HNI | 15.00 % | 1,11,26,754 | 137.97 Cr |
SHNI | 5.00 % | 37,08,918 | 45.99 Cr |
BHNI | 10.00 % | 74,17,836 | 91.98 Cr |
Employee | 0.00 % | 1,76,991 | 2.00 Cr |
Aequs Ltd allotted 3,33,80,262 equity shares to anchor investors at ₹124 per share on 02 Dec 2025 before the IPO opening. The total anchor allocation stood at 413.92 Cr across 33 anchor investors.
Mutual funds received 1,89,26,280 shares worth 234.69 Cr, representing 56.70% of the total anchor investor allocation. Within the mutual fund portion, SBI Mutual Fund had the highest fund-house level allocation with 32,25,720 shares worth 40.00 Cr across 2 schemes. Other leading fund houses by allocation included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and Axis Mutual Fund.
At scheme level, the largest mutual fund allocations included ICICI PRUDENTIAL INNOVATION FUND, SBI MNC FUND, NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND, DSP DYNAMIC ASSET ALLOCATION FUND and MOTILAL OSWAL MANUFACTURING FUND.
The largest anchor investor received 12.08% of the anchor portion. The top five anchor investors together received 1,33,22,280 shares, representing about 39.91% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | SMALLCAP WORLD FUND, INC | 40,32,240 | 12.08 % | 50.00 Cr |
| 2 | ICICI PRUDENTIAL INNOVATION FUND | 32,25,720 | 9.66 % | 40.00 Cr |
| 3 | SBI MNC FUND | 24,19,320 | 7.25 % | 30.00 Cr |
| 4 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | 20,32,200 | 6.09 % | 25.20 Cr |
| 5 | BLACKROCK GLOBAL FUNDS - INDIA FUND | 16,12,800 | 4.83 % | 20.00 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | ICICI PRUDENTIAL INNOVATION FUND | ICICI Prudential Mutual Fund | 32,25,720 | 9.66 % | 40.00 Cr |
| 2 | SBI MNC FUND | SBI Mutual Fund | 24,19,320 | 7.25 % | 30.00 Cr |
| 3 | NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND | Nippon India Mutual Fund | 20,32,200 | 6.09 % | 25.20 Cr |
| 4 | DSP DYNAMIC ASSET ALLOCATION FUND | DSP Mutual Fund | 12,09,600 | 3.62 % | 15.00 Cr |
| 5 | MOTILAL OSWAL MANUFACTURING FUND | Motilal Oswal Mutual Fund | 12,09,600 | 3.62 % | 15.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 120 (1) | ₹ 14,880 |
Retail MAX | - | 1560 (13) | ₹ 1,93,440 |
SHNI MIN | - | 1680 (14) | ₹ 2,08,320 |
SHNI MAX | - | 8040 (67) | ₹ 9,96,960 |
BHNI MIN | - | 8160 (68) | ₹ 10,11,840 |
Employee MIN | ₹ 11 | 120 (1) | ₹ 13,560 |
Employee MAX | ₹ 11 | 4320 (36) | ₹ 4,88,160 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Isse | - | 670.00 Cr |
Offer for Sale | 2,03,07,393 | 251.81 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
JM Financial Limited | Prachee Dhuri | +91 22 6630 3030 | aequs.ipo@jmfl.com | www.jmfl.com |
IIFL Capital Services Limited | Dhruv Bhavsar / Pawan Kumar Jain | +91 22 4646 4728 | aequs.ipo@iiflcap.com | www.iiflcapital.com |
Kotak Mahindra Capital Company Limited | Ganesh Rane | +91 22 4336 0000 | aequs.ipo@kotak.com | www.investmentbank.kotak.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Aequs Ltd. The issue is scheduled to open on Wednesday, 03 December 2025 and closes on Friday, 05 December 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Aequs Ltd IPO, the total issue size is Rs 921.81 crore, consisting of a fresh issue of Rs 670 crore and an Offer for Sale (OFS) of Rs 251.81 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 118 per share and the upper price band is Rs 124 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Aequs Ltd IPO, the minimum lot size is 120 shares. At the upper price band of Rs 124 per share, the minimum application amount is Rs 14,880. Applications must be made in multiples of 120 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Aequs Ltd IPO, the Fresh Issue size is Rs 670 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Aequs Ltd IPO, the Offer for Sale (OFS) size is Rs 251.81 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Aequs Ltd IPO, the IPO opens on Wednesday, 03 December 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Aequs Ltd IPO closes on Friday, 05 December 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Aequs Ltd IPO, the tentative allotment date is Monday, 08 December 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Aequs Ltd IPO is expected to list on Wednesday, 10 December 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Aequs Ltd IPO, refund initiation is expected on Tuesday, 09 December 2025, and credit of shares to demat accounts is expected on Tuesday, 09 December 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Aequs Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Aequs Ltd IPO, 75% shares are reserved under the QIB category, with 5,56,33,770 shares offered, and an allocation amount of ₹689.86 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Aequs Ltd IPO, 10% shares are reserved under the Retail category, with 74,17,836 shares offered, and an allocation amount of ₹91.98 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Aequs Ltd IPO, 15% shares are reserved under the NII/HNI category, with 1,11,26,754 shares offered, and an allocation amount of ₹137.97 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Aequs Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 37,08,918 shares offered, and an allocation amount of ₹45.99 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Aequs Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 74,17,836 shares offered, and an allocation amount of ₹91.98 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In Aequs Ltd IPO, 1,76,991 shares are offered under the Employee Reservation category, and an allocation amount of ₹2.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Aequs Ltd IPO, the minimum lot size is 120 shares. At the upper price band of Rs 124 per share, the minimum application amount is Rs 14,880. Applications must be made in multiples of 120 shares.
Retail minimum application shows the minimum application size for retail investors.
For Aequs Ltd IPO, the Retail minimum application is 120 shares (1 lot) for about Rs 14,880.
Retail maximum application shows the maximum application size generally available under the retail category.
For Aequs Ltd IPO, the Retail maximum application is 1,560 shares (13 lots) for about Rs 1,93,440.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Aequs Ltd IPO, the SHNI minimum application is 1,680 shares (14 lots) for about Rs 2,08,320.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Aequs Ltd IPO, the SHNI maximum application is 8,040 shares (67 lots) for about Rs 9,96,960.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Aequs Ltd IPO, the BHNI minimum application is 8,160 shares (68 lots) for about Rs 10,11,840.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For Aequs Ltd IPO, the Employee minimum application is 120 shares (1 lot) for about Rs 13,560 with a discount of Rs 11 per share.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For Aequs Ltd IPO, the Employee maximum application is 4,320 shares (36 lots) for about Rs 4,88,160 with a discount of Rs 11 per share.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.