Aequs operates a vertically integrated manufacturing ecosystem serving the aerospace, consumer electronics, plastics and consumer durable sectors. Tapse said that investors who have been lucky to get the allotment should hold the stock for the long term, given the company’s competitive positioning in the sector along with its global customer relationships. The company’s goals also align with India’s expanding aerospace manufacturing opportunity, he added.
Tapse expects the stock to debut in the Rs 154 – Rs 160 range, implying a 24%–39% premium over the issue price of Rs 124 per share. He said the upbeat listing outlook is backed by strong subscription traction and growing investor interest in what he describes as one of India’s most advanced and fully integrated aerospace precision manufacturing platforms.
“At the upper end of the price band, the IPO values Aequs at a market cap of approximately Rs 8,316 crore. On FY2026 annualised earnings, the company is asking for a price-to-book multiple of 5.7x, which appears reasonable compared with listed peers trading at an average of 10x,” the analyst said.
The stock will get listed on the BSE and NSE on Wednesday, December 10.
Aequs IPO GMP
Notwithstanding a stellar subscription from all classes of investors, the grey market premium (GMP) is down from a peak of Rs 45 per share. The last recorded GMP was Rs 30, suggesting a listing gain of 24%.The IPO was overall subscribed 101.63 times with the retail quota booked at 78.05 times. The portion for qualified institutional buyers (QIBs) was subscribed 120.92 times, the highest among all investor classes. The non-institutional investors (NIIs) quota received bids 80.62 times the available quota of 1,15,37,634 equity shares.
Broker sentiment is largely positive, with 14 brokerages recommending a ‘Subscribe’ rating and one suggesting a ‘may apply’ stance. Analysts cited Aequs’ strong global customer base, high entry barriers in aerospace precision manufacturing and its integrated industrial ecosystem as structural advantages.
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(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
