Aequs IPO

About Aequs IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 5,40,32,258 shares aggregating up to ₹670.00 crores. The offer for sale portion includes 2,03,07,393 shares of ₹10 (aggregating up to ₹251.81 crores). The total number of shares and aggregate amount is 7,43,39,651 shares (aggregating up to ₹921.81 crores).

The Aequs IPO opens on Wednesday, 3 December 2025 and closes on Friday, 5 December 2025. The allotment of shares will take place on Monday, 8 December 2025. The credit of shares to the demat account will take place on Tuesday, 9 December 2025. The initiation of refunds will take place on Tuesday, 9 December 2025. The listing of shares will take place on Wednesday, 10 December 2025.

Aequs is a vertically integrated precision component manufacturer with manufacturing capabilities in the Aerospace Segment and Consumer Segment. They operate units in three engineering-led, vertically-integrated precision manufacturing ecosystems, which enable them to produce complex products for their global OEM customers across the aerospace and consumer sectors.

Objectives of Aequs

• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: (a) the company; and (b) three of their wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, Aequs Consumer Products Private Limited and Aequs Engineered Plastics Private Limited, through investment in such Subsidiaries.

• Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by: (a) the company; and (b) one of their wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary.

• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.

Industry Outlook

India’s precision manufacturing sector is rapidly expanding, driven by advancements in technology and increasing demand across industries such as automotive, aerospace, and electronics (Source: F&S Report). 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 (Source: F&S Report).

The Aerospace Segment value chain involves several critical stages, each influencing cost and quality (Source: F&S Report). The growth in the global consumer electronics market, which includes products such as laptops, tablets, and wearable devices, is driven by technological advancements and shifting consumer trends (Source: F&S Report).

Aequs Company Information

Aequs is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets them apart from other contract manufacturers with selective manufacturing capabilities amongst their peers (Source: F&S Report).

Their diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies, and turning for their aerospace clients. While they primarily operate in the Aerospace Segment, over the years, they have expanded their product portfolio to include consumer electronics, plastics, and consumer durables for their consumer clients.

Strengths of Aequs

• 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.
• Founder-led business supported by an experienced management team and a qualified employee base.

Risks of Aequs

• Any decrease in demand for products within the Aerospace Segment.
• Fluctuations in the prices and disruptions in the availability of raw materials.
• Threats and challenges affecting the manufacturing sector in India.
• Any disruption in the availability or quality of services provided by their contract labour or transport and logistics providers.
• Fluctuations in the exchange rate between the Indian Rupee and foreign currencies.
• Pricing pressure from OEM customers.
• Competition in the aerospace and consumer industries.
• Any disruptions in the availability of electricity, fuel, and water at the units in the manufacturing clusters they operate in.

All the financial information of Aequs mentioned above has been derived from the Restated Consolidated Financial Information as at and for the financial year ended March 31,2025.

To be updated for Aequs at the Prospectus stage. #Earnings per equity share for profit from discontinued & continuing operation attributable to owners of Aequs (formerly known as Aequs Private Limited) (Basic and Diluted in INR) (Nominal value per share: ₹ 10)

Notes: 1. P/E ratio has been computed based on the closing market price of equity shares as on November 21, 2025, divided by the Diluted EPS.

2. EPS of the peers is taken as disclosed in annual consolidated financials for Financial Year 2025, Diluted EPS refers to the diluted earnings per share of the respective company.

3. Return on Net Worth (%) is calculated as Loss for the year divided by the net worth as at the end of the year/period.

4. Net asset value per Equity Share represents Net Worth as at the end of the year/period divided by weighted average number of Equity Shares considered for calculating basic and diluted EPS for the year/period.

5. Net Worth, as per Regulation 2(1)(hh) of the SEBI ICDR Regulations, means the aggregate value of the paid - up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the restated statement of assets and liabilities, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. Further, Net worth is calculated by deducting the revaluation reserve and common control capital reserve from the equity attributable to owners of the Company. Equity attributable to owners of the Company comprises of equity share capital, instruments entirely equity in nature and other equity.

Anchor Investor Bidding Date: Tuesday, 2 December 2025

Registrar: KFin Technologies Limited
Book Running Lead Managers:
JM Financial Limited
IIFL Capital Services Limited
Kotak Mahindra Capital Company Limited

Aequs Business Model

The company earns its revenue through the following: Offering a diversified range of product offerings across the Aerospace Segment and Consumer Segment. Their product portfolio comprises over 5,000 distinct products across engine systems, landing systems, cargo and interiors, structures, assemblies, and turning for their aerospace clients; and consumer electronics, plastics, and consumer durables for their consumer clients.

Aequs Company Growth Trajectory

Aequs’ revenue from operations decreased by 4.19% to ₹924.61 crores for the financial year 2025 from ₹965.07 crores for the financial year 2024.

Their loss for the year increased significantly to ₹102.35 crores for the financial year 2025 from ₹14.24 crores for the financial year 2024.

Their EBITDA decreased from ₹145.51 crores in financial year 2024 to ₹107.97 crores in financial year 2025.

Aequs Market Position

Aequs is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets them apart from other contract manufacturers with selective manufacturing capabilities amongst their peers (Source: F&S Report). They have one of the largest portfolios of aerospace products in India, as of 31 March 2025 (Source: F&S Report).

They are one of the few manufacturers in India with niche metallurgy capabilities, specialising in precision machining of high-end alloys, including titanium alloys for their aerospace clients (Source: F&S Report). Furthermore, they are the leading company within a single special economic zone in terms of end-to-end manufacturing capabilities (machining, forging, surface treatment and assembly) for the Aerospace Segment in India, based on the number of capabilities and approvals (Source: F&S Report).

They have a manufacturing presence across India, the U.S., and France, with strategic proximity to global OEMs, which enables them to create innovative products and engineering solutions for these OEMs. They are one of the few companies in India in the Aerospace Segment with a presence on three continents, which enables access to a skilled workforce with diverse backgrounds and expertise, apart from the closeness to the customer which helps in their long-term customer relationships (Source: F&S Report).

As of 31 March 2025, the company’s Total Income, Loss After Tax, and EBITDA were ₹959.213 crores, ₹(102.346) crores, and ₹107.969 crores, respectively.

How to apply for Aequs IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.