Shares of airplane-parts maker Aequs Ltd. made a positive market debut on Wednesday, December 10, listing at ₹140 on both NSE and BSE, a 13% premium to its issue price. The performance was broadly in line with grey-market indications, which had signaled double-digit listing gains ahead of the debut.
The upbeat listing comes on the back of strong investor demand for the company’s ₹922-crore IPO, which was subscribed 104 times during the December 3–5 bidding window. Aequs operates across consumer durables, plastics and aerospace components, and is positioned as one of India’s only fully integrated aerospace precision-manufacturing platforms housed within a single SEZ.
Market expert Prashanth Tapse of Mehta Equities had projected a listing in the ₹154–₹160 range, citing robust subscription interest and investor appetite for the company’s aerospace capabilities. He expects long-term holders to benefit from Aequs’ competitive positioning, global client relationships and alignment with India’s expanding aerospace-manufacturing ecosystem.
Aequs had set a price band of ₹118–₹124 per share, with the grey market premium hovering around 20% before listing. The IPO included a fresh issue of 5.40 crore shares worth ₹670 crore and an offer for sale of 2.03 crore shares valued at ₹251.81 crore. Promoter entities Melligeri Private Family Foundation and Aequs Manufacturing Investments were among the key sellers.
The company also raised ₹413.9 crore from anchor investors, attracting 33 major domestic and global institutions including SBI MF, HDFC MF, ICICI MF, Axis MF, Motilal Oswal MF, BlackRock Global Funds, Steadview Capital and Citigroup.
Proceeds from the fresh issue will be deployed toward debt repayment at subsidiaries AeroStructures Manufacturing India and Aequs Consumer Products, along with machinery purchases, acquisitions, strategic initiatives and general corporate purposes.
Aequs’ investor base includes Amicus Capital, Amansa Investments, Steadview Capital Mauritius, Catamaran Ekam and Sparta Group, which together held 25.54% of pre-IPO equity. The company is led by Founder Aravind Shivaputrappa Melligeri, who serves as executive chairman and CEO.
Financially, Aequs reported a significant improvement for the six months ended September 2025, with losses narrowing to ₹17 crore from ₹71.7 crore a year earlier and revenue rising 17% to ₹537.2 crore. However, for FY25, losses widened to ₹102.3 crore, compared to ₹10.8 crore in the previous year, while revenue dipped to ₹924.6 crore from ₹965 crore.
JM Financial, IIFL Capital and Kotak Mahindra Capital acted as the book-running lead managers for the issue.
