Aequs Ramps Up IPO Preparations: Aequs Converts Into Public Company

Aequs Ramps Up IPO Preparations: Aequs Converts Into Public Company. Aequs, a leading Indian contract manufacturing firm, is making headlines as it ramps up preparations for its Initial Public Offering (IPO) by converting from a private entity into a public company. This strategic move marks a significant step in Aequs’ long-term growth plan, allowing it to attract a broader base of investors and enhance its corporate governance. The company received board approval on April 25, 2025, to change its name from "Aequs Private Limited" to "Aequs Limited," according to regulatory filings accessed by Inc42.
Name Change to Aequs Limited
As part of its IPO readiness strategy, the board of Aequs approved a resolution to delete the term "Private" from its name. This transformation is not merely a cosmetic rebranding but a statutory requirement under Indian company law for entities seeking to list on public exchanges. The official regulatory filing read, "… the name of the company is hereby changed from AEQUS PRIVATE LIMITED to AEQUS LIMITED by deletion of the word ‘Private’ before the word ‘Limited’ in the name of the company.” This change formally marks Aequs' transition from a privately held enterprise to a publicly accountable corporation.
Background and Founding of Aequs
Founded in 2006 by entrepreneur Aravind Melligeri, Aequs has evolved into one of India's prominent export-focused manufacturing platforms. It specializes in providing vertically integrated, high-precision engineering and product solutions. The company has built a strong reputation in the aerospace and consumer goods sectors through its commitment to quality and innovation.
Export-Focused Manufacturing Capabilities
Aequs is widely recognized for its expertise in aerospace manufacturing. It produces and exports aircraft components for leading global aerospace firms including Airbus, Boeing, Safran, Dassault, and Collins Aerospace. These products span forging, precision machining, surface treatment, aerostructure assembly, as well as prototyping and testing.
Koppal Toy Manufacturing Cluster: A First in India
In 2016, Aequs established India’s first global-scale toy manufacturing ecosystem known as the Koppal Toy Manufacturing Cluster. Located in Karnataka, this initiative has positioned Aequs as a key player in India's emerging toy manufacturing industry. This unique ecosystem is a testimony to the company’s vision of creating integrated, export-oriented manufacturing hubs.
Association with Apple: Huge Milestone
In 2024, Aequs joined the elite list of Apple’s Indian suppliers. It became the only domestic company manufacturing parts for MacBooks and Apple Watches. This inclusion signals the company’s rising global stature and its capacity to meet international quality standards required by premium electronics manufacturers like Apple.
Funding and Investment Profile
Aequs has attracted significant investor interest over the years. In 2023, it raised $54 million in an equity round led by Singapore-based Avansa Capital. The total funding raised by the company so far exceeds $81 million. Other notable investors include Amicus Capital, Steadview Capital, Catamaran (Infosys founder Narayana Murthy’s family office), and Sparta Group. This financial backing underscores the market’s confidence in Aequs’ business model and growth prospects.
Upcoming IPO: Aequs Aims to Raise $200 Million
As Aequs ramps up IPO preparations, it is planning to raise approximately $200 million (about INR 1,720 crore) through a combination of fresh equity issuance and Offer for Sale (OFS) by existing shareholders. The IPO is expected to go live later in 2025. The capital raised will likely be used to expand manufacturing capacities, strengthen its export capabilities, and invest in R&D.
Leadership Realignment: Aravind Melligeri Appointed as Executive Chairman and CEO
In a major governance update, the board approved the appointment of Aravind Melligeri as Executive Chairman and CEO of the company. His term is set from May 13, 2025, to May 12, 2030. However, this appointment is pending approval from the Government of India due to Melligeri’s non-resident status. This leadership continuity ensures that the company’s founding vision remains intact as it transitions into a new growth phase.
Global Operations and Joint Ventures
Aequs’ aerospace capabilities extend beyond India. The company operates manufacturing units in the United States and France through several joint ventures. These include Aerospace Processing India, a collaboration with Canada’s Magellan Aerospace, and SQuAD Forging India, a joint venture with Aubert & Duval SAS (a subsidiary of France’s ERAMET Group). These global alliances reflect Aequs’ commitment to maintaining a robust international footprint.
Financial Performance: A Knowing Turnaround in FY 2023-24
In FY 2023-24, Aequs demonstrated impressive financial improvement. Its consolidated net loss reduced by 89%, from INR 108.7 crore in the previous year to INR 12.1 crore. Additionally, the company’s total revenue grew by more than 18%, reaching INR 988.3 crore, compared to INR 836.2 crore in FY23. This turnaround can be attributed to operational efficiencies and the continued demand for aerospace components.
Part of India’s New-Age IPO Wave
Aequs is among over 20 Indian new-age tech and manufacturing firms preparing to go public in 2025. Other notable names in this IPO wave include PhysicsWallah, BlueStone, boAt, and Shiprocket. In 2024, the bourses saw successful listings by companies like Swiggy, MobiKwik, Awfis, Ola Electric, and Go Digit. Aequs’ listing is expected to further solidify investor interest in Indian manufacturing and export-oriented businesses.
Conclusion
With its transition from Aequs Private Limited to Aequs Limited, the company is not just changing its name but also redefining its corporate future. Aequs ramps up IPO preparations with a strategic focus on scaling operations, enhancing investor trust, and tapping into global capital markets. From manufacturing aircraft parts for aviation giants to becoming a part of Apple’s supply chain, Aequs has showcased its technical prowess and operational excellence. The upcoming IPO will be an important milestone, positioning the company as a major player not only in aerospace but also in India's industrial future.
If you want to convert your private limited company into Public Limited Company or do you want to change your Company Name, then you can connect with Compliance Calendar LLP Experts through email at info@ccoffice.in or Call/Whatsapp at +91 9988424211.
FAQs
Q1. Why did Aequs convert from a private limited to a public limited company?
Ans. Aequs converted from “Aequs Private Limited” to “Aequs Limited” as part of its IPO preparations. This conversion is a mandatory legal step under Indian company law to allow a company to list its shares on a public stock exchange. The change enhances corporate transparency and enables wider investor participation.
Q2. How much does Aequs plan to raise through its IPO?
Ans. Aequs is targeting to raise approximately $200 million (about INR 1,720 crore) through its upcoming Initial Public Offering. The IPO will include a combination of fresh equity issuance and an offer for sale (OFS) by existing shareholders.
Q3. What are the primary business areas of Aequs?
Ans. Aequs is a diversified contract manufacturing firm focusing on aerospace components, consumer durable goods, and toys manufacturing. It exports high-precision parts to aerospace giants like Airbus, Boeing, Safran, and Dassault, and also supplies components for MacBooks and Apple Watches.
Q4. Who is the founder and current CEO of Aequs?
Ans. Aravind Melligeri is the founder of Aequs. In May 2025, he was reappointed as Executive Chairman and CEO for a five-year term (2025–2030), subject to government approval due to his non-resident status.
Q5. What is the Koppal Toy Manufacturing Cluster, and how is Aequs involved?
Ans. The Koppal Toy Manufacturing Cluster, established by Aequs in 2016, is India’s first global-scale toy manufacturing ecosystem. It aims to reduce import dependency and position India as a hub for toy exports. This initiative reflects Aequs' innovative approach to contract manufacturing beyond aerospace.
Q6. What is the current financial health of Aequs ahead of its IPO?
Ans. Aequs significantly improved its financial position in FY 2023–24. Its net loss narrowed by 89% to INR 12.1 crore, down from INR 108.7 crore in the previous year. Revenue rose by over 18% to INR 988.3 crore, showing strong business growth and better operational efficiency.
Q7. Who are the major investors in Aequs?
Ans. Aequs has raised over $81 million in funding. Major investors include Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (Infosys founder Narayana Murthy’s family office), and Sparta Group. These backers reflect strong market confidence in Aequs’ long-term growth prospects.

