Aequs IPO Listing Sees 101.63× Subscription Ahead of Listing

Aequs Limited is a precision-engineering and aerospace components manufacturer set to list on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) soon.

Aequs IPO issue size is ₹922 crore, and this has drawn significant interest from both institutional and retail investors ahead of the listing. Aequs IPO GMP indicates a strong premium, reflecting high investor confidence in Aequs’ business model and growth potential.

Aequs IPO Subscription & GMP Snapshot

Investor Category	Subscription (Times)
Qualified Institutional Buyers (QIBs)	~122.93×
Non-Institutional Investors (NIIs)	~83.61×
Retail Investors (RIIs)	~81.03×
Overall	~101.63× on final day

The broad oversubscription, especially strong interest from institutions, reflects solid confidence in Aequs’ business model and growth prospects. Anchor investors contributed significantly, with the company raising about ₹414 crore from 33 anchor entities at ₹124 each.

Aequs IPO Structure & Use of Proceeds

The Aequs IPO is a combination of a fresh issue of approximately ₹670 crore and an offer for sale of around ₹252 crore.

• IPO Price Range: ₹118 – ₹124 per share
• Total Issue Size: About ₹922 crore, including new shares worth ~₹670 crore and existing shareholder sale of ~₹252 crore
• Retail Investment Lot: 120 shares (minimum investment around ₹14,880 at the top price)

Money from new shares will be used to pay off or reduce debt, invest in expanding aerospace manufacturing capacity, and support growth plans such as acquisitions or scaling operations.

About Aequs

Aequs is a vertically integrated precision-manufacturing firm operating from a Special Economic Zone (SEZ), offering end-to-end aerospace component manufacturing: from machining, forging, surface treatment, to final assembly.

It primarily serves global aerospace OEMs (original equipment manufacturers), supplying components for major aircraft platforms. The business model is export-driven, with aerospace contributing roughly 89% of FY25 revenue; the remainder comes from its consumer-durables and other manufacturing businesses.

Given its high-precision capabilities, diversified order book, and global OEM clients, Aequs is positioned as one of India’s few integrated aerospace-manufacturing firms, a potential beneficiary of rising global outsourcing in aerospace.

Competitor Analysis

Financial Comparison of Listed Peers (Publicly Available Figures)

(All values in ₹ crore; latest available annual results)

Company	FY25 Revenue	FY25 PAT	Market Cap (Approx.)
Dynamatic Technologies	~₹1,630 crore	~₹55 crore	~₹7,800 crore
MTAR Technologies	~₹1,253 crore	~₹244 crore	~₹12,500 crore
Paras Defence & Space Tech	~₹344 crore	~₹31 crore	~₹3,400 crore
Aequs Ltd (IPO)	₹959.21 crore (FY25)	–₹102.35 crore (FY25 loss)	To be discovered on the listing

(All data taken from the latest public annual reports, earnings releases, and exchange filings.)

As of FY25, Aequs shows a net loss. However, Aequs’ integrated SEZ-based aerospace manufacturing model, export-heavy revenue, and strong global OEM relationships give it a structural advantage once scale efficiencies kick in.

Peers like MTAR and Dynamatic enjoy higher valuations due to established profitability, meaning Aequs’ post-listing trajectory will depend heavily on how soon it can turn profitable and leverage its expanded capacity.

Aequs IPO Review

Aequs offers a high-barrier, export-focused manufacturing opportunity with strong potential for growth. Its integrated aerospace platform, established global OEM relationships, and planned capacity expansion make it appealing for long-term investors.

However, near-term profitability remains a concern. With losses in FY24 and FY25, the IPO is more of a structural bet on future growth and sector tailwinds than a quick listing-day gain play. Given the substantial Aequs GMP and strong subscription, listing could see a decent start, but long-term returns will depend heavily on execution, global demand revival, and efficient use of proceeds.