Belagavi-based precision manufacturer Aequs Limited opens its ₹921.81 crore mainboard IPO today, riding a strong grey market premium of about ₹43–46.5 per share, or 35–38% over the ₹118–124 price band. The issue, comprising a ₹670 crore fresh issue and ₹251.81 crore OFS, closes on December 5, with listing slated for December 10.
Offer structure, timelines and sentiment
Aequs, a contract manufacturer with a strong foothold in aerospace components, plans to use fresh-issue proceeds largely for debt repayment and capex to expand capacity and vertical integration. The IPO has a price band of ₹118–124, face value ₹10, and will be listed on both BSE and NSE; allotment is expected on December 8 and listing on December 10, subject to approvals.
Key highlights
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Total issue size: ₹921.81 crore, split into ₹670 crore fresh issue (5.40 crore shares) and ₹251.81 crore OFS (2.03 crore shares) by existing shareholders.
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Price band: ₹118–₹124 per share; lot size 120 shares, implying a minimum retail investment of ₹14,880 at the upper band.
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GMP trend: latest grey market premium around ₹43–46.5, indicating an estimated listing price near ₹167–171 and potential listing gains of 35–38%, though GMP is unofficial and volatile.
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Investor quota: QIBs 75%, NIIs 15%, retail 10%; employees get an ₹11 per share discount, bringing their effective price to ₹107–113.
Risk factors flagged by analysts include high client concentration in global aerospace, a capital‑intensive model and sensitivity to defence/aviation cycles despite healthy sector tailwinds.
Sources: Moneycontrol IPO live blog; NDTV Profit GMP explainer; Economic Times and Financial Express IPO coverage; JM Financial and Samco issue notes