Backed by 101X IPO oversubscription, the contract manufacturing firm sees strong listing as it expands global aerospace and consumer manufacturing footprint
Contract manufacturing firm Aequs ended its first trading session with a 22.18% gain over its issue price of ₹124, closing at ₹151.5 on the BSE and ₹150 on the NSE. The listing price stood at ₹140, representing a 12.9% listing premium.
During intraday trade, Aequs touched a high of ₹157, boosting its market capitalization to ₹10,160.58 Cr (~$1.13 Bn) by session close.
IPO Sees 101X Oversubscription Amid High Investor Interest
Aequs’ IPO was oversubscribed 101.63X, receiving bids for 427.1 Cr shares versus 4.20 Cr shares offered, marking it one of the most in-demand IPOs in recent months.
IPO Structure:
- Fresh issue: ₹670 Cr
- Offer for Sale (OFS): 2.03 Cr shares
- Price band: ₹118 – ₹124
Investors offloading shares via OFS included Amicus Capital, the Dempo family, and prominent individual investors like Ravindra Mariwala and Raman Subramanian, along with promoter entities such as Aequs Manufacturing Investments.
In the pre-IPO round, Aequs raised ₹144 Cr, led by SBI Fund Management, with participation from DSP Mutual Fund and Think Investments.
Aequs: A Global Contract Manufacturing Powerhouse
Founded in 2006 by Aravind Melligeri, Aequs is a vertically integrated contract manufacturer servicing three major sectors:
- Aerospace
- Toys
- Consumer durables
Operating out of facilities in India, France, and the US, Aequs manufactures over 5,000 unique parts across a wide range of processes including:
- Forging and machining
- Surface treatment
- Injection molding and assembly
Its client list includes aerospace giants such as:
- Airbus
- Boeing
- Safran
- Honeywell
- Eaton
- Collins Aerospace
Unique Capabilities and Global Differentiation
Aequs prides itself on deep engineering capabilities and material expertise, with over 250 aerospace engineers and proficiency in working with 120+ unique materials like:
- Aluminum
- Titanium
- Super alloys
- Inconel and steel
The company owns India’s largest hydraulic press (10,000 tonnes), enabling it to produce 10% of the global wheel capacity for aerospace use from India. This scale and vertical integration offer a strong competitive edge in precision manufacturing.
Financials Show Improved Profitability and Growth
Aequs posted strong financial improvements in H1 FY26, reflecting operational efficiencies and top-line growth.
H1 FY26 vs H1 FY25:
- Net loss reduced by 76% to ₹16.9 Cr (from ₹71.6 Cr)
- Revenue grew 17% YoY to ₹537.1 Cr (from ₹458.9 Cr)
With increased demand across global aerospace and manufacturing supply chains, Aequs is positioned to scale profitably in the coming years.
Founder’s Vision: “Ready to Print” Precision Manufacturing
Founder Aravind Melligeri describes Aequs as a “ready to print” company, where customers send blueprints and Aequs delivers ready-to-ship parts using its in-house capabilities. This flexible, build-to-spec model resonates with OEMs seeking scalable, high-precision suppliers with global delivery capabilities.
