Aequs IPO Day 2: GMP, subscription status, review, other key details. Should you apply?

Aequs IPO: The initial public offering (IPO) of Aequs Ltd enters its second day of bidding today, 4 December 2025. Aequs IPO got oversubscribed on the first day of the subscription period with two more days to go.

Aequs IPO commenced on December 3, Wednesday, and will conclude on December 5, Friday. The IPO allotment date is likely December 8, and the IPO listing date is December 10. Aequs shares will be listed on BSE and NSE.

Aequs IPO price band is set at ₹118 to ₹124 per share. At the upper-end of the price band, the company aims to raise ₹921.81 crore from the book-building issue which comprises a combination of fresh issue of 5.40 crore equity shares worth ₹670 crore, and an offer-for-sale (OFS) component of 2.03 crore shares amounting to ₹251.81 crore.

The company plans to utilise the net issue proceeds for repayment or payment 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.

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

Here’s what Aequs IPO GMP signals, subscription status and review.

Aequs IPO Subscription Status

Aequs IPO got subscribed 3.42 times on December 3, the first day of the bidding process, NSE data showed. The Retail Investors category was booked 11.46 times, and the Non-Institutional Investors (NII) segment was subscribed 3.40 times. The Qualified Institutional Buyers (QIB) category received 66% subscription.

Aequs IPO GMP Today

The grey market premium (GMP) for Aequs shares remains strong on the second day of the bidding. According to websites tracking the grey market, Aequs IPO GMP today is ₹45.5 per share. This indicates that in the grey market, Aequs shares are trading higher by ₹45.5 apiece than their issue price.

Aequs IPO GMP today signals that the stock is trading at ₹169.5 apiece in the grey market, which is at a premium of nearly 37% to the issue price of ₹124 per share.

Aequs IPO: Apply or not

Aequs Ltd is the only precision component manufacturer in India operating within a single Special Economic Zone to offer fully vertically integrated manufacturing capabilities in the aerospace segment.

Rajan Shinde, Research Analyst, Mehta Equities Ltd believes Aequs IPO brings investors an opportunity to invest in one of India’s most advanced and fully integrated aerospace precision-manufacturing platforms.

While the company reported muted financial performance, the revenue from operations growth of 18.8% in FY24 followed by a 4.2% decline in FY25, with losses driven largely by a slowdown in the consumer division and strategic business transitions. While the core aerospace segment continues to demonstrate strong and structural momentum.

“On valuation at parse, at the upper price band of ₹124, Aequs IPO is asking for a market cap of ₹8,316 crore. Based on FY2026 annualised earnings, the company is asking for a price to book value of 5.7x which seems reasonable compared to its listed peer trading at an average of ~10x. Considering its strong competitive moat, global customer base, and alignment with the rising aerospace manufacturing opportunity in India, we recommend investors to subscribe to the Aequs IPO for a long-term perspective,” said Shinde.

Geojit Investments noted that at the upper price band of ₹124, Aequs Ltd is valued at 9x FY25 Mcap/Sales, which is reasonable compared to peers.

“Strong relationships with marquee customers, a strategy to move up the value chain into complex components, and IPO-led debt reduction position the company for margin expansion and growth. Though currently loss-making, long-term prospects are supported by aerospace tailwinds and diversification into consumer durables. We recommend a ‘Subscribe’ rating for high-risk investors with a long-term horizon,” said the brokerage firm.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.