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₹124 - 124
Aequs Ltd
Aerospace & DefenceIPO
₹124 - 124
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.
Lot120Min Invest₹14,880Face Value₹10Issue Size₹922 CrFresh Issue₹670 CrOffer for Sale₹252 CrListing Price₹140CMP₹242
Timeline
3 Dec
Bidding opens
5 Dec
Bidding closes
8 Dec
Allotment
9 Dec
Refund & demat credit
10 Dec
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹922 Cr7.44 Cr shares
Fresh Issue₹670 Cr
Offer for Sale₹252 Cr
Face Value₹10
Lot Size120 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerJM Financial Ltd
Co-ManagerIIFL Capital Services Ltd, Kotak Mahindra Capital Company Ltd
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAequs Manufacturing Investments Private LimitedPRMTR1,00,0001.24Melligeri Private Family FoundationPRMTR13,23,50016.41Amicus Capital Private Equity I LLPPRMTR74,81,90892.78Amicus Capital Partners India Fund IPRMTR7,54,4509.36Amicus Capital Partners India Fund IIPRMTR88,79,915110.11Vasundhara Dempo Family Private TrustPRMTR4,35,6565.40Girija Dempo Family Private TrustPRMTR4,35,6565.40Ravindra MariwalaINDVL8,71,30810.80Raman SubramanianINDVL25,0000.31Total2,03,07,393251.81
Shareholding
CategoryPre IPOPost IPOPromoter Group64.48%59.04%Public35.52%40.96%
Objects of the Issue
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by
- Funding capital expenditure to be incurred on account of purchase of machinery and equipment
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 812 | 965 | 925 | 1,230 | 1,370 |
| Operating ProfitCr | 35 | 122 | 73 | 89 | 76 |
| OPM% | 4.3 | 12.7 | 7.9 | 7.2 | 5.6 |
| PBTCr | -103 | -2 | -94 | -72 | -118 |
| PATCr | -109 | -12 | -102 | -113 | -170 |
| EPS | -2 | 0 | -2 | -2 | -3 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 425 | 425 | 582 | 671 | - |
| ReservesCr | -146 | -15 | 135 | 816 | - |
| BorrowingsCr | 736 | 699 | 785 | 701 | - |
| Fixed AssetsCr | - | - | 525 | 1,070 | - |
| Total AssetsCr | 1,322 | 1,823 | 1,860 | 2,690 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | -19 | 26 | -99 | - |
| Investing Cash FlowCr | - | -343 | -74 | -371 | - |
| Financing Cash FlowCr | - | 393 | 25 | 704 | - |
| Net Cash FlowCr | - | 31 | -22 | 235 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
- Founder-led business supported by an experienced management team and a qualified employee base.
Strategies · as stated in the DRHP
- 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.
Risks · as stated in the DRHP
- The company derives a significant portion of the company 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 its 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.
- Our business requires significant capital expenditure to maintain or upgrade equipment and machinery across our existing manufacturing clusters and facilities. If we are unable to have access to capital, it may adversely affect our business, results of operations, financial condition and cash flows.
- While we intend to use a portion of the Net Proceeds to purchase and install machinery and equipment for our Company and our Subsidiary, AeroStructures Manufacturing India Private Limited, to expand our existing capacities, we cannot assure you that we will be able to maintain the existing levels of capacity utilization within the segments of our manufacturing clusters we operate in or facilities, which may adversely affect our results of operations. Further, a slowdown or shutdown in our manufacturing operations could have an adverse effect on our business, results of operations, financial condition and cash flows.
- Our business is subject to fluctuations in the prices and disruptions in the availability of raw materials, which may have an adverse effect on our business, results of operations, financial condition and cash flows.