Aequs IPO: Should you apply?

Summary: Aequs, a leading manufacturer in the aerospace industry, is set to go public on December 3, 2025. We analyse the company’s strengths, weaknesses and past financials to help you better decide whether its IPO is worth subscribing to. Aequs, a precision component manufacturer, will open its IPO (initial public offering) on December 3, 2025 and close on December 5, 2025. Of the total issue size of Rs 922 crore, Rs 670 crore comprises a fresh issue, while the remaining Rs 252 crore will be raised via an offer for sale (OFS). Here, we breakdown the company’s business, financials, strengths, risks and valuation to help you make an informed investment decision. What the company does Aequs Limited is a vertically integrated precision components manufacturer operating from a single SEZ (special economic zone), giving it a unique position in India’s aerospace supply chain. It has one of the country’s largest aerospace product portfolios, supplying critical parts across engines, landing systems, structures and interiors. Its metallurgical strengths, including the ability to machine high-end alloys like titanium, further differentiate it from its peers. While aerospace remains its core, Aequs has gradually expanded into consumer electronics, plastics and small appliances by leveraging its advanced manufacturing capabilities. Track record and valuation When it comes to financials, Aequs’s performance has been a mixed bag. Though its revenue grew by a modest 6.7 per cent, net income (profit after tax) remained negative for the three consecutive fiscals. EBIT (earnings before interest and tax), too, remained largely negative, except in FY24. At the upper end of the price band (Rs 124), Aequs’s stock is expected to be valued at around 5.7 times its book value. The P/E cannot be calculated owing to negative earnings. In comparison, its peers trade at a P/E and P/B of 96.4 times and 11.7 times, respectively. Aequs IPO details Total IPO size (Rs cr) 922 Offer for sale (Rs cr) 252 Fresh issue (Rs cr) 670 Price band (Rs) 118-124 Subscription dates December 3-5, 2025 Purpose of issue Repayment of debt and funding capex Post-IPO M-cap (Rs cr) 8,316 Net worth (Rs cr) 1,475 Promoter holding (%) 59.1 Price/earnings ratio (P/E) - Price/book ratio (P/B) 5.7 Financial history Key financials 2Y CAGR (%) FY25 FY24 FY23 Revenue (Rs cr) 6.7 925 965 812 EBIT (