Aequs IPO Lists at Nearly 13% Premium After Strong Subscription

Mumbai | 10 December,2025 

Subscription and Investor Demand

The Aequs IPO mobilised ₹921.81 crore, including a fresh equity issue of ₹670 crore and an offer for sale of ₹251.81 crore by existing shareholders. Demand from institutional and high-net-worth investors remained robust, supported by strong retail participation.

Aequs delivered moderate listing gains to successful allottees, as the debut price offered a return of nearly ₹17,000 per allotment lot based on 120 shares per lot.

The anchor placement ahead of the IPO raised ₹413.92 crore, attracting prominent funds such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, Motilal Oswal MF, BlackRock Global Funds, Steadview Capital and Citigroup. Anchor participation added credibility and helped build momentum for the public issue.

Listing premium vs grey market expectations
Aequs’ listing premium has come in lower than what many market commentators had anticipated. Before listing, media reports suggested that unlisted shares of the company were reflecting a grey market premium (GMP) of over 19 percent above the IPO price. However, the actual listing premium was closer to 13 percent, indicating a more moderate market response on debut.

Note: Grey market premium is an unofficial indicator used by market participants and does not guarantee listing performance or future returns.

About Aequs Limited

Aequs Limited is a precision-engineering and contract manufacturing company with a strong track record in aerospace component machining and assemblies for international OEMs. Over time, the company has extended its manufacturing capabilities into consumer electronics, plastics and consumer durables, enabling wider sector exposure and diversified revenue streams.

Aequs operates through integrated manufacturing ecosystems, enabling scale, cost efficiency, long-term contract relationships and higher operating leverage. Its aerospace-focused engineering expertise has positioned it as a relevant supplier in global manufacturing value chains.

How the IPO Funds Will Be Utilised

Capital raised from the fresh issue will support:

• Repayment of borrowings for Aequs Ltd and two subsidiaries
• Purchase of manufacturing equipment and expansion capacity
• Strategic initiatives and selective acquisitions
• Working capital requirements and general corporate purposes

Debt optimisation and capacity enhancement are key areas that investors may continue to monitor over the next few quarters.

Post-Listing Indicators to Watch

After listing, market observers may track:

• Growth in order visibility across aerospace and consumer segments
• Utilisation levels and operating margins
• Efficiency in managing working capital and debt reduction
• Expansion into higher-value engineered components and assemblies

These indicators help assess manufacturing execution and scalability, especially in a sector where capital intensity and long fulfilment cycles are common.

Execution Considerations and Sector Risks

Contract manufacturing and precision engineering require consistent delivery, cost discipline and stable supply chains. Working-capital intensity, OEM dependency and long-term order cycles may influence operating economics. Short-term stock fluctuations are possible if utilisation rates, contract timelines or margin performance differ from assumptions implied during the IPO.

Market Interpretation After Listing

The near 13% listing premium reflects constructive sentiment around Aequs’ aerospace capabilities, diversified manufacturing footprint and strong institutional subscription. However, medium-term perception will depend on execution quality, debt rationalisation, utilisation progress and the ability to enhance operating metrics without margin pressure.

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