Aequs IPO Day 1 LIVE: Issue booked over 3.5x; GMP, subscription status, price band, other key details. Should you apply?

The Aequs IPO received bids for 14.59 crore shares against an issue size of 4 crore shares. Retail investors placed bids for 9 crore shares, significantly higher than their allocation of 74.16 lakh shares.

The Non-Institutional Investor (NII) segment bid for 3.94 crore shares, exceeding their allocation of 1.11 crore shares, while the Qualified Institutional Buyer (QIB) segment placed bids for 1.50 crore shares, lower than their allocation of 2.22 crore shares.

Meanwhile, the employee portion received bids for 13 lakh shares, sharply higher than the allotted 1.76 lakh shares.

The IPO of Aequs Ltd. received a strong response from investors across categories on the opening day of bidding. The issue was fully subscribed within hours of opening and closed the day with an overall subscription of 3.55 times.

Among the investor segments, the Retail Individual Investors category saw the highest interest at 12 times subscription, followed by non-institutional investors at 3.54 times. The Qualified Institutional Buyers (QIB) portion was subscribed 0.68 times, as per the exchange data. Meanwhile, the employee quota was also oversubscribed by 7.30 times.

In the past, the company undertook strategic acquisitions to enhance its offerings and leverage technology available in the USA and France. In 2015, Aequs acquired T&K Machine (renamed Aequs Aero Machine Inc.), a producer of machined parts and assemblies for the aerospace industry. This acquisition helped the company expand its footprint in the North American market and continues to serve as a manufacturing and logistics facility for customers such as Boeing and Spirit.

In 2016, the company acquired the SIRA Group in France, which provided machining, assembly, fabrication, and testing capabilities. This acquisition also enabled Aequs to be closer to its Europe-based clients, including Safran and Collins Aerospace.

As of September 30, 2025, the company had produced over 5,000 products within the Aerospace Segment under various manufacturing and assembly programs established with its aerospace customers, including programs for single-aisle (A220, A320, B737) and long-range (A330, A350, B767, B777, B787) commercial aircraft. As of March 31, 2025, it had one of the largest aerospace product portfolios in India.

The company is also a Tier-1 supplier of highly engineered precision components to several global OEMs, offering a diversified range of products across both the Aerospace and Consumer segments, its RHP showed.

Domestic brokerage firm Anand Rathi has given the IPO a “Subscribe – Long Term” rating, highlighting the company’s strong long-term growth potential. The firm noted the company aims to deepen wallet share with existing aerospace customers by moving up the value chain, while also broadening its customer base in the aerospace segment.

It also pointed out that the company plans to expand its consumer electronics portfolio by leveraging advanced aerospace capabilities to scale manufacturing, grow its customer base, and increase wallet share. While the consumer business adds significant upside, smooth execution will be key to achieving future profitability.

Aequs IPO LIVE: On the financial front, Aequs Ltd has demonstrated CAGR growth of 7%/46%/-2.9% in Revenue/EBITDA/PAT between FY23 and FY25. Given its strong positioning within the global aerospace supply chain, reinforced by high entry barriers, long-standing OEM relationships and a differentiated, integrated manufacturing model, BP Equities believes Aequs is well placed to benefit from the ongoing commercial aerospace upcycle and the structural shift toward outsourcing to cost-competitive, capability-rich suppliers.

While the consumer segment remains in a build-out phase, its long-term potential, combined with the robust and predictable aerospace business, provides a balanced growth runway. In light of these strengths, we recommend a “Subscribe” rating for this issue, BP Equities said.

Aequs IPO LIVE: Aequs IPO has been subscribed 2.42 times so far, NSE data as at 2:30 PM showed. The Retail Investors category is booked 8.63 times, and the Non-Institutional Investors (NII) segment is subscribed 2.03 times so far. The Qualified Institutional Buyers (QIB) category received 48% subscription.

Aequs IPO LIVE: Aequs is India’s only precision component manufacturer operating within a single Special Economic Zone (SEZ) to offer fully vertically integrated manufacturing capabilities in the Aerospace segment. The company offers a diverse product portfolio which includes components for engine systems, landing systems, cargo & interiors, structures, assemblies and tuning for its aerospace clients.

