Aequs sets IPO price band at Rs 118-124; issue size at Rs 922 crore. Check key dates, other details

Precision component manufacturer Aequs Limited, known for its vertically integrated operations across aerospace and consumer segments, has set the price band for its upcoming Initial Public Offering (IPO) at Rs 118-124 per equity share.

The issue consists of a fresh share sale and an offer for sale (OFS), taking the total estimated issue size to Rs 921.72 crore at the upper end of the band.

The IPO will open for subscription on Wednesday, December 3, and close on Friday, December 5, while anchor investors will participate on Tuesday, December 2.

Price band for Aequs IPO

The price band of Rs 118–124 translates to 11.80x to 12.40x the face value of Rs 10 per share.

This valuation comes despite the company reporting losses in FY25, with both basic and diluted EPS remaining negative, rendering the P/E ratio not meaningful.

Under the employee reservation portion, eligible employees will receive a discount of Rs 11 per share, bringing their effective price down to Rs 107–113 per equity share.

Aequs IPO size and structure

The total IPO size stands at approximately Rs 921.72 crore, comprising a fresh issue of Rs 670 crore and an offer for sale (OFS) of Rs 251.72 crore. The OFS involves the sale of 2.03 crore shares by existing investors at the upper end of the price band.

Major selling shareholders include Amicus Capital, Melligeri Private Family Foundation, Aequs Manufacturing Investments, and Ravindra Mariwala, among others.

Aeques pre-IPO placement

Aequs completed a pre-IPO placement of Rs 144 crore, offering shares at Rs 123.97 apiece to notable institutional investors. Participants included SBI Mutual Fund (Optimal Equity and Emergent India Funds), DSP India Fund, and Think India Opportunities Master Fund.

The strong pre-IPO response may bolster demand during the public issue, particularly from institutional investors.

About Aequs

Aequs is a precision engineering company with a strong presence in aerospace components and consumer goods manufacturing. Backed by vertically integrated operations and a global OEM client base, the company enjoys a differentiated edge in high-tolerance manufacturing.

However, despite its operational scale, Aequs reported losses in FY25. The weighted average return on net worth for the past three years stands at -15.07%, underscoring profitability pressures even as revenue opportunities remain robust.

Aequs shares listing timeline

Allotment finalisation is expected on Monday, December 8, with refunds and demat credits likely on Tuesday, December 9. Shares are scheduled to list on the NSE and BSE main boards on Wednesday, December 10.

Aequs IPO lead managers and registrar

JM Financial, IIFL Capital, and Kotak Mahindra Capital are the book-running lead managers to the issue. KFin Technologies Limited will serve as the registrar.

Also read: Rs 30,000 crore IPO gold rush triggers worst selling by retail investors since FY19

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