Highlights: Aequs IPO GMP, Subscription Status- Aequs, a precision manufacturing company with a presence in aerospace, electronics and consumer durables, entered Day 3 of bidding today, December 5. The IPO opened its initial public offering (IPO) for subscription on Dec 3. The issue will be available for investors till Friday, December 5. The IPO was fully subscribed within hours, with the retail segment seeing strong ask.
Let’s take a look at the key details of this mainboard issue-
Aequs IPO: Price range and overall issue size
The company has set the IPO price band between Rs 118 and Rs 124 per share. At the upper end of the price range, the total issue size works out to Rs 921.81 crore.
| Aequs IPO | Key Details |
| Price Band | Rs 118-124 per share |
| IPO Date | December 3-5 |
| GMP | 37% |
| IPO Allotment date | December 8 |
| Listing date | December 10 |
The offer includes a fresh issue of 5.40 crore shares, helping the company raise Rs 670 crore. On the other side, existing shareholders will sell 2.03 crore shares through an offer for sale worth Rs 251.81 crore.
Aequs IPO: How Aequs plans to use the IPO money
Aequs intends to deploy part of the proceeds to repay or prepay certain borrowings. A portion will also support new machinery purchases as part of the company’s capital expenditure plans. The remaining funds will be used for potential acquisitions, other strategic activities and general corporate needs.
Aequs IPO: Allotment and listing
The IPO allotment is expected on December 8, while the shares are likely to debut on the BSE and NSE on December 10.
Aequs IPO Opens for Subscription Live: Follow Live Coverage on Aequs IPO GMP, Subscription Status, Allotment, Listing Date and More
Aequs IPO Subscription Status, GMP Live Day 3: Final subscription at 101 times
Aequs Ltd IPO received 101.63 times subscription on the closing day of the share sale on Friday.
The IPO got bids for 4,27,13,15,160 shares against 4,20,26,913 shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) fetched 120.92 times subscription, while the quota for non-institutional investors got subscribed 80.62 times. The portion meant for Retail Individual Investors (RIIs) received 78.05 times subscription.
The company derives a significant portion of its net external revenue from the Aerospace Segment (88% for H1 FY26 and 89% for FY25) and thus, is heavily dependent on the performance of the global aerospace industry, particularly in the US, France and India, which are the main markets that it sells products to. Hence, any decrease in demand for products within the Aerospace Segment or any development that makes the sale of products within the Aerospace Segment less economically beneficial may adversely affect Aequs’ business.
Aequs IPO Subscription Status, GMP Live Day 2: Industry Outlook
The global aerospace market is projected to grow at a CAGR of 6.38% through CY2030, driven by rising air travel demand and a robust order backlog for major OEMs like Airbus and Boeing. This provides a stable demand outlook for Tier-1 component suppliers. The Indian aerospace manufacturing market is also expanding rapidly, supported by government initiatives aimed at increasing indigenous production and exports.
Aequs IPO Subscription Status, GMP Live Day 3: Vast product portfolio
As of September 30, 2025, Aequs produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with their aerospace customers, including programs for single-aisle (such as A220, A320, B737) and long-range (A330, A350, B777, B787) commercial aircraft. The company had one of the largest portfolios of aerospace products in India as of March 31, 2025.
Aequs IPO Subscription Status, GMP Live Day 3: Aims to rise in value chain
The company continues to maintain its capacity in 3-axis and 4-axis machining. Aequs' focus going forward is on expanding its capabilities in 5-axis machining, as it moves up the value chain.
Further, the company aims to leverage its existing aerospace manufacturing capabilities to diversify its customer base in the Aerospace Segment by pursuing opportunities to develop new relationships and strengthen its presence in the Aerospace Segment.
Aequs IPO Subscription Status, GMP Live Day 3: Manufacturing ecosystem helps large scale production
The company's manufacturing ecosystem enables large-scale, timely production of complex products, meeting global OEMs’ stringent requirements in both the Aerospace Segment and the Consumer Segment. In recent years, Aequs has strategically prioritised the selective outsourcing of lower value-added activities, including 3-axis and 4-axis machining, within and outside its manufacturing ecosystem to third-party subcontractors, allowing the company to concentrate on producing more complex and higher value components through higher value-added activities, including 5-axis machining.
