The initial public offering of Aequs opened for public bidding today, December 3. The Rs 922-crore IPO was subscribed more than 3 times its offer size on Day 1.

The Rs 922-crore IPO has received bids for nearly 14.36 crore shares, as against the offer size of 4.20 crore shares, according to data on NSE. Retail investors have shown the most interest so far, booking their reserved portion over 11 times (1,146 percent).

Non Institutional Investors (NII) have booked the portion kept for them more than 3 times, while Qualified Institutional Buyers (QIB) have subscribed 66 percent of their allotted quota.

Ahead of listing, the unlisted shares of the contract manufacturing firm, which operates in consumer durables, plastics and aerospace components, were trading with around 36.69 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.
According to IPO Watch, the unlisted shares of the company were trading with 37.9 percent GMP over the IPO price.

Aequs launched its IPO to raise around Rs 922 crore through a fresh issue of shares worth Rs 670 crore and an offer-for-sale (OFS) of shares worth Rs 251.81 crore. The price band has been set at Rs 118-124 per share.
Investors can bid for a minimum of 120 shares, requiring an investment of Rs 14,880 at the upper price band, and in multiples thereafter.