Aequs Limited, India's only vertically integrated aerospace precision manufacturer in a single SEZ, fixed its Rs 922 crore IPO price band at Rs 118-124 per share. The fresh issue (Rs 670 Cr) and OFS opens December 3, with listing on December 10 amid strong pre-IPO institutional interest.
IPO Structure
Aequs, a Karnataka-based contract manufacturer for aerospace (engine/landing systems) and consumer durables, launched its maiden IPO comprising Rs 670 crore fresh issue and Rs 252 crore OFS by promoters/investors like Amicus Capital and Melligeri Family. Minimum bid: 120 shares (Rs 14,880 upper band).
Fund Utilization
Fresh proceeds target Rs 433 Cr debt repayment at subsidiaries, Rs 64 Cr machinery, inorganic growth, and corporate needs. Pre-IPO, Aequs raised Rs 144 Cr from SBI MF, DSP, and others at Rs 124/share. FY25 revenue Rs 959 Cr; H1FY26 loss narrowed to Rs 17 Cr.
Key Highlights
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Price Band: Rs 118-124 (Rs 10 face value).
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Issue Size: Rs 922 Cr (75% QIB, 15% NII, 10% Retail).
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Timeline: Anchor Dec 2; Open Dec 3-5; Allotment Dec 8; List Dec 10.
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Lead Managers: JM Financial, IIFL, Kotak; Registrar KFin.
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Valuation: Rs 8,300 Cr upper band despite FY25 losses.
Sources: Moneycontrol, Economic Times, Business Today.