Aequs IPO: Should You Apply?

Aequs Ltd - Company Background

Aequs Ltd specializes in offering vertically integrated manufacturing capabilities to the aerospace segment operating at special economic zones (SEZ). It offers the facility to manufacture engine systems, landing systems, cargos, interiors, structures, and assemblies for clients in the aerospace industry looking to manufacture in India. In recent times, the company has expanded its product offering to the consumer electronics space also. It offers the facility to manufacture specialized products for the single-aisle and for the long-range commercial aircraft like the A330, A350, B777, B787 etc.

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used to fund capex at the parent and its subsidiaries, repayment of high-cost borrowings, working capital financing and inorganic growth. The OFS offering is by the early investor family offices and the promoter shareholders of the company. The promoters of the company Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Ltd, Melligeri Private Family Foundation, and the Melligeri Foundation. The issue is being lead-managed by JM Financial, IIFL Capital, and Kotak Mahindra Capital; while KFIN Technologies Ltd (KFINTECH) will be registrar to the IPO.

Highlights of the IPO Issue

Here are the key highlights of the public issue of Aequs Ltd.

• The IPO of will be open from December 03rd, 2025 to December 05th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹118 to ₹124 per share.

• The IPO of Aequs Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.

• The fresh IPO portion comprises the issue of 5,40,32,258 shares (540.32 lakh shares), which at the upper price band of ₹124 per share translates into ₹670.00 crore.

• The OFS of the IPO comprises the sale of 2,03,07,393 shares (203.07 lakh shares), which at the upper price band of ₹124 per share translates into ₹251.81 crore.

• The overall IPO will comprise of the issue and sale of 7,43,39,651 shares (743.40 lakh shares), which at the upper price band of ₹124 per share translates into ₹921.81 crore.

The IPO of Aequs Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening.

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Aequs Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Aequs Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 120 shares)

Financial Highlights

The table captures the key financials of Aequs Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company, Aequs Ltd, is into a very niche segment of providing manufacturing outsourcing solutions to the aerospace industry. Due to the capital nature intensive of the business, it has been making losses over the last 3 years. Sales have been flat in the last 3 years with marginal growth. Asset size is putting strain on the efficiency ratio.

Valuation Metrics

At the IPO price of ₹124, the latest EPS of ₹-1.80 shows a P/E discounting that is negative and hence not too relevant for the investors. However, there are other things about the company business model that should be of interest to the investor. Aerospace is a high growth segment and India is being seen as a promising manufacturing hub. That should keep the order turnstiles of Aequs Ltd running.

In terms of the positives, Aequs Ltd has a fairly vertically integrated manufacturing facility, that helps it control costs and the supply chain better. Its focus is on engineering and precision systems, where the entry barriers are fairly high. Being specialized customers, Aequs Ltd has also built long standing relationships with customers. Financials may take time to turn around, but investors will have to bet on this stock for their future potential rather than on current earnings!

A Brief on the Anchor Allocation

The anchor issue of Aequs Ltd saw a strong response on 02nd December 2025 with 44.27% of the IPO size absorbed by anchors. Out of 7,54,07,175 shares (754.07 lakh shares) on offer in the IPO, anchors picked up 3,33,80,262 shares (333.80 lakh shares) accounting for 44.27% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹124 per share. This includes the face value of ₹10 per share plus a share premium of ₹114 per share. The anchor bidding process opened and closed on 02nd December 2025.

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Aequs Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

Anchor Allocation Investors

On 02nd December 2025, Aequs Ltd allotted 3,33,80,262 shares to 33 anchor investors. The allocation was done at the upper IPO price band of ₹124 per share which resulted in overall anchor allocation of ₹413.92 crore. The anchors have already absorbed 44.27% of the total issue size of ₹935.05 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹239.99 crores, or, 57.98% of the overall anchor allocation of shares, one day ahead of the IPO of Aequs Ltd. The anchor bidding opened and closed on December 02, 2025.

Data Source: BSE Filings (Value Allocated in ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251202-59&attachedId=375b0fff-ae1e-45b8-9f65-a10f65671fdc

Out of the 3,33,80,262 shares allocated to the anchors in the IPO, there were a total of 1,89,26,280 shares allocated to mutual funds registered with SEBI. The allocation was made to 18 mutual fund schemes across 10 AMCs. Mutual funds accounted for 56.70% of the total anchor allocation of the IPO. AIFs, Sovereign Funds, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Aequs Ltd.

Next Step in the IPO

Post the closure of the IPO subscription on 05th December 2025, the basis of allotment will be finalized on 08th December 2025 and the refunds will be initiated on 09th December 2025. In addition, the demat credits are expected to also happen on 09th December 2025 and the stock will list on 10th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 09th December 2025 under ISIN (INE947N01017).

IPO Subscription Status On Day-1

As of 5.45 pm on 03rd December 2025, out of the 420.27 lakh shares on offer in the IPO (excluding anchor portion), Aequs Ltd saw bids for 1,437.15 lakh shares. This implies an overall subscription of 3.42X at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Aequs Ltd was as under:

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to December 05, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-2

As of 5.35 pm on 04th December 2025, out of the 420.27 lakh shares on offer in the IPO (excluding anchor portion), Aequs Ltd saw bids for 4,666.30 lakh shares. This implies an overall subscription of 11.10X at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Aequs Ltd was as under:

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to December 05, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-3

As of 7.20 pm on 05th December 2025, out of the 420.27 lakh shares on offer in the IPO (excluding anchor portion), Aequs Ltd saw bids for 42,713.41 lakh shares. This implies an overall subscription of 101.63X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Aequs Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Aequs Ltd was open up to December 05, 2025, and has closed for subscription as of the close of trading hours on December 05, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio above is exclusive of the anchor portion. Total bids in the IPO were to the tune of ₹52,965 crore.

About Aequs Ltd.

The IPO of Aequs Ltd opened on December 03rd, 2025 and closed on December 05th, 2025. The IPO comprised of a fresh issue and an offer for sale (OFS) of 7,54,07,175 shares (754.07 lakh shares) worth ₹935.05 crore at the upper band price of ₹124 per share. The allotment status will be finalized by EOD of December 08, 2025. Here is how to check allotment status for the IPO of Aequs Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies).

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option

• Under Issue Name – Select Aequs Ltd from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Alternatively, Enter your PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verify you are not a robot

• Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Aequs Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity & SME IPO Details Option

• Under SELECT SYMBOL – Select AEQUS from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Enter your PAN (10-digit alphanumeric) number

• Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Aequs Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://kosmic.kfintech.com/ipostatus/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Aequs Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

• Enter the Application Number as it is

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

• First select the depository (NSDL / CDSL)

• Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)

• Enter the Client-ID in the second box

• For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

• Enter the 10-Character PAN number, available on your PAN card

• After you enter the PAN number, Enter the 6-digit numeric Captcha Code

• Click on Submit button

• Allotment status gets displayed on screen

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.