Aequs IPO listing on December 10: Here's what latest GMP indicates

Aequs IPO listing forecast: Aequs, an aerospace components manufacturer, is scheduled to make its debut on Dalal Street on Wednesday, December 10, 2025, with grey market trends signalling a robust listing. 

 

Through its IPO, the company raised ₹921.81 crore, comprising a fresh issuance of 54 million shares and an offer for sale (OFS) of 20.3 million shares by existing shareholders.

 

The IPO witnessed robust investor interest, getting oversubscribed 101.63 times overall, driven largely by strong participation from qualified institutional buyers (QIBs), whose quota was booked 120.92 times. The non-institutional investors (NIIs) and retail investor segment also showed solid demand, oversubscribing their portions by 80.62 times and 78.05 times, respectively, according to NSE data. 

 

Ahead of the IPO, Aequs had raised ₹414 crore from 33 anchor investors on Tuesday, December 2, allotting 33.4 million shares at ₹124 each, as per a circular on the BSE website. Marquee investors, including SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Axis MF, Motilal Oswal MF, BlackRock Global Funds, Steadview Capital, and Citigroup, participated in the anchor round.

 

The allotment for the IPO was finalised on Monday, December 8, 2025, and investors are now awaiting the listing. 

Aequs IPO grey market premium (GMP)

Ahead of its listing, the unlisted shares of Aequs were trading at around ₹152 per share in the grey market, indicating a premium of ₹28 or 22.6 per cent over the issue price of ₹124, as per sources tracking unofficial markets.

 

If grey market trends sustain, Aequs shares could list near ₹152, signalling gains of about 23 per cent for IPO investors. However, analysts warn that the grey market is unregulated, and the GMP is not a reliable predictor of actual listing performance.

Aequs IPO details

The IPO comprised a fresh issue of 54 million shares aggregating to ₹670 crore and an OFS of 20.3 million shares aggregating to ₹251.81 crore. The issue was available at a price band of ₹118 to ₹124 per share, with a lot size of 120 shares. The public issue was open for subscription from December 2 to December 5, 2025.

 

Kfin Technologies is the registrar for the issue. JM Financial, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers. 

 

According to the red herring prospectus (RHP), Aequs plans to use ₹433.17 crore from the fresh issue proceeds for repayment or prepayment of certain borrowings. Around ₹415.62 crore will be invested into three wholly owned subsidiaries, AeroStructures Manufacturing India (₹174.82 crore), Aequs Consumer Products (₹231.16 crore), and Aequs Engineered Plastics (₹9.63 crore). The company will also allocate ₹64 crore for capital expenditure on machinery and equipment, including ₹8.11 crore for the parent entity and ₹55.89 crore through AeroStructures Manufacturing India. The remaining funds will be deployed for inorganic growth opportunities, strategic initiatives and general corporate purposes.