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Aequs is a diversified contract manufacturing company that facilitates large-scale and timely production of complex products, meeting the demanding needs of global Original Equipment Manufacturers (OEMs) in both the aerospace and consumer sectors. The company works within three specific, engineering-led vertically integrated precision manufacturing “ecosystems” in India that can offer “one-stop-shop” capabilities. This leads to various benefits: better quality management, cost and working capital efficiencies, reduced lead times, and lower global carbon emissions.
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |
Open Date
03 Dec 2025
Close Date
05 Dec 2025
Min Investment
₹14880
Lot Size
120 Shares
Issue Size
₹921.81 Cr
Price Range
₹118 - ₹124
Listing Date
Dec 10, 2025
IPO Doc
RHP PDFRevenue Growth
Company Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
The company will use ₹ 64.00 crore to buy machinery and equipment as capital expenditure. The company will utilise ₹433.16 crore towards the repayment of certain outstanding borrowings. The proceeds will fund general corporate purposes and unidentified acquisitions.
Funding capital expenditure
9.5%
Repayment of borrowings
64.6%
Inorganic growth and general corporate purposes
25.9%
The company will use ₹ 64.00 crore to buy machinery and equipment as capital expenditure.
The company will utilise ₹433.16 crore towards the repayment of certain outstanding borrowings.
The proceeds will fund general corporate purposes and unidentified acquisitions.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 30-Sep-24 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|---|
| Revenue | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| Expenses | |||||
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| Assets | 2134.35 | 1859.84 | 1863.50 | 1822.98 | 1321.69 |
| Net Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
Aravind Shivaputrappa Melligeri
Aequs Manufacturing Investments Private Limited
Melligeri Private Family Foundation
The Melligeri Foundation
64.48%
59.09%
Aequs Limited IPO
Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post Belagavi Bengaluru, Karnataka, 560048
With facilities in India, the U.S. (Texas) and France (Cholet), the company is among the few Indian aerospace suppliers operating across three continents, enabling strategic proximity to major OEMs such as Boeing, Spirit, Safran and Airbus. As of September 2025, India contributed 75.60%, the U.S. 12.74%, and France 11.66% to aerospace segment revenue, reflecting diversified access to global aerospace demand.
As of Sep 30, 2025, the company produced 5,000+ aerospace products across engine systems, landing gear, structures, cargo interiors and turning solutions. It had one of the largest portfolios of aerospace products in India, as of March 31, 2025.
The company has an average 15-year relationship tenure with its top 3 customer groups and is a Tier-1 approved supplier to aerospace majors, including Airbus and Boeing. The top 5 customers contributed 66.36% of revenue as of September 2025 and 73.17% in FY25, indicating deep integration into OEM supply chains. It has received prestigious recognitions such as the Airbus Detailed Parts Partner (D2P) Award (6 times since 2016) and the Ramp-up Champion Award in 2024.
Contracts with major aerospace customers do not assure fixed volume orders, exposing the company to demand volatility and cancellation risk. Any mismatch between raw material procurement and the actual orders can adversely affect working capital efficiency.
The capacity utilisation of the consumer segment remains low at 17.07% in FY25 vs 30.46% in FY24. The U.S. aerospace capacity is also underutilised at 14.35% as of September 2025 and 14.47% in FY25. Any machinery or utility interruptions, labour issues, or external disruptions could affect capacity utilisation. Prolonged or significant under-utilisation of manufacturing capacities may also negatively affect operational efficiency.
Raw materials constitute 48.37% as of September 2025 and 47.96% of total expenses in FY25. The top 10 suppliers accounted for 40.48% of total purchases as of September 2055 and 40.17% in FY25. Additionally, the company sources from multiple countries, including Germany, the USA, Taiwan, France, etc. Any disruptions in the availability of quality raw materials from suppliers, such as trade restrictions, import tariffs and geopolitical factors, may lead to a deterioration in the quality of the company’s products and impact its operations.