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15 Days Price Change

Aequs IPO

Closing In

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Issue Size 521.13 Cr
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Price Range 118  to  124 per share
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Min Investment ₹124
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Lot Size 1
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Face Value ₹10
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Draft Prospectus
Invest Before the IPO Goes Live

Buy unlisted shares early and participate in the growth before public listing.

Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets us apart from other contract manufacturers with selective manufacturing capabilities amongst our peers (Source: F&S Report, see “Industry Overview”, para 2 on page 223). Precision components are precisely machined parts that are designed and manufactured to exact specifications and are commonly supplied to OEM customers and system integrators. We had one of the largest portfolios of aerospace products in India, as of March 31, 2025 (Source: F&S Report, see “Industry Overview”, para 2 on page 231). Our diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for our aerospace clients. For the Financial Year 2025, our net external revenue from the Aerospace Segment was ? 8,246.41 million. Our advanced manufacturing capabilities also enable us to enter into new business segments by leveraging existing capabilities. While we primarily operate in the Aerospace Segment, over the years, we have expanded our product portfolio to include consumer electronics, plastics, and consumer durables for our consumer clients. Our diverse consumer product portfolio includes consumer durables such as cookware and small home appliances, plastics such as outdoor toys, figurines, toy vehicles and components for consumer electronics such as portable computers and smart devices. Read More

Basic Info

Face Value 10 per share

Price 118  to  124 per share

P/E (x) -68.9

Sales( Cr.) 925

PAT( Cr.) -102

EPS -1.8

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

Aravind Shivaputrappa Melligeri Aequs Manufacturing Investments Pvt Ltd. Melligeri Private Family Foundation The Melligeri Foundation

Pre Issue Share Holding 64.48%

Post Issue Share Holding 59.08%

Listing Details:

Listing Price: 140

Listing Gain: 11.43%

Current Price: 196

Gain On Issue: 196 | 0%

GMP: 24

GMP %: 19.4 %

IPO Tentative Timetable

Opening Date Dec 03, 2025
Closing Date Dec 05, 2025
Allotment Dec 08, 2025
Refund Dec 09, 2025
Delivery of Shares Dec 09, 2025
Listing Date Dec 10, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 120 14,880
Retail (Max) 13 1560 193,440
S-HNI (Min) 14 1680 208,320
S-HNI (Max) 67 8040 996,960
B-HNI (Min) 68 8160 1,011,840

Objective of the Issue

1. Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: (a) Our Company (b) two of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited and Aequs Consumer Products Private Limited, through investment in such Subsidiaries 2.Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: (a) our Company (b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary 3. Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.

Issue

Category Nos Bid Bid (x)
QIB 22610608 2734134360 120.9x
NII 11537634 930167880 80.6x
Retail 7691756 600337560 78x
EMP 186915 6700920 35.9x
Total 42026913 4271340720 101.6x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Aequs Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 549 402 529 812 965 925
Other Income 18 31 9 28 23 35
Total Income 567 433 538 841 988 959
Total Expenditure 490 427 516 774 837 846
Operating Profit 77 5 23 67 151 113
Interest 48 50 44 69 69 64
Depreciation 59 78 75 100 108 103
Exceptional Income / Expenses -0 0 -13 -1 19 -48
Profit Before Tax -31 -123 -108 -103 -2 -94
Provision for Tax -20 -9 -5 6 10 8
Profit After Tax -12 -114 -103 -109 -12 -102
Adjustments -63 33 -3 10 1 0
Profit After Adjustments -74 -81 -106 -99 -11 -102
Adjusted Earnings Per Share -3.4 -3 -2.7 -2.3 -0.3 -1.8

Aequs Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 95 177 292 279 817 717
Minority's Interest -4 -5 -0 -11 -1 -1
Borrowings 119 78 85 125 86 142
Other Non-Current Liabilities 126 177 228 322 332 292
Total Current Liabilities 508 406 489 577 558 676
Total Liabilities 873 835 1094 1291 1791 1827
Fixed Assets 374 395 541 677 660 525
Other Non-Current Assets 94 90 107 110 294 558
Total Current Assets 362 350 445 503 836 744
Total Assets 873 835 1094 1291 1791 1827

Aequs Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 35 21 85 83 51 79
Cash Flow from Operating Activities 44 66 -1 10 -19 26
Cash Flow from Investing Activities -30 44 -87 -89 -343 -74
Cash Flow from Financing Activities -6 -29 84 54 393 25
Net Cash Inflow / Outflow 7 80 -3 -25 31 -22
Closing Cash & Cash Equivalent 15 85 83 51 79 61

Aequs Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -3.35 -3.01 -2.68 -2.33 -0.26 -1.76
CEPS(Rs) 2.16 -1.35 -0.71 -0.22 2.25 0.02
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 3.42 5.86 6.85 6.03 9.5 12.2
Core EBITDA Margin(%) 10.74 -6.4 2.49 4.76 13.23 8.52
EBIT Margin(%) 3.09 -18.03 -12.25 -4.2 6.94 -3.22
Pre Tax Margin(%) -5.72 -30.59 -20.47 -12.64 -0.23 -10.18
PAT Margin (%) -2.11 -28.37 -19.45 -13.39 -1.26 -11.08
Cash Profit Margin (%) 8.7 -8.99 -5.35 -1.13 9.9 0.11
ROA(%) -1.33 -13.34 -10.67 -9.12 -0.79 -5.66
ROE(%) -15.3 -97.77 -48.03 -41.22 -3.68 -18.4
ROCE(%) 4.46 -17.51 -12.71 -5.78 7.82 -2.64
Receivable days 53.75 64.59 57.43 47.74 46.14 57.93
Inventory Days 144.03 177.59 134.04 115.32 123.41 150.48
Payable days 322.34 247.77 216.51 191.25 187.61 201.67
PER(x) 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.93 1.16 1.15 0.88 0.9 1.01
EV/Core EBITDA(x) 6.64 86.3 27.13 10.63 5.77 8.24
Net Sales Growth(%) 0 -26.92 31.78 53.49 18.83 -4.19
EBIT Growth(%) 0 -525.88 10.5 47.38 296.42 -144.41
PAT Growth(%) 0 -881.9 9.66 -5.66 88.83 -743.16
EPS Growth(%) 0 10.26 10.86 13.26 89.03 -589.26
Debt/Equity(x) 4 1.82 1.11 1.35 0.36 0.61
Current Ratio(x) 0.71 0.86 0.91 0.87 1.5 1.1
Quick Ratio(x) 0.29 0.43 0.47 0.35 0.86 0.5
Interest Cover(x) 0.35 -1.44 -1.49 -0.5 0.97 -0.46
Total Debt/Mcap(x) 0 0 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -4% 20% 11% 0%
Operating Profit CAGR -25% 70% 8% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average -18% -21% -42% -37%
ROCE Average -3% -0% -6% -4%

Company Contact Information

Aequs Ltd.

Ravi Mallikarjun Hugar

91 96 3205 8521

investor.relations@aequs.com

Aequs Tower, No. 55 Whitefield Main Road Mahadevapura Post

IPO Lead Manager(s)

Aequs Ltd.

JM Financial Ltd.

IIFL Capital Services Ltd.

Kotak Mahindra Capital Co Ltd

Registrar Info

Aequs Ltd.

KFIN Technologies Ltd.

301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, Kurla (West), Kurla, Mumbai, Mumbai, Maharashtra, India, 400070

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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