Aequs Limited, a vertically integrated precision manufacturing company focused on the aerospace sector, saw its INR 9.22 billion initial public offering close with an overall subscription of 101.63 times. The offer drew bids for 4.27 billion shares against 420.27 million shares on offer, reflecting strong demand across investor categories.
The IPO, which was open for bidding from 03 December to 05 December 2025, was priced in a band of INR 118 to INR 124 per share. The Qualified Institutional Buyers category was subscribed 120.92 times, while the Non-Institutional Investors and Retail Individual Investors categories were subscribed 80.62 times and 78.05 times, respectively.
The offer consisted of a fresh issue of equity shares worth up to INR 6.7 billion and an offer for sale of 20.31 million equity shares by promoter and investor shareholders. The sale component included 1.42 million shares from promoter entities and 18.88 million shares from investor shareholders, including Amicus Capital funds and other individual holders.
The structure of the offer indicates that the company will receive the proceeds from the INR 6.7 billion fresh issue, while the offer for sale facilitates partial exits by promoter and investor shareholders, with investor entities accounting for the larger portion of shares sold.
Of the net proceeds from the fresh issue, Aequs plans to deploy INR 4.33167 billion towards repayment or prepayment of certain outstanding borrowings and associated penalties. A further INR 640.02 million is allocated for capital expenditure related to equipment purchases by the company and its wholly owned subsidiary, Aero Structures Manufacturing India. The remaining funds will be used for inorganic growth opportunities, strategic initiatives and general corporate purposes.
Aequs operates an end-to-end aerospace manufacturing ecosystem with capabilities spanning machining, forging, surface treatment and assembly, including work on high-end alloys such as titanium. Aerospace accounted for about 89 percent of its revenue in the financial year ended March 2025, driven largely by exports. Its consumer division manufactures cookware, appliances, toys and electronics components.
Ahead of the IPO, the company raised INR 4.14 billion from anchor investors on 2 December 2025. The board allotted 3.338 million shares at INR 124 each to 33 anchor investors.
For the six months ended 31 March 2025, the company reported a consolidated net loss of INR 20.07 million and income from operations of INR 537.16 million.
Aequs Limited is headquartered in India and focuses on aerospace precision manufacturing alongside a diversified consumer products business.