Aequs IPO Subscription Status, GMP Live Day 3: Subscription status
The issue is witnessing overwhelming response from investors. The IPO was booked 30 times in total so far. The retail portion was booked 59.93 times, while the employee category was booked over 27 times. The non-institutional investors subscribed the issue 56.42 times. The qualified institutional investors booked the isssue 6.85 on the last day of its bidding.
Aequs IPO Subscription Status, GMP Live Day 3: Growth strategies
The company will move up the manufacturing value chain and diversify its customer base in the Aerospace segment to increase wallet share. It will expand the portfolio of consumer products, along with leveraging existing capabilities to increase market share in capability and sector adjacencies.
Aequs IPO Subscription Status, GMP Live Day 3: Focus on higher-value added activities
Over the years, Aequs has strategically prioritised selective outsourcing of lower value-added activities (such as 3-axis and 4-axis machining) to 3rd party subcontractors, allowing it to focus on the production of much more complex and higher value activities such as 5-axis machining.
Aequs IPO Subscription Status, GMP Live Day 3: Comprehensive product portfolio
As of September 2025, the company produced over 5,000 products within the Aerospace segment under a variety of manufacturing and assembly programs established with its aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B767, B777, B787) commercial aircraft.
Aequs IPO Subscription Status, GMP Live Day 3: SBI Securities on IPO valuation
"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 Rs 124, the 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 in an IPO note.
Aequs IPO Subscription Status, GMP Live Day 3: High entry barrier
Aequs has embedded itself in the global commercial aircraft component ecosystem, an industry that has high entry barriers. Both the leading OEMs - Boeing and Airbus have a large order book for aircraft, which should translate into robust demand for components. The Aerospace segment is operationally profitable with a consistently improving EBITDA margin.
Aequs IPO Subscription Status, GMP Live Day 3: High dependency on Aerospace segment
The company derives a significant portion of its net external revenue from the Aerospace Segment (88% for H1 FY26 and 89% for FY25) and thus, is heavily dependent on the performance of the global aerospace industry, particularly in the US, France and India, which are the main markets that it sells products to. Hence, any decrease in demand for products within the Aerospace Segment or any development that makes the sale of products within the Aerospace Segment less economically beneficial may adversely affect Aequs’ business.
Aequs IPO Subscription Status, GMP Live Day 3: Strategic acquisitions
In the past, the company undertook strategic acquisitions to further enhance its offerings and to leverage technology available in USA and France. In 2015, Aequs acquired T&K Machine (renamed to Aequs Aero Machine Inc.), a company that produces machined parts and assemblies for the aerospace industry and helped expand footprint in the North American market and continues to serve as a manufacturing and logistics facility for the North American customers such as Boeing and Spirit.
Aequs IPO Subscription Status, GMP Live Day 3: Listing date
Aequs is scheduled to list its shares on December 10, subject to regulatory clearances. After listing, the stock will begin regular trading on NSE and BSE.
Aequs IPO Subscription Status, GMP Live Day 3: Where investors can check allotment status
Allotment results can be accessed on platforms such as Kfin Technologies or via BSE/NSE portals. Investors need to enter details like PAN, application ID, or DP ID to see whether they have been allotted shares.
Aequs IPO Subscription Status, GMP Live Day 3: Allotment procedure and cnfirmation date
The basis of allotment is expected to be finalised on December 8, 2025, setting the stage for refunds and demat credits on December 9. Allotment will determine investor distribution across categories. Applicants will be able to check their status once the registrar uploads the final list on its portal.
Aequs IPO Subscription Status, GMP Live Day 3: Grey Market trend
Aequs’ grey market premium is hovering near Rs 41, indicating an estimating price of Rs 165. This is 33% higher over the issue’s upper price band of Rs 124.
However, it is important to note that this is not the actual listing price and may fluctuate based on the market condition.
Aequs IPO Subscription Status, GMP Live Day 3: Price band and investment thresholds
Aequs fixed its price band between Rs 118 and Rs 124, eventually setting the issue price at the upper limit. Retail investors must apply for a minimum lot of 120 shares, requiring an upfront outlay of about Rs 14,880.
