Precision engineering and manufacturing firm Aequs Limited on December 3, 2025 raised its Rs. 921.81 crore in initial public offering (IPO) was opened. Investor response was strong from day 1, with the issue oversubscribed 2.1 times, receiving 8.64 crore bids against 4.20 crore shares offered. The retail quota saw particularly strong participation, which was oversubscribed 7 times on the opening day.

In the gray market, Aequs shares traded at Rs. 124 per share was seen trading at a premium of 37% over the issue price, which was around Rs. 170 suggests a possible listing. The three-day bidding window will remain open until December 5, 2025. The IPO allotment is expected on December 8, with listing on BSE and NSE likely on December 10.

Aequs IPO Subscription Status

According to BSE data at 1:30 PM on the first day of the IPO, investor participation has been strong across categories, taking the overall subscription of shares on offer to 2.1 times.

Retail Individual Investors (RIIs) – 7.05× (76.91 lakh shares): The retail segment showed extraordinary enthusiasm, with retail bids exceeding the allotted quota by more than seven times. This shows the strong interest of small investors.

Non-Institutional Investors (NIIs) – 1.59× (1.51 lakh shares): High-net-worth and non-institutional investors subscribed 1.59 times their reserved shares, highlighting solid but more measured demand compared to the retail category.

The QIB segment has seen no participation so far, with zero bids received against the 2.26 crore shares allotted to institutional investors.

Aequs IPO GMP today

Investors cheered in the gray market, where GMP rose to Rs. 46.5 has reached, which is Rs. Above 124 implies a 37.5% premium over the issue price. This reflects strong demand and per share at around Rs. 170.5 points to a possible listing price.

IPO price band and structure

The Aequs IPO price per share is Rs. 118-124 in the range and Rs. 251.81 crore with an offer for sale (OFS) of 2.03 crore shares at Rs. 670 crore including fresh issue of 5.40 crore shares.

Retail investors can participate by applying for a minimum of 120 shares, at the upper end of the price band of Rs. 14,880 translates to an investment of Rs.

Strong pre-IPO institutional interest

Aequs raised Rs. 123.97 per share at Rs. 144 crore was raised. Participating institutional investors include SBI Mutual Fund, DSP India Fund and Think India Opportunities Master Fund, reflecting early confidence in the company.

Company Overview

Aequs is a vertically integrated precision engineering company serving the aerospace, consumer durables and manufacturing sectors. The firm has built strong partnerships with global OEMs, supplying high-precision, critical components.

Financially, Aequs in FY25 raised Rs. 102 crore, which in FY24 was Rs. 14.24 crores. Its total income is Rs. 988 crore to Rs. 959 crores has decreased slightly to 3%.

Analyst Views: Should You Subscribe?

SBI Securities recommends subscribing, highlighting Aequs’ deep integration into the aerospace component ecosystem, high entry barriers and large order books from OEMs such as Boeing and Airbus. They note that IPO proceeds will go toward debt repayment, which could improve profitability. At the upper price band of Rs 124, the stock is valued at 8.7x EV/sales, which is considered attractive for investors.

Ventura Securities is also backing the IPO, emphasizing Aequs’ vertically integrated operations in machining, forging and assemblies. This multi-stage integration offers value capture and competitive cost advantages at every step. While profitability is not yet consistent, improvements in operational leverage could increase margins over time.

Swastik Securities sees the IPO as an opportunity for investors seeking exposure to the aerospace and defense supply chain. Despite current losses, the company’s lower valuation relative to peers (price-to-book ~9.9x vs. 15–20x) makes it attractive to aggressive, long-term investors.

Also Read: Meesho, Aix or Vidya Wire? Analysts’ top IPO picks don’t have the highest GMPs

Issue Manager

The IPO is jointly managed by JM Financial, IIFL Capital and Kotak Mahindra Capital, with KFin Technologies serving as registrar.

(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)