The Floor Price is 11.80 times and the Cap Price is 12.40 times of the face value (₹ 10 per share) of the Equity Shares.
Bid / Offer will open on Wednesday, December 03, 2025 and close on Friday, December 05, 2025 (“Bid Dates”).
The Anchor Investor Bid / Offer Period shall be Tuesday, December 02, 2025.
Bids can be made for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter. (“No. of Bids”)
RHP Link: https://live.jmfl.com/od/UploadedFiles/D0456858-180C-4361-83F0-946D0B04EDA6.pdf
National, November 28, 2025 ( TGN ): Aequs Limited (The “Company”), shall open the Bid/Offer in relation to its initial public offer of Equity Shares on Wednesday, December 03, 2025.
The Price Band of the Offer has been fixed at ₹ 118 to ₹ 124 per Equity Share. (“Price Band”).
Bids can be made for a minimum of 120 Equity Shares and in multiples of 120 Equity Shares thereafter. (“Minimum Bid Lot”)
The initial public offer of Equity Shares of face value ₹ 10 per share (“Total Offer Size”) comprises a fresh issue of equity shares aggregating up to ₹ 6,700 million (₹ 670 crores) and an offer for sale of up to 2,03,07,393 equity shares of face value of ₹ 10 each.
The Anchor Investor Bid/ Offer Period shall be Tuesday, December 02, 2025. The Bid/Offer shall open on Wednesday, December 03, 2025 and close on Friday, December 05, 2025.
The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” and together with BSE, the “Stock Exchanges”). For the purposes of the Offer, NSE is the Designated Stock Exchange.
JM Financial Limited, IIFL Capital Services Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the Offer (“BRLMs“).
All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the Red Herring Prospectus.
The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors, on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which Equity Shares are allocated to Anchor Investors. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer shall be available for allocation to non-institutional investors (“Non-Institutional Investors” or “NIIs”) (the “Non-Institutional Portion”) of which one-third of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹ 0.20 million and up to ₹ 1.00 million and two-thirds of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹ 1.00 million and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
The allocation to each Non-Institutional Investor shall not be less than the minimum application size, subject to availability of Equity Shares in the Non-Institutional Portion and the remaining available Equity Shares, if any, shall be allocated on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI ICDR Regulations. Further, not more than 10% of the Net Offer shall be available for allocation to retail individual investors (“Retail Individual Investors” or “RIIs”) (the “Retail Portion”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids being received from them at or above the Offer Price (net of Employee Discount, if any, as applicable).
All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders (defined hereinafter)) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process.
About the company
Aequs Limited is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets the Company apart from other contract manufacturers with selective manufacturing capabilities amongst its peers (Source: F&S Report). Aequs Limited had one of the largest portfolios of aerospace products in India, as of March 31, 2025 (Source: F&S Report).
While the Company primarily operates in the Aerospace Segment, over the years, it has expanded its product portfolio to include consumer electronics, plastics, and consumer durables for its consumer clients. The Company’s diverse consumer product portfolio includes consumer durables such as cookware and small home appliances, plastics such as outdoor toys, figurines, toy vehicles and components for consumer electronics such as portable computers and smart devices.
Aequs Limited’s key clients include Airbus, Boeing, Bombardier, Collins Aerospace, Spirit Aerosystems Inc, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton and Sabca in the Aerospace Segment, and Hasbro, Spinmaster, Wonderchef, and Tramontina in the Consumer Segment.
