Aequs IPO: Is This the Next Big Manufacturing Bet for Investors?

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Aequs Limited has strong niche (aerospace manufacturing) with global clients and integrated SEZ ecosystem, said analyst.

By S JHA

Mumbai, December 1, 2025 — Amid buzz in aerospace sector, Aequs Limited is set to test appetites of investors this week as its IPO opens for subscription from Wednesday. With track record of losses, Aequs Limited has struck an irony with rising grey market premium which per StockEdge is almost 30% before the opening of the IPO for subscriptions.

The Kolkata-based equity advocacy firm in a thread on X examined the scope of the Aequs Limited IPO, weighing financials and industry tailwinds. “Aequs Limited is coming to the market with strong industry tailwinds… but also consistent losses,” noted StockEdge in its analysis of the company seeking to go public with offerings of shares.

Aequs is a diversified contract manufacturer. It operates primarily in aerospace components (engines, landing gear, structures, interiors), Consumer durables (Electronics, Plastics). The company pperates from a fully integrated SEZ in India — strong advantage for exports, added StockEdge.

“Industry Position: As of March 31, 2025: Aequs holds one of India’s largest aerospace product portfolios and serves global clients in high-barrier industries. Aerospace vertical is profitable,” added the analyst.

But it also made a sobering note that other divisions of the company are still bleeding.

The IPO Size & Structure

Total issue: ₹921.81 cr

Fresh Issue: ₹670 cr
OFS: ₹251.81 cr (Promoters & existing investors selling)

Price band: ₹118–124

Valuation at upper band: ₹8,300+ cr

Use of Funds

Fresh issue will be used for: ₹433.17 cr against debt repayment, ₹64 cr for purchase of machinery, and remainder for inorganic growth + general corporate purposes.

“This is largely a balance sheet clean-up IPO,” added StockEdge.

Who Can Apply?

Lot size: 120 shares

Investor allocation: QIBs: 75%; HNIs: 15%; and Retail: 10%.

Employees get ₹11 discount. The issue opens on December 3 and closes on December 5.

“MP & Expected Listing Current GMP: ₹43.5 Expected listing price: ₹167.5 Potential listing gain vs. upper band: +35.08%,” added StockEdge, cautioning that GMP is not a guarantee.

It also stated in its note on financials that while the revenue is steady losses continue: FY23: ₹840.54 cr / –₹108.73 cr FY24: ₹988.30 cr / –₹12.15 cr FY25: ₹959.21 cr / –₹102.42 cr H1 FY26: ₹565.55 cr / –₹16.68 cr.

It stated that “investors are paying a premium on future potential, not present profits.” Stating that the company has strong niche (aerospace manufacturing) with global clients and integrated SEZ ecosystem, StockEdge cautioned that the company has a loss-making track record.

(Disclaimer: This article makes no recommendation for any positive or negative decision on the IPO)