Aequs Files Confidential DRHP with SEBI, Eyes $200 Million IPO

Varahi media.com online news,Mumbai, June 4th, 2025: Aequs Limited, a leading vertically integrated precision manufacturing platform serving the aerospace and consumer sectors, has confidentially filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO). The filing was confirmed through a public advertisement dated June 3, 2025.

As part of the IPO process, the company has transitioned from “Aequs Private Limited” to “Aequs Limited” and reclassified its status to a public company, following board approval.

While Aequs has not officially commented, reports suggest the IPO could be valued at approximately $200 million and is expected to include both a fresh issue and an offer for sale (OFS). Kotak Mahindra Capital, JM Financial, and IIFL Capital are reportedly serving as the book running lead managers.

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Over the years, Aequs has secured substantial equity support from its promoters and marquee global investors including Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N. R. Narayana Murthy), Sparta Group, and the investment office of Desh Deshpande.

The company has raised nearly ₹586 crore in Compulsorily Convertible Preference Shares (CCPS), which will support its operational expansion, according to a July 2024 CareEdge Ratings report.

In FY24, Aequs reported total income of approximately ₹988 crore, with operating income at ₹970 crore. CareEdge Ratings projects the company’s revenues to grow at a CAGR of 45% in the near to medium term, driven by continued order inflow in the aerospace sector and completion of capital expenditure projects.

Founded by Aravind Melligeri—who also co-founded QuEST Global—Aequs benefits from strong promoter backing and seasoned leadership. The company recently appointed Jean-Michel Condamin as CEO of its Aerospace Division, while Rajeev Kaul serves as Managing Director.

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With manufacturing operations spanning India, France, and the USA, Aequs offers robust supply chain solutions to its global clientele. It also operates major manufacturing clusters in Belagavi, Hubballi, and Koppal in Karnataka. According to media reports, Aequs is among the Indian manufacturers producing mechanical components for Apple, alongside Tata Electronics, Motherson Group, and Jabil.