NEW DELHI: Aequs Ltd, a contract manufacturing company specializing in consumer durable goods and aerospace components, has raised approximately ₹144 crore in a pre-IPO funding round from SBI Funds Management, DSP India Fund, and Think India Opportunities Fund.
Following this investment, Aequs has reduced the size of its proposed IPO’s fresh issue to about ₹576 crore, down from the earlier planned ₹720 crore.
As part of the pre-IPO transaction, the company allotted 1.16 crore equity shares (11,615,713 shares), representing a 1.88% stake, to two entities managed by SBI Funds, one entity under DSP India Fund, and one under Think Opportunities Master Fund. The shares were issued at ₹123.97 apiece, aggregating to ₹144 crore, as disclosed in a public announcement on Tuesday.
The allotment was approved through a board resolution dated November 10, in line with the Share Subscription Agreements (SSAs).
Aequs had filed updated draft papers in September for an IPO consisting of a fresh issue worth ₹720 crore and an offer-for-sale (OFS) of 3.17 crore equity shares. The company plans to utilize the IPO proceeds mainly to repay loans of Aequs and its subsidiaries—AeroStructures Manufacturing India and Aequs Consumer Products—purchase new machinery and equipment, and fund future growth through acquisitions, strategic initiatives, and general corporate purposes.
The company initially filed confidential draft papers with SEBI in June and received approval in September, using the confidential pre-filing route that allows flexibility in timing and disclosures.
While Aequs has a strong presence in the aerospace sector, it has diversified into consumer electronics, plastics, and durable goods. Its portfolio includes cookware, small home appliances, outdoor toys, figurines, toy vehicles, and components for smart devices and portable computers.
Aequs counts marquee investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran Ventures (the family office of Infosys founder N.R. Narayana Murthy), and Sparta Group among its backers.
Its client base spans leading global names including Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, Honeywell, Eaton, and Sabca in the aerospace segment, and Hasbro, Spinmaster, Wonderchef, and Tramontina in the consumer products space.
Aequs operates manufacturing facilities across India, France, and the U.S., with major clusters located in Belagavi, Hubballi, and Koppal in Karnataka.
Founded by Aravind Melligeri, co-founder of QuEST Global Engineering, Aequs combines deep industry experience with strong leadership.
JM Financial Ltd, IIFL Capital Services Ltd, and Kotak Mahindra Capital Company Ltd are acting as the book-running lead managers for the IPO.
