Aequs IPO sees more than 5x subscription with GMP steady near 37%

One among the top IPOs Aequs Ltd is in the spotlight with investors applying for the shares which is expected to list on December 10, 2025. The IPO is priced between Rs 118-Rs 124 per share with IPO application date between December 3, 2025, to December 5, 2025. 

Subscription Status

The IPO has attracted robust investor interest, achieving an overall subscription of 5.45 times as of 11:04 A.M, December 4, 2025. Retail investors led the surge with 17.96 times oversubscription, followed by non-institutional investors (NII) at 6.59 times and employee reservations at 9.62 times, while qualified institutional buyers (QIB) subscribed 0.68 times, according to sources.

GMP Status

According to InvestorGain, the Grey Market Premium (GMP) for Aequs stood at 36.69% with an estimated profit of Rs 5,460 based on the upper band price limit. The data is quoted as of 10:56 A.M, December 4, 2025. The GMP is subject to various market forces, and it is not a measurement of a company’s performance. Investors need to assess the risks or consult a financial advisor before investing.

Financial Performance

Aequs reported revenue from operations of Rs 924.6 crore in FY25, marking a 4.19% decline from Rs 965 crore in FY24, amid aerospace growth offset by consumer segment weakness. The company posted a net loss of Rs 102.35 crore, with EBITDA at Rs 107.97 crore and a margin of 11.68%, down from 15.08% in FY24 due to higher expenses and goodwill impairment. Key metrics included RoCE of 0.87%, debt-to-equity ratio of 0.99, and PAT margin of -11.07%, reflecting profitability pressures despite net worth rising to Rs 707.53 crore.

Segmental Revenues and Margins

Aerospace dominated FY25 revenues at Rs 825 crore, up 19% CAGR from FY23, contributing 88.23% of total sales with EBITDA margins of 19.38%. This segment grew 20% YoY in H1FY26 to Rs 474 crore, boasting 24.68% margins driven by clients like Airbus and Boeing. Consumer products lagged near to Rs 100 crore (11% share), down from Rs 585.18 crores in FY23, operating at 17.07% capacity utilization in FY25, while dragging overall profitability with losses from underutilization.

Future Strategies

Aequs has allocated Rs 433 crore from fresh issue proceeds out of Rs 670 crore total to repay borrowings, enhancing leverage ahead of expansion. The company plans Rs 64 crore for machinery purchases to boost precision manufacturing in Belagavi, Hubballi, and Koppal facilities. Strategies highlighted deepening ties with existing aerospace clients, diversifying to new OEMs like Boeing, pursuing inorganic growth via acquisitions, and improving EBITDA through fixed-cost absorption, benefitting from sectoral adjacents.