Published on: 2025-11-28
As India’s markets buzz with new listings heading into the end of 2025, value-oriented investors are eyeing the upcoming AEQUS IPO.
Aequs Limited is a precision manufacturing and aerospace components company that supplies parts to global aerospace giants, consumer-durable brands, and electronics manufacturers.
Known for its vertically integrated operations and state-of-the-art facilities within a Special Economic Zone (SEZ) in India, Aequs combines advanced engineering with export-oriented manufacturing.
While the IPO presents an opportunity to participate in its growth story, investors should approach with some caution, as the company is still working to achieve consistent profitability.
Aequs presents a rare opportunity: a firm with global-scale manufacturing capabilities, supplying parts to aerospace giants and consumer-durable brands, now about to open up to public ownership.
If priced reasonably, and eventually able to turn its manufacturing scale and client base into consistent profitability, Aequs could represent a long-term value play rather than a speculative tech-style listing.
| Item | Details |
|---|---|
| IPO Open Date | December 3, 2025 |
| IPO Close Date | December 5, 2025 |
| Price Band | ₹118 – ₹124 per share [1] |
| Fresh Issue Size | ₹670 crore |
| Offer-for-Sale (OFS) | ~2.03 crore shares by promoters and early investors |
| Pre-IPO Placement Raised | ₹144 crore from institutional investors, reducing the fresh issue size from the original ₹720 crore to ~₹576–670 crore |
| Use of Funds | Debt repayment, machinery/plant expansion, and strategic growth initiatives |
| Tentative Listing Date | December 10, 2025 on BSE and NSE |
Aequs is among the few Indian firms offering fully vertically integrated precision manufacturing especially for aerospace components, from within a Single Special Economic Zone (SEZ).
Its client roster includes global aerospace and OEM heavyweights, giving it exposure to global defense and aviation supply chains, plus consumer-durable and electronics segments.
The pre-IPO backing by well-known institutional investors (e.g. funds from SBI Funds Management, DSP India Fund, among others) suggests some investor confidence ahead of listing.
If Aequs can leverage its global manufacturing footprint and customer base to scale volumes, reduce per-unit costs, and convert to profitability, there is structural value.
The global aerospace supply-chain demand, especially from OEMs outsourcing precision components, may offer long-term tailwinds.
For long-term investors willing to ride the transformation, Aequs could represent under-the-radar industrial value, as opposed to brighter but riskier tech-IPO plays.
According to latest public numbers, Aequs’s consolidated financials show significant losses (net loss in FY25), highlighting the risk that the company may struggle to turn around profitability.
High dependence on a limited number of major customers: a few large contracts may contribute the majority of revenue, which could lead to volatility if any contract is curtailed.
Under-utilisation of capacity (as per recent disclosures), particularly in segments outside aerospace, which could weigh on margins if volumes don’t increase sufficiently.
The Aequs IPO is more than just a corporate listing, it has broader implications for India’s industrial and IPO markets:
Aequs’s listing highlights growing investor interest in India’s precision manufacturing and aerospace sectors. Success could boost confidence in other industrial-capex and export-oriented companies, encouraging more listings from similar sectors.
As one of the few large-scale, vertically integrated manufacturing firms going public, Aequs sets a reference for valuation, demand, and investor appetite for industrial-heavy IPOs. This helps investors gauge pricing for future listings in similar segments.
Strong subscription numbers for Aequs may attract more retail investors to industrial plays, while institutional participation indicates confidence in fundamentals. Conversely, a weak listing could make investors more cautious about similar industrial IPOs.
Large IPOs like Aequs often temporarily absorb liquidity from broader markets. Investors reallocating funds into the IPO may reduce short-term demand for other stocks, particularly in industrial or mid-cap segments.
If Aequs demonstrates robust post-listing performance, it can reinforce India’s image as a competitive manufacturing hub, possibly attracting foreign institutional investors (FIIs) into industrial and export-oriented sectors, boosting overall market sentiment.
In the broader context of 2025’s IPO wave and investment sentiment:
With global supply-chain re-orientation and demand for aerospace components gradually recovering post-pandemic, Aequs’s timing may align with macro supply-chain restructuring.
For
For growth-oriented but risk-aware investors: The IPO could be a speculative entry with possible upside, provided the company executes on volume growth and margin expansion.
As many 2025 IPOs chase glamour and high-valuation buzz, Aequs stands out as one rooted in heavy industry, manufacturing, and global-supply-chain inputs, sectors often skipped in frothy bull markets.
That could make it a “hidden value” IPO for investors looking beyond short-term hype.
If Aequs manages to scale operations, improve utilisation, and stabilise profitability, possibly supported by manufacturing tailwinds globally, its public listing could mark the beginning of a multi-year value creation journey.
Aequs is a contract-manufacturing firm that makes precision components especially for aerospace (engine systems, air-frame structures, cargo/landing systems) and also caters to consumer durables and electronics segments.
Aequs raised ₹144 crore in a pre-IPO placement to institutional investors, which reduced the fresh equity issue size from earlier ~₹720 crore to ~₹576-670 crore.
Key risks include heavy dependence on a few large customers, under-utilised capacity (especially outside aerospace), and execution risk in scaling up volume or winning sustained contracts.
A patient, fundamentals-oriented investor, someone comfortable with industrial-capex plays, willing to wait 2-5 years for potential turnaround and value realisation rather than fast returns.
Aequs’s upcoming IPO blends global manufacturing scale, aerospace supply-chain relevance, and a chance for Indian investors to own part of a company with export-oriented, industrial-heavy operations.
The opportunity lies in a possible structural rebound: if Aequs scales up utilisation, secures long-term contracts from OEMs, and converts its manufacturing capabilities into consistent profits, early investors could stand to gain.
But the path is bumpy. The firm currently bears losses, capacity under-utilisation, and revenue concentration risk. Success will depend heavily on execution.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
[1] https://www.ndtvprofit.com/ipos/aequs-sets-price-band-ipo-to-open-on-dec-3-check-details
