Aequs IPO fully subscribed in hours, GMP surges to 37%
What's the story
The ₹922 crore initial public offering (IPO) of Aequs, a leading manufacturer of airplane parts, has been fully subscribed within two hours of its opening on Day 1. The company's shares have been in high demand owing to its long-term prospects and expansion plans amid a growing backlog of jet orders. The issue has received bids for nearly 11 crore shares against an offer size of 4.2 crore shares, according to data on the National Stock Exchange (NSE).
Investor response
Retail investors show strong interest in Aequs IPO
Retail investors have shown the most interest in Aequs's IPO, with their reserved portion booked over nine times. Non-Institutional Investors (NII) have also shown interest, subscribing to their portion two times. Qualified Institutional Buyers (QIB) have subscribed 48% of their allotted quota. At the time of writing, the company's shares were trading at a gray market premium of 37% over the IPO price, according to data from Investorgain.
IPO specifics
Aequs's IPO details and future plans
Aequs's IPO consists of a fresh issue of shares worth ₹670 crore and an offer-for-sale (OFS) of shares worth ₹251.81 crore. The price band has been set at ₹118-124 per share, with a minimum bid size of 120 shares. The company intends to use the net proceeds for debt repayment at its subsidiaries AeroStructures Manufacturing India and Aequs Consumer Products, along with machinery purchases, acquisitions, strategic initiatives and general corporate purposes.
Market standing
Aequs's unique position in India's aerospace sector
Aequs is India's only precision component manufacturer with fully integrated aerospace manufacturing capabilities within a single SEZ. The company supplies components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning. It has a strong presence in the consumer durables, plastics and aerospace components sectors. Ahead of the IPO launch, Aequs raised ₹413.9 crore from anchor investors including SBI MF, HDFC MF, ICICI MF, Axis MF, Motilal Oswal MF, BlackRock Global Funds, Citigroup, and Societe Generale, among others.
Financials
Aequs's financial performance and future outlook
For the six months ending September 2025, Aequs's losses narrowed to ₹17 crore from ₹71.7 crore a year ago, while revenue rose 17% to ₹537.2 crore. However, for FY25, losses widened to ₹102.3 crore as compared with ₹10.8 crore in the previous year, with revenue slipping to ₹924.6 crore from ₹965 crore. The shares will list on BSE and NSE on December 10 with JM Financial, IIFL Capital, Kotak Mahindra Capital as book-running lead managers.