Aequs Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹124
Per ShareLot Size
120 Shares
Minimum Investment
₹14,880
Issue Size
₹921.81 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Aequs Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
64.48%
Promoter Holding (Post-Issue)
59.09%
Issue Type
Book Building
ISIN
INE947N01017
About the Company
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.
Industry Overview
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.
Company History
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.
Products & Services
- The Company is a vertically integrated precision component manufacturer with manufacturing capabilities in the Aerospace Segment and Consumer Segment.
Growth 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.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 74,355,351 equity shares bearing face value of Rs. 10/- each (the "equity shares") of Aequs Limited ("Company" or "Issuer") for cash at a price of Rs. 124 per equity share including a share premium of Rs. 114 per equity share (the "Offer Price") aggregating up to Rs. 921.81 crores (the "Offer") comprising a fresh issue of 54,047,958. equity shares bearing face value of Rs. 10/- each aggregating up to Rs. 670.00 crores (the "Fresh Issue") and an offer for sale of up to 20,307,393 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 251.81 crores, comprising an offer for sale of 100,000 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 1.24 crores by Aequs Manufacturing Investments Private Limited, to 1,323,500 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 16.41 crores by Melligeri Private Family Foundation ("promoter selling shareholders"), 7,481,908 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 92.78 crores by Amicus Capital Private Equity I LLP, up to 754,450 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 9.36 crores by Amicus Capital Partners India Fund I, 8,879,915 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 110.11 crores by Amicus Capital Partners India Fund II, to 435,656 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 5.40 crores by Vasundhara Dempo Family Private Trust, 435,656 equity shares bearing face value of Rs.10/- each aggregating to Rs. 5.40 crores by Girija Dempo Family Private Trust ("Investor Selling Shareholders"), 871,308 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 10.80 crores by Ravindra Mariwala, and 25,000 equity shares bearing face value of Rs. 10/- each aggregating to Rs. 0.31 crores by Raman Subramanian ("Individual Selling Shareholders", Together with the Promoter Selling Shareholders and Investor Selling Shareholders, the "Selling Shareholders") (the "Offer for Sale" and Together with the Fresh Issue, the "Offer"). The offer includes a reservation of 176,991 equity shares of face value of Rs. 10/- each, aggregating to Rs. 2.00 crores (Constituting 0.03% of the post offer paid-up equity share capital of company for subscription by eligible employees (the "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer shall constitute 11.09% and 11.06% of the post-offer paid-up equity share capital of company, respectively. The company, in consultation with the brlms, offered a discount of Rs. 11.00 per equity share, i.e., 8.87% of the offer price to eligible employees bidding in the employee reservation portion ("employee discount"). Price Band: Rs. 124/- for equity share of face value of Rs. 10 each. The floor price is 12.40 times times the face value times of the face value of the equity shares. Bids can made for a minimum of 120 equity shares and in multiples of 120 equity shares thereafter. A discount of Rs. 11 per equity share is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- 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.