New Delhi, June 3 -- Aequs Ltd, an aerospace component maker that counts mid- market private equity firm Amicus Capital, Steadview Capital, and Amansa Capital as its investors, has confidentially filed preliminary papers for an initial public offering.
The Belagavi, Karnataka-based company, which provides a vertically integrated, precision manufacturing ecosystem for the aerospace and consumer sectors, has filed its draft red herring prospectus with the capital markets regulator Securities and Exchange Board of India.
The IPO size is likely to be up to $200 million (about Rs 1,700 crore), according to a person familiar with the matter.
VCCircle first reported in December last year about Aequs' plans to raise $200 million through a public listing.
The offering will include a fresh issue of shares and an offer-for-sale by some of the private equity backers. Aequs declined to comment on the matter.
Kotak Mahindra Capital, JM Financial and IIFL Capital are the book running leading managers for the IPO.
Founded in 2006, Aequs specializes in precision machining, forging, sheet metal fabrication, aero-structure assemblies and special processing for the aerospace and allied industries.
The company counts aerospace companies such as Airbus, Boeing, Bombardier, Safran, Collins, Spirit, Eaton, and Honeywell, among others, as its clients. It employs a workforce of over 4,000 people.
It operates an aerospace special economic zone at Belagavi. Apart from 12 aerospace-focused units in Belagavi, the US, and France, Aequs has five more operating units in Karnataka's Koppal and Hubballi, for its non-aerospace businesses.
In FY24, the company clocked Rs 975 crore in consolidated net sales as against Rs 812 crore the year before. The firm's losses widened to Rs 54 crore from Rs 107 crore during the period under review, as per VCCEdge.
The company had secured $54 million (Rs 448 crore) in an equity funding round led by Singapore-based Amansa Capital in October 2023, with participation from Steadview Capital, Catamaran, the family office of Infosys founder NR Narayana Murthy, Sparta Group and the investment office of Desh Deshpande amongst others. In April 2023, it had raised Rs 225 crore from Amicus Capital.
Published by HT Digital Content Services with permission from VC Circle.