Aequs IPO subscription status
According to BSE data at 1.30 pm on the first day of the IPO, investor participation was strong across all categories, taking the total subscription to 2.1 times the number of shares on offer. Retail Retail Investors (RIIs) – 7.05× (76.91 lakh shares): The retail segment has shown exceptional enthusiasm, with retail bids exceeding the allocated quota by over seven times. This reflects the strong interest from small investors.
Non-Institutional Investors (NIIs) – 1.59× (1.51 lakh shares): High net worth and non-institutional investors have subscribed 1.59 times their reserved portion, highlighting solid but more measured demand compared to the retail category.
The QIB segment has seen no participation so far and zero bids have been received for the 2.26 crore shares allotted to institutional investors.
Aequs IPO GMP today
Investor enthusiasm is high in the gray market, where GMP has risen to Rs 46.5, indicating a 37.5% premium over the highest issue price of Rs 124. This reflects strong demand and points towards a likely listing price of around Rs 170.5 per share.
IPO price range and structure
The Aequs IPO will be priced between Rs 118 and 124 per share and will consist of a fresh issue of 5.40 crore shares worth Rs 670 crore, along with an offer for sale (OFS) of 2.03 crore shares worth Rs 251.81 crore.Retail investors can participate by applying for a minimum of 120 shares, which translates to an investment of Rs 14,880 at the top end of the price range.
Strong pre-IPO institutional interest
Aequs raised Rs 144 crore through a pre-IPO placement at Rs 123.97 per share. Participating institutional investors included SBI Mutual Fund, DSP India Fund and Think India Opportunities Master Fund, reflecting early confidence in the company.
Company overview
Aequs is a vertically integrated precision engineering company focused on the aerospace, consumer durables and manufacturing sectors. The company has built strong partnerships with global OEMs and supplies high-precision, critical components.
Financially, Aequs reported a net loss of Rs 102 crore in FY25, compared to Rs 14.24 crore in FY24. Total income declined slightly by 3%, from Rs 988 crore to Rs 959 crore.
Analyst Opinions: Should You Subscribe?
SBI Securities recommends a subscription, highlighting Aequs’ deep integration into the aerospace components ecosystem, high barriers to entry and large order books from OEMs such as Boeing and Airbus. They note that proceeds from the IPO will go toward debt repayment, which could improve profitability. At the upper price band of Rs 124, the stock is valued at 8.7x EV/sales, which is considered attractive for investors.
Ventura Securities also backs the IPO and highlights Aequs’ vertically integrated operations in machining, forgings and assemblies. This multi-phase integration provides value capture at every step and competitive cost advantages. Although profitability is not yet consistent, improving operating leverage can increase margins over time.
Swastika Securities views the IPO as an opportunity for investors seeking exposure to the aerospace and defense sector supply chain. Despite current losses, the company’s lower valuation relative to peers (price-to-book ~9.9x vs. 15-20x) makes it attractive to aggressive long-term investors.
Also read: Meesho, Aequs or Vidya threads? Analysts’ top IPO pick isn’t the one with the highest GMP
Issue managers
The IPO is jointly managed by JM Financial, IIFL Capital and Kotak Mahindra Capital, with KFin Technologies serving as registrar.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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