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Aequs Ltd IPO

We are a vertically integrated precision component manufacturer with manufacturing capabilities in the Aerospace Segment and Consumer Segment. We operate units in three engineering-led vertically-integrated precision manufacturing ecosystems, which enable us to produce complex products for our global OEM customers across the aerospace and consumer sectors. Our advanced manufacturing capabilities enable us to enter into new business segments by leveraging existing capabilities across existing business segments. Our product portfolio comprises components for engine systems, landing systems, cargo and interiors, structures, assemblies and turnings for our aerospace clients; and consumer electronics, plastics and consumer durables for our consumer clients.

Aequs Ltd IPO Details

Total Shares Offered

₹ 7,43,39,651

Offer to Public

2,03,07,393

Retail Max (Shares)

₹ 74,17,836

Pre Issue Promoters Holding

₹ 39,76,31,320

Exchange

BSE

Issue size

₹ 921.81 Cr

IPO Open Date

Dec 3, 2025

Close Date

Dec 5, 2025

Lot Size

120

Min Investment

₹ 14,160

Issue Type

Book Building

Listing Date

Dec 10, 2025

Aequs Ltd IPO Dates

Dec 3, 2025

Opening date

Dec 5, 2025

Closing date

Dec 8, 2025

Basis of Allotment

Dec 9, 2025

Initiation of Refunds

Dec 9, 2025

Credit of Shares

Dec 10, 2025

Listing date

Details

Sector	Type
Sector	Engineering
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	49.15x	55633771	2734134360
NII	83.6x	11126754	930166200
Retail	80.93x	7417836	600314040
Employee	41.54x	161290	6700560
Total	57.46x	74339651	4271315160

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

49.15x

83.6x

80.93x

41.54x

57.46x

55633771

11126754

7417836

161290

74339651

2734134360

930166200

600314040

6700560

4271315160

Aequs Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	924.61	965.07	-32.10
EBITDA	-50.13	-107.94	-20.60
PAT	-74.08	-130.31	-43.60
Total Assets	160.25	272.82	80.60
Share Capital	581.83	831.88	482.30
Total Borrowings	107.71	61.00	61.00
Operating Activities (Net Cash)	-63.87	-119.26	-32.10
Investing Activities (Net Cash)	851.95	808.28	586.50
Financing Activities (Net Cash)	107.71	61.00	61.00
Net Cashflow	16.84	189.92	5.10

About Aequs Ltd

Our Company was originally incorporated as Mechanical Training Acadamy Private Limited on March 27, 2000, as a private limited company under the Companies Act, 1956 at Bengaluru, Karnataka, India, pursuant to a certificate of incorporation issued by the Registrar of Companies, Karnataka at Bengaluru (RoC). The name of our Company was changed to QuEST Machining & Manufacturing Private Limited, pursuant to a resolution passed by our Board dated February 24, 2006, and a special resolution passed by our Shareholders dated March 24, 2006 and a fresh certificate of incorporation dated April 18, 2006 was issued by the RoC. Subsequently, pursuant to a resolution passed by our Board dated February 22, 2011, and a special resolution passed by our Shareholders dated March 7, 2011, the name of our Company was changed to QuEST Global Manufacturing Private Limited and a fresh certificate of incorporation dated March 24, 2011 was issued by the RoC. Thereafter, pursuant to a resolution passed by our Board dated January 23, 2014 and a special resolution passed by our Shareholders dated February 25, 2014, the name of our Company was changed to Aequs Private Limited and a fresh certificate of incorporation dated March 5, 2014 was issued by the RoC. Upon the conversion of our Company into a public limited company, pursuant to a resolution passed by our Board on April 9, 2025 and a special resolution passed by our Shareholders on April 25, 2025, the name of our Company was changed to Aequs Limited, and a fresh certificate of incorporation dated May 7, 2025 was issued by the RoC CPC.

