The IPO also comprises an offer for sale (OFS) of up to 31,772,368 equity shares bearing face value of Rs 10 each.
Aequs got Sebi’s approval on September 18.
Aravind Shivaputrappa Melligeri is the promoter of the company. He is also the Executive Chairman and Chief Executive Officer of Aequs.
The company is backed by Amicus Capital Private Equity I LLP, Amicus Capital Partners, Amansa Investments Ltd, Steadview Capital Mauritius Limited, Catamaran Ekam and Sparta Group LLC. They collectively hold 25.54% of the company’s pre-offer equity share capital.
About Aequs
Aequs commenced manufacturing aero-structure components and aero-engine components, for aerospace clients in their units in the Belagavi Manufacturing Cluster in 2009. It is a vertically integrated precision component manufacturer with capabilities in the aerospace segment and consumer segment. The company operates in three engineering-led vertically-integrated precision manufacturing ecosystems, which enable it to produce complex products for global OEM customers across the aerospace and consumer sectors.The company has also expanded its product portfolio to include consumer electronics, plastics, and consumer durables for consumer clients. Its consumer product portfolio includes consumer durables such as cookware, plastics such as outdoor toys, figurines, and components for consumer electronics such as portable computers and smart devices.Its key clients include Airbus, Boeing, Bombardier, Collins Aerospace, Spirit Aerosystems Inc. Safran, GKN Aerospace, Mubea Aerostructures and Sabca in the Aerospace Segment, and Spinmaster, Wonderchef, and Tramontina in the consumer segment.
Aequs IPO net proceeds
The net proceeds of the fresh issue from the IPO are proposed to be utilised for repayment of company’s outstanding borrowings and prepayment of penalties availed by two wholly-owned subsidiaries – AeroStructures Manufacturing India Private Limited and Aequs Consumer Products Private Limited. It will also utilise a part of the proceeds to fund capital expenditure for purchase of machinery and equipment. It will also fund inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
Over the past 15 years, it has consistently grown business by developing and acquiring new manufacturing capabilities and diversifying product portfolio and customer base across the Aerospace Segment and Consumer Segment. Aequs strategically expanded manufacturing operations in North America and France, through acquisitions in 2015 and 2016, respectively, which allowed it to acquire new capabilities in the Aerospace Segment, grow its footprint in North America and Europe, and expand its portfolio of products.
JM Financial, IIFL Capital and Kotak Mahindra Capital are the Book Running Lead Managers to the issue.
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