Aequs IPO Sees 5.43x Subscription; GMP at ₹45.5 Signals Nearly 37% Listing Gains

The Aequs IPO saw strong investor traction on its final bidding day, with demand rising across retail, employee and non-institutional categories. The aerospace and precision engineering company aims to utilise the IPO proceeds for capacity expansion, debt repayment, and general corporate needs.

Robust Subscription Numbers

As of 11:16 am, the IPO had been subscribed 5.43 times overall. Retail investors continued to lead participation with the segment subscribed 17.70 times, followed by non-institutional investors at 6.52 times.
The employee quota saw 9.34 times subscription.

Qualified Institutional Buyers (QIBs) were relatively quiet at 0.67 times, though institutional bidding typically picks up in the final hours on closing day.

Grey Market Premium (GMP)

The Aequs IPO is currently commanding a GMP of ₹45.5, suggesting an estimated listing price of around ₹169.5. This implies potential listing gains of approximately 36.69% over the upper end of the price band.

While GMP indicates strong sentiment, experts caution that it is an unofficial indicator, and actual listing gains depend on market sentiment and QIB response.

About Aequs

Aequs is an integrated manufacturing services provider with core strengths in precision engineering for aerospace, automotive and industrial applications. Operating from a single SEZ in India, the company offers end-to-end capabilities—machining, forging, surface treatment and assembly.

The firm has a global footprint with facilities in India, the US and France, and long-standing partnerships with global OEMs including Airbus, Boeing, Safran, Collins and Spirit AeroSystems. Many of these relationships span over 15 years, adding visibility and stability to revenues in a high-entry-barrier sector.

Funds raised will be directed toward capacity expansion and debt repayment, enabling Aequs to deepen its presence in the global aerospace supply chain and leverage rising outsourcing trends.

Should You Subscribe?

According to Rajan Shinde, Research Analyst at Mehta Equities, Aequs offers exposure to one of India’s most advanced aerospace precision manufacturing platforms. He highlighted that Aequs is the only Indian company operating from a single SEZ with fully integrated aerospace capabilities.

While Aequs’s financial performance has seen fluctuations—18.8% revenue growth in FY24 followed by a 4.2% decline in FY25—the core aerospace segment continues to demonstrate resilience.

At the upper price band, the IPO seeks a valuation of ₹8,316 crore, translating to a price-to-book value of 5.7x, which Shinde considers reasonable compared to peers trading around 10x.

He pointed to Aequs’s strong customer base, diversified product offerings, and global joint ventures—including partnerships with Magellan Aerospace, Aubert & Duval, and Tramontina—as factors supporting long-term growth potential.
He recommends subscribing with a long-term investment horizon.