Aequs Refiles IPO Papers: Aims to Raise Rs 720 Crore Through Fresh Issue
Aequs Ltd., a Bengaluru-based aerospace components manufacturer, has refiled its DRHP with SEBI for an IPO. The offering includes a fresh issue worth Rs 720 crore and an OFS of up to 3.18 crore shares. The company is considering a pre-IPO placement of up to Rs 144 crore. Funds will be used for debt repayment, equipment purchase, and acquisitions. Aequs reported a revenue of Rs 924.61 crore and a net loss of Rs 102.35 crore in its latest financial results.
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Aequs Ltd., a Bengaluru-based manufacturer of aerospace components, has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company aims to raise funds through a combination of fresh issue and offer-for-sale (OFS).
IPO Structure
The IPO comprises:
- Fresh issue of shares worth Rs 720.00 crore
- Offer-for-sale of up to 3.18 crore shares by promoter selling shareholders
The company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Pre-IPO Placement
Aequs is considering a pre-IPO placement of up to Rs 144.00 crore. If this placement occurs, the size of the fresh issue will be reduced accordingly.
Selling Shareholders
The following entities will be offloading shares in the OFS:
- Melligeri Private Family Foundation (promoter)
- Amicus Capital funds
- Ravindra Mariwala
Book Running Lead Managers
The IPO will be managed by:
- JM Financial
- IIFL Capital Services
- Kotak Mahindra Capital
Use of Proceeds
The funds raised from the fresh issue will be utilized as follows:
- Rs 419.24 crore for debt repayment
- Rs 67.45 crore for machinery and equipment purchase
- Remaining funds for acquisitions and general corporate purposes
Company Profile
Aequs Ltd. is a manufacturer of aero-structure and aero-engine components. The company has expanded its operations to include:
- Consumer electronics
- Plastics
- Consumer durables
Aequs operates three manufacturing facilities in India and two aerospace facilities outside India, boasting significant machining capacity.
Financial Performance
- Revenue from operations: Rs 924.61 crore (4.2% decline from the previous year)
- Net loss: Rs 102.35 crore (widened from Rs 14.24 crore in the previous fiscal year)
The refiling of IPO papers by Aequs Ltd. comes amidst challenges in its financial performance. The company's growth strategy and plans for improving profitability will likely be key areas of interest for potential investors as it proceeds with its public offering plans.
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