How it has done since the IPO
Closing prices since listing: 26 Oct ₹242.40, 27 Oct ₹219.10, 28 Oct ₹211.95, 29 Oct ₹218.05, 30 Oct ₹213.05, 2 Nov ₹206.67, 3 Nov ₹209.39, 4 Nov ₹219.59, 5 Nov ₹222.64, 6 Nov ₹219.40.
| Listing day | 10 Dec 2025 |
| Open / high / low / close | ₹140.00 / ₹157.00 / ₹135.40 / ₹151.29 |
| Shares traded on NSE | 11,56,21,297 |
| Market value at the listing-day close | ₹10,147 cr |
Aequs share price, live chart and technicals →
The IPO's journey
Anchor2 Dec
Opens3 Dec
Closes5 Dec
Allotment8 Dec
In demat9 Dec
Listing10 Dec
Lock-in 50%6 Jan
Lock-in rest7 Mar
Subscription
Institutions (QIB)120.92×
HNI / NII80.62×
HNI, above ₹10 lakh77.00×
HNI, ₹2–10 lakh87.87×
Retail78.05×
Employees35.85×
Total101.63×
Shares offered and bid, by group
| Investor category | Shares offered | Shares bid for | Times subscribed |
|---|
| Institutions (QIB) | 2,26,10,608 | 2,73,41,34,360 | 120.92× |
| HNI / NII | 1,15,37,634 | 93,01,67,880 | 80.62× |
| HNI, above ₹10 lakh | 76,91,756 | 59,22,48,480 | 77.00× |
| HNI, ₹2–10 lakh | 38,45,878 | 33,79,19,400 | 87.87× |
| Retail | 76,91,756 | 60,03,37,560 | 78.05× |
| Employees | 1,86,915 | 67,00,920 | 35.85× |
| Total | 4,20,26,913 | 4,27,13,40,720 | 101.63× |
Bars on a log scale so small and very large numbers both fit. NSE and BSE bids together, as of 5 Dec 2025 19:00.
Chance of getting shares (retail)
At least 1 in 78retail applicants got one lot (64,097 lots for a retail portion subscribed 78.05×). Bidding for more lots does not raise the chance.
Who the issue was set aside for
Institutions 53.80%HNI / NII 27.45%Retail 18.30%Employees 0.4%
Bids by price
Top price ₹124 88.05%Cut-off 11.90%Lower prices 0.1%
An estimate from the times the retail portion was subscribed, as if every applicant bid for the minimum; many bid for more lots, so the real chance is usually better. Winners are picked by lottery.
Issue reservation
| Investor group | Shares | % of issue | Most applicants allotted |
|---|
| Institutions (QIB) | 2,26,10,608 | 53.80% | – |
| HNI / NII | 1,15,37,634 | 27.45% | – |
| HNI, above ₹10 lakh | 76,91,756 | 18.30% | 942 |
| HNI, ₹2–10 lakh | 38,45,878 | 9.15% | 2,289 |
| Retail | 76,91,756 | 18.30% | 64,097 |
| Employees | 1,86,915 | 0.44% | – |
Shares NSE lists as offered to each group, plus the anchor portion. "Most applicants allotted" is how many people can get the minimum application in that group when it is oversubscribed.
Lot size by investor type
| Application | Lots | Shares | Amount |
|---|
| Retail (minimum) | 1 | 120 | ₹14,880 |
| Retail (maximum) | 13 | 1,560 | ₹1,93,440 |
| Small HNI (minimum) | 14 | 1,680 | ₹2,08,320 |
| Small HNI (maximum) | 67 | 8,040 | ₹9,96,960 |
| Big HNI (minimum) | 68 | 8,160 | ₹10,11,840 |
At ₹124 a share. Retail bids go up to ₹2 lakh, small HNI from ₹2 lakh to ₹10 lakh, big HNI above ₹10 lakh.
Anchor investors
| Anchor bid date | 2 Dec 2025 |
| Lock-in ends for the first 50% (30 days) | 6 Jan 2026 |
| Lock-in ends for the remaining 50% (90 days) | 7 Mar 2026 |
Anchor investors are large funds that buy the day before the IPO opens. SEBI locks in half their shares for 30 days from the allotment and the rest for 90 days; they can sell from the next trading day. Traders watch these dates because extra selling can come in.
Financials and valuation
| At issue price | Now |
|---|
| Market value | ₹8,316 cr | ₹14,724 cr |
| P/E (last 12 months' profit) | – | – |
| Revenue, last 12 months | ₹1,498 cr |
| Profit, last 12 months | ₹-202 cr |
| Return on equity | -14.5% |
| Debt to equity | 0.40 |
From results the company filed with NSE (latest period to 30 Sept 2026). Twelve-month figures need four quarters of results, so they fill in over the first year after listing.
Other recent IPOs: Aerospace & Defense