The proceeds will be utilized for debt repayment of ₹433.2 crore, capital expenditure on machinery worth ₹64 crore, and inorganic growth initiatives.

Aequs Ltd’s ₹921.8 crore initial public offering (IPO) was fully subscribed hours after opening with a subscription of 1.65 times by 1.03 pm on its opening day Wednesday. The three-day public offer, priced in the range of ₹118-124 per share, will close on December 5.

Retail investors led the demand with their portion subscribed 6.64 times, while the non-institutional investor category saw 1.50 times subscription by early afternoon. The employee quota was subscribed 4.20 times. However, qualified institutional buyers showed minimal participation so far, with only 36,480 shares bid against the reserved portion of 2.26 crore shares.

Prior to the public offering, Aequs raised ₹413.92 crore from 33 anchor investors at the upper price band of ₹124 per share on Tuesday.

Aequs is India’s only precision component manufacturer operating within a single Special Economic Zone to offer fully vertically integrated manufacturing capabilities in the aerospace segment. The company operates facilities spanning 12 lakh square feet in Belagavi, Karnataka, along with overseas facilities in France and the United States. It supplies components to global aerospace majors including Airbus, Boeing, Safran, and Collins Aerospace.

The IPO comprises a fresh issue of ₹670 crore and an offer for sale of ₹251.8 crore by existing shareholders. The proceeds will be utilized for debt repayment of ₹433.2 crore, capital expenditure on machinery worth ₹64 crore, and inorganic growth initiatives.

The company reported revenues of ₹924.6 crore in FY25, down from ₹965.1 crore in FY24, while remaining in losses at the net profit level. Market analysts have offered mixed recommendations on the issue, with some suggesting subscription for long-term investors citing the company’s positioning in the high-barrier aerospace manufacturing sector.

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Published on December 3, 2025