Aequs IPO opens December 3; should you bid? Check GMP, price band here

Aequs IPO to open on December 3, 2025: Aequs plans to use the IPO proceeds for a mix of debt reduction and business expansion.

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Aequs IPO: Aequs IPO is set to open tomorrow, Wednesday, December 3, 2025. The ₹921.81-crore book-built offer comprises a fresh issue of 54 million shares worth ₹670 crore and an offer for sale of 20.3 million shares totaling ₹251.81 crore. 

 

Aequs IPO issue will close on Friday, December 5, 2025.

 

Incorporated in 2000, Aequs Ltd. manufactures aerospace components and operates a dedicated special economic zone (SEZ) offering fully integrated production capabilities. While its core business remains the aerospace segment, the company has expanded into consumer electronics, plastics and consumer durables. As of September 30, 2025, Aequs produced over 5,000 aerospace products across major commercial aircraft platforms, including the A220, A320, B737, A330, A350, B777 and B787. Its portfolio spans structures, interiors and cargo parts, landing systems, and actuation system components.

 

The company’s key product lines include brackets, fittings, floorboards, power distribution trays, seating components, main landing gear parts, wheels, manifolds and actuator housings. As of September 30, 2025, Aequs employed 1,892 full-time staff, 1,834 contract workers, 55 trainees, 432 apprentices and 325 fixed-term employees.  ALSO READ | Vidya Wires IPO opens tomorrow: Bid or skip? Here's what experts suggest 

Here is all you need to know about the Aequs IPO:

 

Aequs IPO lot size

 

The Aequs IPO has a minimum lot size of 120 shares, requiring an investment of ₹14,880 for retail applicants. Retail investors can apply for up to 13 lots, or 1,560 shares, amounting to ₹1,93,440. 

 

For small HNIs (S-HNIs), the minimum application is 14 lots (1,680 shares) at ₹2,08,320, while the upper limit is 67 lots (8,040 shares) costing ₹9,96,960. Big HNIs (B-HNIs) must apply for at least 68 lots, translating to 8,160 shares and an investment of ₹10,11,840.

 

Aequs IPO price band

 

Aequs IPO is priced in the range of ₹118-₹124 per share.

 

Aequs IPO objective

 

Aequs plans to use the IPO proceeds for a mix of debt reduction and business expansion. 

 

About ₹433.17 crore will go toward repayment or prepayment of certain borrowings. Around ₹415.62 crore will be invested into three wholly owned subsidiaries, AeroStructures Manufacturing India Pvt. Ltd. (₹174.82 crore), Aequs Consumer Products Pvt. Ltd. (₹231.16 crore), and Aequs Engineered Plastics Pvt. Ltd. (₹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 Pvt. Ltd. 

 

Additionally, funds will be deployed for inorganic growth opportunities, strategic initiatives and general corporate purposes.  ALSO READ | Aequs IPOs key strengths, risks before you invest 

Aequs IPO expected allotment, listing date

 

The Aequs IPO allotment is expected to be finalised on Monday, December 8, 2025. The  Aequs IPO listing is scheduled for Wednesday, Dec 10, 2025, on both BSE and NSE.

 

Aequs IPO GMP

 

According to sources tracking unofficial markets, Aequs IPO GMP is ₹44.5, indicating an expected listing gain of 35.89 per cent. GMP is Grey Market Premium.

 

Aequs IPO lead managers

 

The book-running lead managers (BRLM) for the Aequs IPO are JM Financial, IIFL Capital Services and Kotak Mahindra Capital. The registrar for the issue is KFin Technologies

 

Aequs IPO IPO financials

 

Aequs consolidated financials show that total income fell 3 per cent in FY25, while profit after tax declined sharply, dropping 619 per cent between FY24 and FY25. As of September 30, 2025, the company reported assets of ₹2,134.35 crore and total income of ₹565.55 crore, with a net loss of ₹16.98 crore. Ebitda for the period stood at ₹84.11 crore. 

 

Its net worth improved to ₹796.04 crore, supported by ₹200.43 crore in reserves and surplus. Total borrowings rose to ₹533.51 crore as of September 2025, compared with ₹437.06 crore at the end of FY25 and ₹291.88 crore in FY24.

 

Should you bid for the Aequs IPO?

 

Analysts at SBI Securities believe Aequs is well-positioned within the global commercial aircraft components ecosystem, a space characterised by major entry barriers. With both Boeing and Airbus carrying sizeable order backlogs, demand for components is expected to remain strong. Aequs’ aerospace division is already operationally profitable, supported by steadily improving Ebitda margins. 

 

Additionally, the company plans to use part of the IPO proceeds to repay debt, which should meaningfully reduce interest costs and help it turn profitable at the PAT level.

 

At the upper price band of ₹124, Aequs is valued at 8.7x EV/Sales on a post-issue basis. SBI Securities analysts recommend investors subscribe to the issue at the cut-off price.  On the other hand, Arihant Capital noted that Aequs benefits from fully vertically integrated manufacturing ecosystems in India, giving it a strong competitive edge as global OEMs seek resilient, cost-efficient, and geographically concentrated supply chains. The aerospace segment remains robust, supported by rising production at Airbus and Boeing and the broader China+1 and Europe+1 sourcing shift toward India. With its Tier-1 supplier status, long-standing relationships with marquee clients, and a strategy aimed at moving into higher-value, higher-margin engine and landing system components, Aequs is well positioned for sustained growth.

 

In the consumer segment, the company is expanding into components for portable computers and smart devices, leveraging PLI schemes and India’s growing EMS ecosystem. Its portfolio of over 5,000 aerospace products and an expanding consumer durables range enhances revenue stability and cross-selling opportunities. IPO proceeds earmarked for debt reduction will also strengthen the balance sheet and reduce interest costs.

 

Aequs aims to deepen wallet share with existing aerospace customers, broaden its client base, scale up its consumer electronics portfolio, and improve margins through higher-value manufacturing and operational efficiencies. At the upper price band of ₹124, the IPO is valued at 9.8x EV/Sales on FY25 sales of ₹924.6 crore. Thus, analysts at Arihant Capital have assigned a 'Subscribe for listing gains' recommendation. 

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