Aequs Limited

listedRefreshing

NSE · Source: NSE

DRHP2 Sept 2026completed
RHP2 Sept 2026completed
Price band2 Sept 2026completed
Opened3 Dec 2025completed
Closed5 Dec 2025completed
Allotteddate not on filereached, date not recorded
Listed10 Dec 2025completed

Price band

₹118–₹124

Issue size

₹921.81 Cr

Fresh issue

₹670 Cr

Offer for sale

₹251.81 Cr

Governance observations

Supported by the filing.

The Company converted from a private limited company to Aequus Limited in May 2025, shortly before the proposed IPO. (p.3)
The OFS is predominantly an exit by institutional and other existing shareholders, while Promoter Selling Shareholders together offer up to 1,423,500 of the 31,772,368 OFS shares. (p.94)
The prospectus discloses substantial recurring related-party dealings with entities including Aequus SEZ Private Limited and Hubballi Durable Goods Cluster Private Limited for services, leases, deposits and other arrangements. (p.29, 30, 31)
The manufacturing ecosystem uses an asset-light structure in which Group Companies including Aequus SEZ Private Limited and Hubballi Durable Goods Cluster Private Limited lease buildings and common amenities to the Group. (p.286)
Several competitive-position and industry claims in the prospectus rely on a Frost & Sullivan report commissioned and paid for by the Company specifically in connection with the Offer. (p.41, 278)
The auditor examination report relies in part on work performed by other auditors, and certain prior-year consolidated components were initially based on unaudited financial information that the auditor considered immaterial. Restatement examinations were subsequently obtained for relevant entities. (p.377, 378, 379)
The Restated Consolidated Financial Information has no auditor qualification left unadjusted, but prior-period audit reports contain multiple Emphasis of Matter disclosures relating to FEMA, guarantees and overdue foreign-currency payables. (p.27, 375, 376)

Aequus Manufacturing Investments Private Limited	Issue of shares for consideration other than cash; unsecured loan; interest expense	FY2023 issue of shares Rs 839.20 million; FY2024 unsecured loan taken Rs 248.14 million; FY2025 interest expense Rs 32.77 million	—	—
SQuAD Forging India Private Limited	Sale and purchase of goods, services, investments and financial guarantees	FY2025 sale of goods Rs 55.61 million; purchase of goods and consumables Rs 42.53 million; services provided Rs 10.80 million; FY2024 investment in equity shares Rs 154.88 million	—	—
Aerospace Processing India Private Limited	Services received and provided, expenses, guarantees and purchases	Services received Rs 323.55 million / Rs 267.45 million / Rs 210.62 million in FY2025 / FY2024 / FY2023	—	—
Aequus Cookware Private Limited	Deferred business consideration, financial guarantee, equity investment and related expenses	FY2025 deferred business consideration Rs 300.53 million; fair value of financial guarantee issued Rs 64.29 million; equity investment Rs 41.50 million	—	—
Aequus SEZ Private Limited	Services, lease liabilities, financial guarantees and deposits	Services received Rs 444.89 million / Rs 702.26 million / Rs 386.35 million and interest on lease liability Rs 246.38 million / Rs 219.81 million / Rs 192.06 million in FY2025 / FY2024 / FY2023	—	—
Hubballi Durable Goods Cluster Private Limited	Services, lease liabilities, deposits and transfer due to slump sale	Services received Rs 239.81 million / Rs 231.49 million / Rs 8.93 million in FY2025 / FY2024 / FY2023; FY2025 transfer due to slump sale Rs 183.24 million	—	—
Aravind Melligeri	Managerial remuneration	Rs 43.89 million / Rs 40.84 million / Rs 44.32 million in FY2025 / FY2024 / FY2023	—	—

Aequs Limited

Governance observations

Related-party transactions

Aequs Limited

Governance observations

Related-party transactions