Aequs Files for $200 Million IPO with SEBI, Plans Name Change Ahead of Market Debut

Aequs, a diversified contract manufacturer, has confidentially filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise approximately $200 million (₹1,700 crore) through an initial public offering (IPO), the Economic Times reported.

The company has transitioned from a private to a public entity in preparation for its IPO. In a regulatory filing, Aequs announced that it received board approval on April 25, 2025, to change its name from ‘Aequs Private Limited’ to ‘Aequs Limited’.

According to sources, Aequs’ IPO will comprise a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, including Amicus Capital, Amansa Capital, Steadview Capital, Catamaran, Sparta Group, and Hubballi-born, US-based entrepreneur Gururaj Deshpande.

Aequs Financials

Aravind Melligeri founded Aequs in 2006 as a diversified contract manufacturing company catering to the aerospace, toys, and consumer durable goods sectors. It operates manufacturing facilities in India, France, and the United States, serving clients such as Airbus, Boeing, Safran, Dassault, and Collins Aerospace.

The Hubballi-born entrepreneur based in the United States operates a manufacturing Special Economic Zone (SEZ) in Belagavi, a significant toy cluster in Koppal, and a consumer durable goods cluster in Hubballi, with additional manufacturing facilities in Texas and Cholet, France.

Melligeri is also a co-founder of QuEST Global Engineering. Aequs, alongside Tata Electronics, Motherson Group, and Jabil, produces mechanical components for Apple devices.

Aequs claims to have pioneered India’s toy manufacturing ecosystem through its Koppal Toy Manufacturing Cluster in Karnataka and secured contracts in 2024 to produce components for MacBooks and Apple Watches.

The company has raised over $81 million in funding from investors including Amicus Capital, Steadview Capital, Catamaran, and Infosys founder Narayana Murthy’s family office.

According to Aequs’ standalone financial statements for the fiscal year ended March 31, 2024 (FY24), its operating revenue grew by 6.45% to ₹74.20 crore from ₹69.70 crore in the previous fiscal year. However, its net loss surged by approximately 200% to ₹130.30 crore in FY24, compared to ₹43.60 crore in FY23.

In preparation for its IPO, Aequs approved the appointment of Aravind Melligeri as executive chairman and CEO for a five-year term from May 13, 2025, to May 12, 2030. However, the firm stated in a second regulatory filing that the appointment is still pending approval from the government because Melligeri is a non-resident.