Aequs IPO GMP Live: Retail bids surge over 6x, boosting overall subscription - Check price band, GMP and more

Qualified Institutional Buyers (QIBs) -- 0.00

Non Institutional Investors(NIIS) -- 1.41

Retail Individual Investors (RIIs) -- 6.28

Employee Reserved -- 4.04

Total -- 1.56

Considering these factors, Anand Rathi believes the IPO appears fully valued and has rated it "Subscribe - Long Term."

The company plans to expand its consumer electronics portfolio by leveraging its advanced aerospace capabilities. This includes scaling manufacturing, expanding its customer base, and increasing wallet share. While the consumer business offers significant upside, the report notes that smooth execution will be essential for achieving profitability in the future.

Anand Rathi highlighted that, at the upper price band, the company is valued at 8.9x FY25 P/S, with a post-issue market capitalisation of ₹83,161 million and an EV/EBITDA of 122.9x.

Brokerage firm Anand Rathi has assigned a 'subscribe for long-term' rating to the Aequs IPO. The firm noted that Aequs aims to deepen its wallet share with existing aerospace customers by moving up the value chain, while simultaneously broadening its customer base in the aerospace segment.

The initial public offering of Aequs opened for public bidding today, December 3. The Rs 922-crore IPO has been subscribed 68 percent within the first hour since opening on Day 1. The Rs 922-crore IPO has received bids for more than 2.86 crore shares, as against the offer size of 4.20 crore shares, according to data on NSE at 11 am. Retail investors have shown the most interest so far, booking their reserved portion nearly 3 times (277 percent) in the first hour itself. (Read More)

From forging jet-engine parts to making toys, the company has a rare vertically integrated platform (Read More)

Qualified Institutional Buyers (QIBs)        -- 0.00

Non Institutional Investors(NIIS) -- 0.51

Retail Individual Investors (RIIs) -- 2.37

Employee Reserved -- 1.43

Total -- 0.59

The IPO is being jointly managed by JM Financial, IIFL Capital and Kotak Mahindra Capital, while KFin Technologies is acting as the registrar.

Swastika Securities describes the IPO as a suitable opportunity for investors looking to gain exposure to the aerospace and defence supply chain. The brokerage acknowledges the company's current losses but points out that its valuation is comparatively lower than peers, with a Price-to-Book of about 9.9x versus the 15-20x range, making it an appealing option for aggressive, long-term investors.

Ventura Securities has also recommended subscribing to the issue, citing Aequs' uniquely vertically integrated operations across machining, forgings and assemblies, which allow multi-stage value capture and offer cost advantages. The brokerage notes that although the company is not yet consistently profitable, improving operational leverage could help strengthen margins.

SBI Securities recommends subscribing to the issue, highlighting Aequs' strong integration within the global aerospace components ecosystem, its high entry barriers, and sizeable order book from major OEMs such as Boeing and Airbus. The brokerage notes that the IPO proceeds will be utilised for debt repayment, which could strengthen profitability. At the upper price band of Rs 124, the valuation works out to 8.7x EV/Sales, which it considers attractive for investors.

Ahead of the IPO, Aequs secured Rs 144 crore through a pre-IPO placement at Rs 123.97 per share. Institutional participants included SBI Mutual Fund, DSP India Fund, and Think India Opportunities Master Fund, signalling early investor confidence in the company.

Retail investors are required to apply for a minimum of one lot, consisting of 120 shares. At the upper price band, this translates to a minimum investment of about Rs 14,880. Lot sizes are fixed, and investors cannot apply for fewer shares.

Aequs is recognised for its precision component operations, especially in the aerospace sector. It is the only company in India to offer fully integrated aerospace manufacturing within a single Special Economic Zone (SEZ). Beyond aerospace, Aequs also produces components for consumer electronics, plastic products and home appliances.

Retail investors must apply for a minimum of 120 shares, amounting to Rs 14,880 at the upper price band. Small non-institutional investors (sNII) need to bid for at least 1,680 shares (Rs 2,08,320). Employees applying under the reserved quota will receive an Rs 11 per share discount, bringing their effective cost to Rs 107-113 per share.

The price band for the IPO is set between Rs 118 and Rs 124 per share. The offering includes a fresh issue of 5.40 crore shares worth Rs 670 crore and an offer for sale (OFS) of 2.03 crore shares totalling Rs 251.81 crore.

Investor enthusiasm has intensified, with the grey market premium (GMP) jumping to Rs 43.5 - about 35 percent above the upper price band of Rs 124. This suggests strong demand and an estimated listing price of around Rs 167.5 per share, significantly higher than the earlier 20 percent premium.

Share allotments for the Aequs IPO are expected on 8 December, and the company is likely to list on the BSE and NSE on 10 December, subject to regulatory approvals.

Belagavi-based precision engineering and manufacturing company Aequs Limited will launch its Rs 921.81 crore initial public offering (IPO) today, 3 December 2025. The issue will remain open for subscription until 5 December.