As of 13:15 IST, the issue received bids for 7.32 Cr shares against the 4.20 Cr shares available for subscription

Retail investors led from the front, oversubscribing their quota 7.2X, bidding for 5.54 Cr shares against the 76.92 Lakh earmarked for them

Aequs’ IPO comprises a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) component of up to 2.03 Cr shares

Contract manufacturing company Equal initial public offerings (IPO) opened on a good note today, getting oversubscribed within hours of opening. As of  13:15 IST, the issue received bids for 7.32 Cr shares against the 4.20 Cr shares available for subscription. This translates to a 1.72X oversubscription.

Retail investors led from the front, oversubscribing their quota 7.2X, bidding for 5.54 Cr shares against the 76.92 Lakh earmarked for them.

Non-institutional investors (NIIs) also oversubscribed their portion by 1.63X, bidding for 1.88 Cr shares against 1.15 Cr shares reserved for them. Meanwhile, the company’s employees have also placed bids for 8.21 Lakh shares, oversubscribing their portion by 4.42X.

As is common with IPOs, qualified institutional buyers’ (QIBs) showed the least interest in Aequs’ public float on day one. These investors bid for 1.09 Cr shares against the 2.26 Cr shares on offer, translating to a 48% subscription.

equal IPO comprises a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) component of up to 2.03 Cr shares. Investors such as Amicus Capital, the Dempo family trusts, Ravindra Mariwala and Raman Subramanian will sell their stakes via OFS.

The contract manufacturing company raised INR 413.9 Cr from anchor investors yesterday (Dec 2). As many as 33 investors subscribed to 3.3 Cr equity shares, of which about 57% shares were lapped by domestic mutual funds.

Equal set a price band of INR 118 to INR 124 for its IPO. At the upper end of the price band, the IPO values the company at INR 8,316 Cr (about $930 Mn).

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer that manufactures customised components for major aerospace OEMs, such as Airbus, Boeing, Safran, and Collins Aerospace. It also caters to clients in toys and consumer durables sectors. The company has facilities in India, France, and the US.

On the financial front, the Bengaluru-based company’s net loss declined more than 76% to INR 16.9 Cr in the first half (H1) of the fiscal year 2025-26 (FY26) as against INR 71.6 Cr during the same period last year. Meanwhile, revenue grew 17% to INR 537.1 Cr from INR 458.9 Cr in H1 FY25.

Aequs’ losses soared 618.7% to INR 102.3 Cr in FY25 from INR 14.2 Cr in the previous fiscal. The company’s bottom line was impacted by an INR 48.3 Cr impairment loss on goodwill for its subsidiary Aequs Force Consumer Products Private Limited (AFCPPL).

Meanwhile, operating revenue also declined over 4% to INR 924.6 Cr from INR 965 Cr in FY24. Aequs earns its revenue primarily from two business segments – aerospace and consumer. While the former contributed INR 824.6 Cr, the consumer segment added INR 100 Cr Cr to its kitty.