While primarily operating in the Aerospace segment, the company has expanded its product portfolio to include consumer electronics (portable computers & smart devices), plastics (outdoor toys, figurines & toy vehicles) and consumer durables (cookware & small home appliances) for its consumer clients.

Aequs IPO LIVE: The company plans to utilise the net issue proceeds for repayment and/or payment, in full or part, of certain outstanding borrowings and prepayment penalties, funding capital expenditure to be incurred on account purchase of machinery and equipment, funding inorganic growth through unidentified acquisitions, other initiatives and general corporate purposes.

Aequs IPO LIVE: JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the Aequs IPO registrar.

Aequs IPO LIVE: Aequs Ltd has embedded itself in the global commercial aircraft component ecosystem, an industry which has high entry barriers. Both the leading OEMs - Boeing and Airbus have large order books for aircraft which should translate into robust demand for components.

“The Aerospace segment is operationally profitable with consistently improving EBITDA margin. The planned debt repayment from the IPO proceeds will result in substantial savings on interest cost which should also result in the company turning profitable at the PAT level. At the upper price band of ₹124, Aequs stock is valued at 8.7x EV/Sales on post issue capital. We recommend investors to Subscribe to the issue at the cut-off price,” said SBI Securities.

Aequs IPO LIVE: Aequs IPO is subscribed 1.37 times so far, NSE data as at 12:20 PM showed. The Retail investors category is booked 5.60 times, and the Non-Institutional Investors (NII) segment is subscribed 1.21 times so far. The Qualified Institutional Buyers (QIB) category are yet to bid for the issue.

Aequs IPO LIVE: Aequs shares are witnessing a strong premium in the grey market today. According to market experts, Aequs IPO GMP today has risen to ₹46.5 per share. This indicates that in the grey market, Aequs shares are trading higher by ₹46.5 apiece than their issue price.

Aequs IPO GMP today signals that the stock is trading at ₹170.5 apiece in the grey market, a premium of 37.5% to the issue price of ₹124 per share.

Aequs IPO LIVE: Here’s a look at key details of Aequs IPO

Aequs IPO LIVE: Aequs IPO has been fully subscribed within hours of opening on the first day of the bidding. Aequs IPO has been subscribed 1.03 times so far, as per NSE data as at 11:36AM. The Retail Investors category is booked 4.19 times, and the Non-Institutional Investors (NII) segment is subscribed 90% so far. The Qualified Institutional Buyers (QIB) category are yet to bid for the issue.

Aequs IPO LIVE: Aequs IPO is subscribed 83% so far, NSE data as on 11:15 AM showed. The Retail investors category is booked 3.39 times, and the Non-Institutional Investors (NII) segment is subscribed 72% so far. The Qualified Institutional Buyers (QIB) category are yet to bid for the issue.

Aequs IPO LIVE: The company has reserved 75% of the net offer for Qualified Institutional Buyers (QIB), 10% for Retail Investors and 15% for Non-Institutional Investors (NII).

Aequs IPO LIVE: Aequs IPO lot size is 120 shares. The minimum investment amount required by retail investors is ₹14,880 per lot, based on the upper-end of the IPO price band.

Aequs IPO LIVE: Aequs IPO price band is set at ₹118 to ₹124 per share. At the upper-end of the price band, the company plans to raise ₹921.81 crore from the book-building issue which comprises a mix of fresh issue of 5.40 crore shares worth ₹670 crore, and an OFS of 2.03 crore shares worth ₹251.81 crore.

Aequs IPO LIVE: Aequs IPO opened on Wednesday, December 3, and will close on Friday, December 5. The IPO allotment date is likely December 8, and the IPO listing date is December 10. Aequs shares will be listed on both the stock exchanges, BSE and NSE.

Aequs IPO LIVE: The initial public offering (IPO) of Aequs Ltd opens for subscription today, 3 December 2025, Wednesday, with an aim to raise nearly ₹922 crore from primary market. The three-day bidding period will end on Friday, December 5.