Aequs’ Rs 670 cr IPO opens on December 3

New Delhi: Aequs, a contract manufacturing firm specialising in consumer durable goods and aerospace parts, is gearing up to launch its initial public offering (IPO) comprising fresh issue of shares worth Rs 670 crore on December 3.

The company’s maiden public offering will conclude on December 5 and anchor investors will be allocated shares on December 2, according to the red herring prospectus (RHP). Apart from the fresh issue, the IPO will have an offer for sale of 2.03 crore shares by promoters and existing investors.

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. Aequs initially filed confidential draft papers with Sebi in June and secured approval in September to launch the IPO.