Retail investors drive demand for Aequs IPO on Day 1, NIIs follow; QIBs lag

Aequs IPO subscription status: Retail investors are leading the demand for the initial public offering (IPO) of precision component company Aequs on the first day of its subscription, with the issue fully subscribed less than three hours after it opened on December 3. According to data from the National Stock Exchange (NSE), Aequs' ₹921.81 crore offering has been oversubscribed by 1.59 times as of 12:55 PM on Wednesday.

 

Among the investor categories, retail investors have oversubscribed their reserved portion by 6.42 times, while non-institutional investors (NIIs) have closely followed, with their segment oversubscribed by 1.45 times. However, demand was relatively lukewarm among qualified institutional buyers (QIBs), who had placed bids for 36,480 shares against 2,26,10,608 shares allotted for their category. 

 

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Grey market trends reflect favorable sentiment

The positive sentiment was also reflected in the grey market. Sources tracking unofficial market activity revealed that the Aequs shares were being traded at approximately ₹171 per share in the grey market. This translates to a grey market premium (GMP) of ₹47 per share, or a 37.90 per cent premium over the upper end of the issue price of ₹124 per share.

Brokerages remain upbeat 

Brokerages are largely upbeat about the Aequs IPO. Analysts at Arihant Capital have recommended that investors subscribe to the Aequs IPO for potential listing gains, while those at SBI Securities have suggested subscribing at the cut-off price.  ALSO READ | Meesho vs Aequs vs Vidya Wires IPO: Which one should you bet on?

Aequs IPO details

The ₹921.81 crore book-built offering of Aequs comprises a fresh issue of 54 million shares worth ₹670 crore and an offer for sale (OFS) of 20.3 million shares, totaling ₹251.81 crore. Aequs IPO is priced in the range of ₹118-₹124 per share. 

 

The 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.

 

Aequs IPO  will remain open for subscription until Friday, December 5. The allotment of shares is expected to be finalised on Monday, December 8, 2025, with the Aequs IPO listing scheduled for Wednesday, December 10, 2025, on both the BSE and NSE.

Use of proceeds

The company will not receive any proceeds from the offer for sale (OFS) portion, as it will be paid to the selling shareholders. However, the proceeds from the fresh issue will be used for repayment and/or prepayment (in full or in part) of certain outstanding borrowings and prepayment penalties, as applicable, availed by the company and two of its wholly-owned subsidiaries. The proceeds will also be used for funding capital expenditure to purchase machinery and equipment by Aequs and one of its wholly-owned subsidiaries, AeroStructures Manufacturing India Private Limited. Additionally, the funds will support inorganic growth through acquisitions, other strategic initiatives, and general corporate purposes.