Aequs IPO Thriller: HAL-Backed Giant Eyes Stars – Your Ticket to Billions?

Bengaluru-based Aequs, a precision manufacturing leader in aerospace (Airbus, Boeing) and consumer goods, debuted its IPO Dec 3-5, 2025, seeking ₹921.81 Cr via fresh issue and OFS. Backed by HAL, it operates India's sole integrated aerospace SEZ, supplying critical components globally from facilities in India, US, France.

Investor Essentials:

Fund Deployment: ₹433 Cr repays borrowings (subsidiaries included), ₹64 Cr machinery capex, balance for acquisitions/general purposes—aiming deleveraging post FY25 net loss ₹102 Cr (up from ₹14 Cr).​

Financial Snapshot: FY25 revenue grew, but losses widened; strengths include OEM contracts, high barriers; risks: debt reliance, cycle dependence, negative cash flows.​

Allotment & Listing: Finalized Dec 8, listing BSE/NSE Dec 10; GMP trends positive pre-open, retail quota 10%.​

High-risk play on 'Make in India' aerospace boom; analysts eye long-term for HNI/QIBs.

Sources: Chittorgarh, JM Financial, Arihant Capital​