India's precision manufacturing sector is rapidly expanding, driven by advancements in technology and increasing demand across industries such as automotive, aerospace, and electronics. A combination of factors such as manufacturing-led government initiatives, strong domestic demand, integration into global value chains (China +1) and cost competitiveness and availability of skilled labour favourably position India within the global precision manufacturing landscape. The Aerospace Segment value chain involves several critical stages, each influencing cost and quality. The growth in global consumer electronics market which includes products such as laptops, tablets and wearable devices, is driven by technological advancements and shifting consumer trends.

Peer Comparison:

Azad Engineering Ltd
Unimech Aerospace and Manufacturing Ltd
Amber Enterprises India Ltd
Kaynes Technology India Ltd
Dixon Technologies (India) Ltd
PTC Industries Ltd

Aequs Ltd Key Points

Strengths

Advanced and vertically integrated precision manufacturing capabilities.

Operations in unique, engineering-led vertically-integrated precision manufacturing ecosystems.

Manufacturing presence across three continents with strategic proximity to end customers.

Comprehensive precision product portfolio across high value segments.

Long-standing relationships with high entry barrier global customers.

Risk

We derive a significant portion of our net external revenue from the Aerospace Segment (88.23% for the six months period ended September 30, 2025, 86.00% for the six months period ended September 30, 2024, 89.19% for the Financial Year 2025, 78.44% for the Financial Year 2024 and 72.06% for the Financial Year 2023). Any decrease in demand of products within the Aerospace Segment or any development that makes the sale of products within the Aerospace Segments less economically beneficial may adversely affect our business, results of operations, financial condition and cash flows.

We are dependent on our ten largest customer groups, which comprise a significant portion of our revenue from operations (82.51% for the six months period ended September 30, 2025, 85.56% for the six months period ended September 30, 2024, 88.57% for the Financial Year 2025, 86.51% for the Financial Year 2024 and 86.48% for the Financial Year 2023). Any failure to maintain our relationship with these customer groups or any adverse changes affecting their financial condition will have an adverse effect on our business, results of operations, financial condition and cash flows.

Our contractual arrangements with our OEM customer groups are typically requirement-based contracts which do not obligate our customers to place a fixed quantity of orders with us within a fixed time frame, and any termination of such contracts or decline in the production requirements of any of our customers, may adversely affect our business, results of operations, financial condition and cash flows.

Strategy

Continue to increase wallet share with our existing customers in the Aerospace Segment by moving up the manufacturing value chain and diversify our customer base in the Aerospace Segment.

Grow our portfolio of consumer products.

Improve our margins through higher value manufacturing and measures for operational efficiencies.

Leverage our existing capabilities to increase our market share in capability and sector adjacencies.

How To Apply for Aequs Ltd IPO Online?

Step 1:

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Aequs Ltd IPO?

Aequs Ltd's IPO offers shares for up to 670 It begins on Dec 3, 2025 and ends on Dec 5, 2025.

What is the price of the Aequs Ltd IPO?

The price of Aequs Ltd IPO ranges between ₹118 to ₹124 per share.

What are the open and close dates for the Aequs Ltd IPO?

The Aequs Ltd IPO opens on Dec 3, 2025 and closes on Dec 5, 2025.

When will the Aequs Ltd IPO be allotted?

The allotment for the Aequs Ltd IPO will be finalised on Dec 8, 2025. The shares will be listed on BSE and NSE on Dec 10, 2025.

What is the minimum lot size required for Aequs Ltd IPO?

The minimum lot size for Aequs Ltd IPO is 120 shares, priced between ₹118 to ₹124 per share.

What is the GMP of Aequs Ltd IPO?

The GMP (Grey Market Premium) of Aequs Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Aequs Ltd IPO?

To check the allotment status of Aequs Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Aequs Ltd IPO getting listed?

The Aequs Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Dec 3, 2025, and closes on Dec 5, 2025. The allotment is finalised on Dec 8, 2025.

How do you apply for the Aequs Ltd IPO?

To apply for the Aequs Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.