Aequs pre-files DRHP with SEBI for its IPO debut

Diversified contract manufacturer Aequs Limited has confidentially pre-filed its DRHP with SEBI for its IPO debut. The company is reportedly planning to raise $200 million, according to reports. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component.

This comes at a time when manufacturing startup Zetwerk is also eyeing a market debut, with plans to raise nearly $500 million through its IPO.

Kotak Mahindra Capital, JM Financial and IIFL Capital are reportedly the lead managers for the IPO. The Board of Directors of Aequs Ltd. recently approved to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited.”

Previously, the company had raised funds from its promoters, along with external investments from Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N. R. Narayana Murthy), Sparta Group and the investment office of Desh Deshpande. The company secured external funding in the form of compulsorily convertible preference shares (CCPS) amounting to ₹586 crore from private equity investors.

The total income of the company was around ₹988 crore (as per regulatory filing) in FY24. Aequs operates manufacturing across three countries – India, France and the USA. Further, it operates three manufacturing clusters (Belgavi, Hubballi & Koppal) in Karnataka. Aequs counts some of the biggest global brands among its customers, manufacturing and exporting toys to over sixty-six countries. In toys segment, its clientele includes biggest toys OEMs in the industry like Hasbro, Spin Master and Chicco. In consumer durable, Aequs counts Wonderchef, Milton, Borosil, Bergner and Tramontina.

Published on June 3, 2025