The IPO of aerospace components manufacturer Aequs Ltd is open for subscription until Friday. It has a fresh issue of shares worth ₹670 crore. A couple of promoter entities and a few public shareholders are set to cash out in an offer for sale worth ₹252 crore. Stake of promoters and promoter group is expected to drop to 59.1 per cent post the IPO, from the current 64.5 per cent.

Of the fresh issue proceeds, ₹433 crore is earmarked for retiring debt and ₹64 crore for capex. The rest ₹173 crore is meant for possible acquisitions and general corporate purposes. Net debt to equity ratio of 1x as of H1 FY26 is set to drop to 0.1x post issue.

At the upper band, the IPO values the company at a FY25 EV/EBITDA of 110x, which is expensive for the reasons discussed later. Hence, investors can skip

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