Contract manufacturing company Aequs’ IPO continued to witness strong investor interest on the second day of bidding and was oversubscribed 7.47X as of 12:54 IST today. The issue received bids for 31.38 Cr shares against 4.20 Cr shares available for subscription. 

Retail investors’ quota was oversubscribed 23.46X, getting bids for 18.04 Cr shares against 76.92 Lakh earmarked for them. 

Non-institutional investors (NIIs) placed bids for 11.59 Cr shares against 1.15 Cr shares reserved, translating to 10.05X subscription. The company’s employees placed bids for 21.25 Lakh shares, oversubscribing their portion by 11.4X. 

Meanwhile, qualified institutional buyers (QIBs) showed the least interest in Aequs’ public float on the second day. They bid for 1.52 Cr shares against 2.26 Cr shares on offer, translating to a 68% subscription. 

Aequs’ IPO comprises a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) component of up to 2.03 Cr shares. Investors such as Amicus Capital, the Dempo family trusts, Ravindra Mariwala and Raman Subramanian will sell their stakes via OFS.

AequsAequs has set a price band of INR 118 to INR 124 for its IPO. At the upper end of the price band, the IPO values the company at INR 8,316 Cr (about $930 Mn). 

The contract manufacturing company raised INR 413.9 Cr from anchor investors on December 2 (Tuesday). As many as 33 investors subscribed to 3.3 Cr equity shares, of which about 57% shares were lapped by domestic mutual funds.

Founded in 2006 by Aravind Melligeri, Aequs is a diversified contract manufacturer. It manufactures customised components for major aerospace OEMs, such as Airbus, Boeing, Safran, and Collins Aerospace. It also caters to clients in toys and consumer durable sectors. The company has facilities in India, France, and the US.