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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
Proceeds will be used to repay or prepay outstanding debt of the company and its subsidiaries, reducing interest costs.
Capital expenditure on machinery and equipment
Funds are earmarked for purchasing new machinery and equipment to expand manufacturing capacity.
Inorganic growth and general corporate purposes
The remaining fresh issue proceeds are set aside for potential acquisitions, strategic initiatives and general corporate purposes.
(₹ in Crore)
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Aequs Limited is a contract manufacturing company that produces complex, precision engineered components and products for global original equipment manufacturers, primarily in the aerospace industry, alongside a consumer facing business spanning electronics and plastics/durables manufacturing. The company operates through vertically integrated, engineering led manufacturing ecosystems that combine design, tooling, machining, surface treatment and assembly under one roof, allowing it to serve as a single window supplier for demanding OEM programs. The company's aerospace operations are concentrated within a dedicated special economic zone in India, where it manufactures parts for engine systems, landing systems, cargo and interior fittings, airframe structures and precision turned components. It has built long standing relationships with global aerospace customers and has entered joint ventures, including one focused on forging structural aerostructure parts and another, formed with Canada's Magellan Aerospace in 2007, that provides surface treatment capabilities. These partnerships have broadened its process capabilities and strengthened its position as an integrated supplier in a specialized, high barrier industry. Beyond aerospace, Aequs also runs a consumer manufacturing business covering electronics and plastics/durables production, giving the group a second, less cyclical revenue stream alongside its aerospace program work. Its combined scale, integrated ecosystems and OEM relationships position it to benefit from the broader shift by global aerospace manufacturers toward outsourcing complex, multi process manufacturing to specialized partners in India.
Ahead of the issue opening, Aequs raised about Rs 413.92 crore from anchor investors at the upper end of the price band, with participation from marquee domestic and global institutions including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, Motilal Oswal Mutual Fund, BlackRock Global Funds, Steadview Capital and Citigroup.
Source: RHP • Analysis provided for informational purposes
Last Updated: 9 July 2026, 5:30 AM
Integrated manufacturing ecosystems
The company runs vertically integrated production ecosystems that combine machining, forging, surface treatment and assembly, letting it deliver complex aerospace components as a single window supplier rather than depend on multiple subcontractors.
Established aerospace customer base
Aequs has built long running relationships with major global aerospace OEMs and holds one of the larger aerospace component portfolios among Indian manufacturers, supporting revenue visibility from repeat programs.
Strategic manufacturing partnerships
Joint ventures such as its forging tie up and its long standing surface treatment partnership with Magellan Aerospace of Canada have expanded its process capabilities and strengthened its position in a high barrier industry.
Non binding customer commitments
Many of the company's contracts are indicative rather than firm quantity orders, so customers can reduce or cancel volumes with limited notice, creating revenue uncertainty.
Heavy, ongoing capital requirements
The business is capital intensive, requiring continuous investment in machinery and facilities; a slowdown in cash generation could strain its ability to fund this spending.
Group level losses despite a profitable aerospace unit
While the aerospace segment is profitable, the group as a whole has posted net losses in recent years, and the issue was priced at a negative price to earnings multiple on a consolidated basis.
Aequs Limited
No. 55, Aequs Towers ITPB, Whitefield Main Road, Mahadevapura Post, Bengaluru, Karnataka 560048
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