At the upper end of the price band, the IPO will value the company at INR 8,316 Cr (about $930 Mn)

Total issue size would be around INR 922 Cr (about $103.1 Mn) at a price of INR 124 per share

The anchor bidding will take place on Tuesday (December 2), while the issue will close on December 5

Contract manufacturing company Equal has set the price band for its IPO, set to open on December 3 (Wednesday), at INR 118 to INR 124.

The anchor bidding will take place on Tuesday (December 2), while the issue will close on December 5. The shares are expected to list on the exchanges on December 10.

The public issue will comprise a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) of up to 2.03 Cr shares. Earlier this month, the company raised INR 144 Cr in a pre-IPO placement led by SBI Fund Management, with participation from DSP Mutual Fund and Think Investments.

At the upper end of the price band, the IPO will value the company at INR 8,316 Cr (about $930 Mn). Total issue size would be around INR 922 Cr (about $103 Mn) at a price of INR 124 per share.

Investors such as Amicus Capital, the Dempo family trusts, and individual shareholders Ravindra Mariwala and Raman Subramanian are set to offload shares via the OFS. Besides, promoter entities Aequs Manufacturing Investments and Melligeri Private Family Foundation will sell a portion of their holdings.

The proceeds from the fresh issue will be used for repayment or prepayment of outstanding borrowings, purchasing machinery and equipment, unidentified acquisitions and general corporate purposes.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer that caters to clients in aerospace, toys, and consumer durables sectors. The company has facilities in India, France, and the US.

It supplies customised components and assemblies to major aerospace OEMs, such as Airbus, Boeing, Safran, and Collins Aerospace.

The company’s business model relies on vertical integration and in-house capabilities, ranging from forging, machining, coating, and molding to assembly and testing.

Since its inception, Aequs has raised over $96 Mn in funding.

On the financial front, the Bengaluru-based company’s net loss declined over 76% to INR 16.9 Cr in H1 FY26 from INR 71.6 Cr in the same period last year. Revenue grew 17% to INR 537.1 Cr from INR 458.9 Cr in H1 FY25.

In FY25, its loss soared 618.7% to INR 102.3 Cr from INR 14.2 Cr in the previous year. Operating revenue declined 4.19% to INR 924.6 Cr from INR 965 Cr in FY24.