The IPO opens for subscription on Wednesday, December 3 and closes on Friday, December 5, while anchor investors will participate on Tuesday, December 2.
Price range for Aequs IPO
The price range of Rs 118–124 translates to 11.80x to 12.40x the face value of Rs 10 per share.
This valuation comes despite the company reporting losses in FY25, with both basic and diluted earnings per share remaining negative, making the price-to-earnings ratio not meaningful.
Under the employee reservation section, eligible employees will receive a discount of Rs 11 per share, bringing down their effective price to Rs 107-113 per equity share.
Size and structure of the Aequs IPO
The total size of the IPO is approximately Rs 921.72 crore, comprising a fresh issue of Rs 670 crore and an offer for sale (OFS) of Rs 251.72 crore. The OFS involves sale of 2.03 crore shares by existing investors at the higher end of the price band. Major selling shareholders include Amicus Capital, Melligeri Private Family Foundation, Aequs Manufacturing Investments and Ravindra Mariwala.
Aeques pre-IPO placement
Aequs completed a pre-IPO placement of Rs 144 crore and offered shares at Rs 123.97 each to notable institutional investors. Participants included SBI Mutual Fund (Optimal Equity and Emergent India Funds), DSP India Fund and Think India Opportunities Master Fund.
The strong pre-IPO response could boost demand during the public offering, especially from institutional investors.
About Aequs
Aequs is a precision engineering company with a strong presence in aerospace components and consumer goods manufacturing. Backed by vertically integrated operations and a global OEM customer base, the company enjoys a distinctive edge in high-tolerance manufacturing.
However, despite its operational size, Aequs reported losses in FY25. The weighted average return on equity over the past three years is -15.07%, underscoring the pressure on profitability even as revenue opportunities remain robust.
Timeline for the listing of Aequs shares
Finalization of the allotment is expected on Monday, December 8, with refunds and demat credits likely on Tuesday, December 9. The shares are scheduled to be listed on the main boards of NSE and BSE on Wednesday, December 10.
Aequs IPO lead managers and registrar
JM Financial, IIFL Capital and Kotak Mahindra Capital are the lead managers of the issue. KFin Technologies Limited will act as registrar.
Also read: Rs 30,000-crore IPO gold rush triggers worst selling by retail investors since FY19
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