Aequs IPO opened for subscription on Wednesday, December 3, with the ₹922 crore mainboard issue set to close on December 5. Aequs is India’s only precision component manufacturer operating from a single Special Economic Zone, offering fully vertically integrated aerospace manufacturing. The company also produces components for consumer electronics, plastics, and consumer durables.
On the first day of subscription, the IPO was oversubscribed 2.61 times by 3:06 pm, with 10,98,90,600 applications against 4,20,26,913 shares on offer. Retail investors led the demand with 9.27 times subscription, while non-institutional investors (NII) subscribed 2.31 times, and qualified institutional buyers (QIB) 0.48 times.
Brokerages have given a positive outlook. Anand Rathi rated the IPO “Subscribe – Long Term,” noting Aequs’ strategy to deepen aerospace customer relationships and expand its consumer electronics portfolio using advanced aerospace capabilities. At the upper price band, the company is valued at 8.9x FY25 P/S, with a post-issue market cap of ₹83,161 million. Swastika also recommended subscription, highlighting Aequs’ high-entry barriers, low pricing versus peers, and potential long-term gains despite current losses and debt repayment plans.
