Aequs’ Rs 922 cr IPO opens on Dec 3

New Delhi: Aequs, a contract manufacturing firm specialising in consumer durable goods and aerospace parts, on Friday set a price band of Rs 118-124 per share for its upcoming Rs 922 crore Initial Public Offering (IPO). At the upper end, the company will be valued at over Rs 8,300 crore.

The initial share-sale will open for subscription on December 3 and close on December 5, with anchor investors set to receive their allocation on December 2, Aequs said in a public announcement. The IPO comprises a fresh issue of shares worth Rs 670 crore, along with an Offer For Sale (OFS) of 2.03 crore shares valued at Rs 252 crore by promoters and existing investors, taking the total issue size to Rs 922 crore.

Funds raised from the fresh issue would be used for repaying loans taken by the company and its two subsidiaries -- AeroStructures Manufacturing India and Aequs Consumer Products; purchasing machinery and equipment for the company and AeroStructures; and supporting future growth through potential acquisitions, other strategic initiatives, and for general corporate needs.

Earlier this month, Aequs raised around Rs 144 crore from SBI Funds Management, DSP India Fund and Think India Opportunities Fund as a part of a pre-IPO funding round.