DBT Bureau
Pune, 3 June 2025
Aequs Limited, a ‘Make in India’ for the world manufacturing platform providing fully vertically integrated, precision manufacturing ecosystem for the aerospace and consumer sectors, pre-filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) on a confidential basis with the stock markets regulator, SEBI, and stock exchanges as per public announcement advertisement that appeared on 3rd June 2025.
The Board of Directors of Aequs Ltd. recently passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing.
The company is reportedly planning to launch an IPO worth $200 million, as per sources and past media reports. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company’s regulatory filings. The company declined to comment.
The book running leading managers to the IPO reportedly are Kotak Mahindra Capital, JM Financial and IIFL Capital.
Aequs had received significant equity infusion over the years from its promoters to scale operations of the company. Additionally, it has attracted global investors such as 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, as per publicly available information. The company was able to raise external funding in form of CCPS amounting to ~₹586 crore from PE investors, which will be used by the company to fund growing scale of operations as per a CareEdge Ratings report dated 5th July, 2024.
The total income of the company was around Rs. 988 crore (as per regulatory filing) in FY24 and the total operating income was Rs. 970 crore (CareEdge Ratings Report) in FY24. Upon successful completion of the capex project and on back of continuous order inflow in aerospace business, CareEdge Ratings estimates the company’s revenue to grow at compounded annual growth rate (CAGR) of 45% in near to medium term.
The company derives financial flexibility from continued promoter’s support, the report said. The founder and Chairman &. CEO, Aravind Melligeri has decades of experience in aerospace segment and has been the co-founder of QuEST Global Engineering Private Limited. The company had recently announced the appointment of Jean-Michel Condamin, as Chief Executive Officer (CEO) of the Aerospace Division. Rajeev Kaul is the Managing Director of Aequs Ltd.
Aequs runs manufacturing operations across three countries – India, France, and the USA, to provide supply chain efficiencies to its global customer base in multiple industry verticals. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka, India. Media reports mentioned that Aequs along with Tata Electronics, Motherson Group & Jabil are now producing mechanical components for Apple products.
Aequs has diversified operations in business segments of aerospace, toys, and consumer durables. Over the last decade under leadership of Aravind Melligeri, Aequs has built a vertically integrated aerospace ecosystem which delivers end-to-end value streams. The company provides vertically integrated product solutions including precision machining, sheet metal fabrication, assembling, forging, and surface treatment in aerospace segment. It is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the aerospace component sector,
Aequs counts most global Aerospace OEMs among its customers. It is the first company in India to assemble Plug Doors and Over-Wing Exit Doors for commercial aircraft OEMs through its Aerostructures unit. Boasting of the largest machining capacity in India of over 1.4 million machining hours per year, Aequs’ Aerospace product portfolio consists of several thousand nose-to-tail parts for these OEMs who include the likes of Airbus, Boeing, Collins, and Safran to name a few.
Moreover, the company has also built end-to-end manufacturing value stream in toys and consumer durable. Aequs has a diversified product portfolio across all its divisions and also operates units in France and USA in aerospace segment. CARE Ratings believes that such diversification and long-term relationship with customers would help the company in receiving continuous flow of orders.
Aequs counts some of the biggest global brands among its customers, manufacturing and exporting toys to over sixty-six countries. Aequs caters to some of the biggest toys OEMs in the industry like Hasbro, Spin Master, and Chicco and offers end-to-end toy capabilities. Aequs is leveraging its integrated design-to-product realization capabilities to manufacture consumer goods and high precision electronics components for global brands from its operations at the Hubballi Consumer Durable Goods (HDC) cluster.
Aequs has a joint venture partnership with Tramontina, the Brazilian homeware products company with a legacy of 113 years to produce cookware and other consumer products. This is the only manufacturing facility outside of the Americas for Tramontina. Apart from making products for Tramontina worldwide, the JV also caters to other customers in India and abroad, including the likes of Wonderchef, Milton, Borosil, and Bergner.
