Early chatter in the unofficial market points to a grey market premium of around 38%, signaling healthy speculative interest, though GMP trends often shift closer to listing.
About the company
The Bengaluru-headquartered company is best known for operating a fully vertically integrated aerospace manufacturing ecosystem out of its special economic zone in Belagavi, Karnataka.Over the years, it has expanded from structures and landing-gear components into interiors, actuation systems, and precision assemblies for global aircraft programmes including the A320, B737, A330, A350, B777 and B787.
Aequs has also diversified beyond aerospace into consumer electronics, plastics and consumer durables, supplying large OEMs across segments. As of September 2025, the company produced more than 5,000 components across multiple programmes and employed over 1,800 permanent staff alongside 1,800-plus contract workers.
Use of IPO proceeds
The IPO proceeds will go largely toward strengthening the balance sheet. Around Rs 433 crore will be used to repay borrowings of the parent and three subsidiaries, while another Rs 64 crore will go toward new machinery. The company will also set aside funds for inorganic growth and general corporate purposes.
Financials
Despite the strong order-book visibility of the aerospace sector, Aequs’ financials remain volatile. The company reported a net loss of Rs 102 crore in FY25, compared with a smaller loss in FY24 and profit only in earlier years.
Revenue dipped 3% in FY25, though EBITDA remained positive at Rs 108 crore, indicating operational strength but heavy interest and depreciation burdens.
Aequs IPO review
At the upper band, analysts say valuations are rich. Aditya Birla Capital, in its published note, said the issue is priced at 79x EV/EBITDA on FY26 annualised numbers, a premium to peers such as Dynamatic Technologies and Azad Engineering.
But AB Capital cited Aequs’ integrated manufacturing model, long-standing global customer relationships, and growth headroom in aerospace and consumer durables to justify the higher multiple. It has recommended “Subscribe for long-term.”
The IPO closes on December 5, with allotment scheduled for December 8 and a tentative listing date of December 10 on the NSE and BSE.
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