Aequs IPO Subscription Status, GMP Live Day 3: How the issue is structured
The public offer combines a Rs 670 crore fresh issue with an Rs 251.81 crore OFS, allowing new funds to flow in while enabling partial exits. This mix gives the company room to adjust its balance sheet while existing owners reduce exposure. The structure follows standard allocation patterns across retail, QIB and NII segments.
Aequs IPO Subscription Status, GMP Live Day 2: Angel One on the IPO
Angel One in an IPO note said, “At the upper price band of Rs 124, Aequs is valued at 9.94× P/B as negative earnings make P/E irrelevant. The valuation reflects its integrated aerospace ecosystem, strong asset base and long cycle growth potential and a high barrier to entry business."
Aequs IPO Subscription Status, GMP Live Day 2: Latest GMP
The latest GMP for Aequs IPO stands at Rs 41. Given the IPO’s price band set at Rs 124, this puts the estimated listing price at around Rs 165. That translates into an expected gain of approximately 33.06% per share.
Aequs IPO Subscription Status, GMP Live Day 2: Expansion
The fresh capital from the IPO will help the company fund expansion in high-growth segments, including aerospace precision engineering and consumer electronics manufacturing.
Aequs IPO Subscription Status, GMP Live Day 2: Constraint on profitability
Aequs’ scale has improved since FY23, with revenue increasing from Rs 812.1 crore in FY23 to Rs 924.6 crore in FY25 and EBITDA strengthening from Rs 63.1 crore to Rs 108.0 crore over the same period. However, the company continues to report losses of Rs 102.4 crore in FY25, with ROCE at 0.87%, ROE at –14.3% and ROA at –5.5%, indicating that despite operational gains, profitability remains constrained by high depreciation, finance costs and a leveraged balance sheet.
Aequs IPO Subscription Status, GMP Live Day 2: Key risks
The volatility of raw material prices (such as steel, titanium, and alloys), the high capital investment required to maintain technologically advanced machinery, and intense competition from established global players pose key risks to the company. Furthermore, potential changes in U.S. tariff policies on Indian exports represent a notable geopolitical risk that could impact cost competitiveness.
Aequs IPO Subscription Status, GMP Live Day 2: Growth drivers
The consumer electronics segment is expected to drive significant growth. Aequs plans to use its aerospace capabilities to scale operations, broaden its client base, and move into higher-value manufacturing segments. Operational efficiency improvements are a key part of the strategy.
Aequs IPO Subscription Status, GMP Live Day 2: Key risks
As of FY25 and H1 FY26, the company’s top 10 customers contributed 89% and 83%, respectively, to the total revenue. As of FY23 and FY24, the company had faced a decrease in revenue from one of its largest customer groups, Hasbro, primarily due to a decrease in their overall volume of consumer products sold, which in turn led to a decrease in volume of products within the Consumer segment. Thus, any failure by the company to maintain relationships with these customer groups or any adverse changes affecting their financial condition may adversely affect the company’s business.
Aequs IPO Subscription Status, GMP Live Day 2: About the company
The company operates three manufacturing ecosystems in India and two dedicated aerospace facilities overseas, with a total capacity of 2,919,058 annual machining/moulding hours, over 200 CNC machines for aerospace production, and 161 moulding machines for consumer products. Aequs is also the only fully integrated aerospace precision manufacturer within a single SEZ in India—a high-entry-barrier sector requiring significant investment, proof-of-concept capabilities, and strong OEM relationships
Aequs IPO Subscription Status, GMP Live Day 2: Angel One on IPO valuation
"Elevated leverage, continued losses and the fact that a majority of IPO proceeds will go toward debt repayment rather than expansion weigh on near-term attractiveness. Overall, the IPO is best viewed with a long-term perspective and is therefore 'Subscribe with Caution' for long term investors," said Angel One.
Aequs IPO Subscription Status, GMP Live Day 2: Angel One on IPO valuation
"At the upper price band of Rs 124, Aequs is valued at 9.94× P/B as negative earnings make P/E irrelevant. The valuation reflects its integrated aerospace ecosystem, strong asset base and long cycle growth potential and a high barrier to entry business," said Angel One in an IPO note.