31 Mar 2023
Assets1,321.69
Total Income840.54
EBITDA63.06
Profit After Tax-109.50
NET Worth251.91
Reserves and Surplus-146.15
Total Borrowing346.14
At a glance
Updated 2026-09-10The shares listed at ₹140.00, a 12.90% move from the issue price. Aequs is a Mainboard IPO with an issue size of ₹921.81 crore, proposed for listing on BSE, NSE. The offer opens on 3rd Dec 2025 and closes on 5th Dec 2025. The issue structure includes a fresh issue of ₹670.05 crore and an offer-for-sale component of ₹251.76 crore. The current listing schedule points to 10th Dec 2025.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹921.81 Cr
Fresh issue₹670.05 Cr
Offer for sale₹251.76 Cr
Face value₹10
Price band₹118.00–₹124.00
Allotment8th Dec 2025
Listing10th Dec 2025
Listing performance
Full performance ↗Issue price₹124.00
Listing price₹140.00
Current price—
Listing gain12.90%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹24.00
GMP / upper price19.35%
Est. listing₹148.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens3rd Dec 2025
Closes5th Dec 2025
Allotment8th Dec 2025
Refund9th Dec 2025
Demat9th Dec 2025
Listing10th Dec 2025
Subscription demand
Full bidding ↗QIB122.93×
sHNI91.13×
bHNI79.86×
NII / HNI79.86×
Retail81.03×
Total104.26×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 120 | ₹14,880 |
Company
Incorporated2000
Use of proceeds
| Object | Amount |
|---|---|
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by The Company | ₹17.55 Cr |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | ₹415.62 Cr |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by company & wholly-owned Subsidiaries, AeroStructures Manufacturing India Pvt.Ltd., through investment in such Subsidiary | ₹64.00 Cr |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | ₹125.21 Cr |
| Issue Expenses | ₹65.74 Cr |
| Total | ₹688.12 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue565.55₹ Cr · -41.0% vs prior year
EBITDA84.11₹ Cr · -22.1% vs prior year
PAT-16.98₹ Cr · +83.4% vs prior year
Assets2,134.35₹ Cr · +14.8% vs prior year
Net Worth796.04₹ Cr · +12.5% vs prior year
Borrowing533.51₹ Cr · +22.1% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets1,822.98
Total Income988.30
EBITDA145.51
Profit After Tax-14.24
NET Worth807.17
Reserves and Surplus-15.31
Total Borrowing291.88
30 Sep 2024
Assets1,863.50
Total Income475.51
EBITDA57.82
Profit After Tax-71.70
NET Worth731.65
Reserves and Surplus-90.83
Total Borrowing384.79
31 Mar 2025
Assets1,859.84
Total Income959.21
EBITDA107.97
Profit After Tax-102.35
NET Worth707.53
Reserves and Surplus135.09
Total Borrowing437.06
30 Sep 2025
Assets2,134.35
Total Income565.55
EBITDA84.11
Profit After Tax-16.98
NET Worth796.04
Reserves and Surplus200.43
Total Borrowing533.51
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| ROE | -14.30% |
| ROCE | 0.87% |
| Debt / Equity | 0.99% |
| RoNW | -14.47% |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
Valuation & shareholding
Pre-IPO EPS-1.66
Post-IPO EPS-ve
Pre-IPO P/E-74.71
Post-IPO P/E-ve
Promoter holding pre64.48%
Promoter holding post59.09%
Market cap₹8316.06 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Aequs IPO | — | -244.92 x | — | — |
| Lumino Industries IPO | — | 15.62 x | — | — |
| Hytech Engineers IPO | — | 22.27 x | — | — |
| Technocraft Ventures IPO | — | 19.38 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by The Company | ₹17.55 Cr |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | ₹415.62 Cr |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by company & wholly-owned Subsidiaries, AeroStructures Manufacturing India Pvt.Ltd., through investment in such Subsidiary | ₹64.00 Cr |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | ₹125.21 Cr |
| Issue Expenses | ₹65.74 Cr |
| Total | ₹688.12 Cr |
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- Kotak Mahindra Capital Co.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-10.
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