Aequs, a contract manufacturing firm focused on consumer durable goods and aerospace components, has announced a price band of ₹118-124 per share for its forthcoming ₹922-crore Initial Public Offering (IPO). At the upper limit of the price spectrum, the company’s valuation will exceed ₹8,300 crore.
The initial share sale is scheduled to open for subscription on December 3 and will conclude on December 5, with allocations for anchor investors set to take place on December 2, as stated in Aequs’ public announcement.
The IPO consists of a fresh issue of shares worth ₹670 crore, alongside an Offer For Sale (OFS) totaling 2.03 crore shares valued at ₹252 crore, coming from promoters and existing investors. This brings the total size of the issue to ₹922 crore.
Proceeds from the fresh issue will be allocated towards repaying outstanding loans for Aequs and its subsidiaries—AeroStructures Manufacturing India and Aequs Consumer Products—acquiring machinery and equipment, and funding future growth via potential acquisitions and other strategic initiatives, in addition to general corporate needs.
Earlier this month, Aequs secured approximately ₹144 crore from SBI Funds Management, DSP India Fund, and Think India Opportunities Fund in a pre-IPO funding round.
The company confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) in June and received approval to proceed with the IPO in September. This confidential pre-filing approach enables companies to postpone public disclosure of IPO specifics, a strategy increasingly adopted by Indian firms for flexibility in planning.
Aequs primarily operates in the aerospace sector, but has diversified its product offerings over the years to encompass consumer electronics, plastics, and consumer durables. Its consumer products range includes cookware and small home appliances, while its plastics division features outdoor toys, figurines, toy vehicles, and components for electronic devices like portable computers and smart devices.
The firm enjoys backing from notable investors such as Amicus Capital, Amansa Capital, Steadview Capital, and Catamaran, which is the family office of Infosys founder N. R. Narayana Murthy, as well as the Sparta Group.
Key clients include industry giants such as Airbus, Boeing, Bombardier, Collins Aerospace, and Spirit AeroSystems Inc. in the aerospace domain, and Hasbro, Spinmaster, Wonderchef, and Tramontina in consumer products. Aequs operates manufacturing facilities across India, France, and the USA, with three main clusters in Belagavi, Hubballi, and Koppal in Karnataka.
Founded by Aravind Melligeri, who has extensive experience in the aerospace field and was a co-founder of Quest Global Engineering, Aequs plans to reserve 75 percent of the issue size for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent for retail investors.
The company is set to debut on the stock market on December 12. The book running lead managers for the IPO include JM Financial Ltd., IIFL Capital Services Ltd., and Kotak Mahindra Capital Company Ltd.
Published on November 28, 2025.
