Aequs IPO
Aequs Limited (AEQUS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 10 December 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +56.2% (likely range +16% to +115%), day's high +72.9%, chance of a gain 95%. Actual: +12.9% at the open, +26.6% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 2,26,10,608 | 2,73,41,34,360 | 121x | |
| NII (HNI) total | 1,15,37,634 | 93,01,67,880 | 80.6x | |
| Big NII (above ₹10 lakh) | 76,91,756 | 59,22,48,480 | 77.0x | |
| Small NII (₹2-10 lakh) | 38,45,878 | 33,79,19,400 | 87.9x | |
| Retail | 76,91,756 | 60,03,37,560 | 78.0x | |
| Employees | 1,86,915 | 67,00,920 | 35.9x | |
| Total | 4,20,26,913 | 4,27,13,40,720 | 102x |
Bids on NSE and BSE together, as published by NSE, as of 05 Dec 2025, 07:00 PM. Shares offered exclude the anchor portion. 12% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Aequs's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Ideaforge TechnologyJun 2023 | 126x | 80.6x | 85.2x | 106x | ₹567 Cr | +93.5% | +100.0% |
| DOMS IndustriesDec 2023 | 116x | 66.5x | 69.7x | 93.5x | ₹1,265 Cr | +77.2% | +81.5% |
| Utkarsh Small Finance BankJul 2023 | 125x | 81.6x | 72.1x | 102x | ₹543 Cr | +60.0% | +92.0% |
| Senores PharmaceuticalsDec 2024 | 94.7x | 96.3x | 90.5x | 93.7x | ₹603 Cr | +53.5% | +55.9% |
| Aditya InfotechJul 2025 | 133x | 72.0x | 50.9x | 101x | ₹1,372 Cr | +50.4% | +63.6% |
| Le Travenues TechnologyJun 2024 | 107x | 111x | 54.8x | 98.3x | ₹740 Cr | +48.5% | +78.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| IIFL Capital Services | 94 | +19.3% | 71% |
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
Offer documents (NSE)
Frequently asked
What is the Aequs IPO price band and lot size? ₹118–124 per share, with a lot of 120 shares, so the smallest retail bid is ₹14,880.
How many times has it been subscribed? 102x overall: QIB 121x, NII 80.6x, retail 78.0x, employees 35.9x.
How did it list? It opened at ₹140, +12.9% against the issue price of ₹124, and closed its first day +22.0%.