Aequs, a leading Indian contract manufacturing firm, is making headlines as it ramps up preparations for its Initial Public Offering (IPO) by converting from a private entity into a public company. This strategic move marks a significant step in Aequs’ long-term growth plan, allowing it to attract a broader base of investors and enhance its corporate governance. The company received board approval on April 25, 2025, to change its name from "Aequs Private Limited" to "Aequs Limited," according to regulatory filings accessed by Inc42.

Name Change to Aequs Limited

As part of its IPO readiness strategy, the board of Aequs approved a resolution to delete the term "Private" from its name. This transformation is not merely a cosmetic rebranding but a statutory requirement under Indian company law for entities seeking to list on public exchanges. The official regulatory filing read, "… the name of the company is hereby changed from AEQUS PRIVATE LIMITED to AEQUS LIMITED by deletion of the word ‘Private’ before the word ‘Limited’ in the name of the company.” This change formally marks Aequs' transition from a privately held enterprise to a publicly accountable corporation.

Background and Founding of Aequs

Founded in 2006 by entrepreneur Aravind Melligeri, Aequs has evolved into one of India's prominent export-focused manufacturing platforms. It specializes in providing vertically integrated, high-precision engineering and product solutions. The company has built a strong reputation in the aerospace and consumer goods sectors through its commitment to quality and innovation.

Export-Focused Manufacturing Capabilities

Aequs is widely recognized for its expertise in aerospace manufacturing. It produces and exports aircraft components for leading global aerospace firms including Airbus, Boeing, Safran, Dassault, and Collins Aerospace. These products span forging, precision machining, surface treatment, aerostructure assembly, as well as prototyping and testing.

Koppal Toy Manufacturing Cluster: A First in India

In 2016, Aequs established India’s first global-scale toy manufacturing ecosystem known as the Koppal Toy Manufacturing Cluster. Located in Karnataka, this initiative has positioned Aequs as a key player in India's emerging toy manufacturing industry. This unique ecosystem is a testimony to the company’s vision of creating integrated, export-oriented manufacturing hubs.

Association with Apple: Huge Milestone

In 2024, Aequs joined the elite list of Apple’s Indian suppliers. It became the only domestic company manufacturing parts for MacBooks and Apple Watches. This inclusion signals the company’s rising global stature and its capacity to meet international quality standards required by premium electronics manufacturers like Apple.

Funding and Investment Profile

Aequs has attracted significant investor interest over the years. In 2023, it raised $54 million in an equity round led by Singapore-based Avansa Capital. The total funding raised by the company so far exceeds $81 million. Other notable investors include Amicus Capital, Steadview Capital, Catamaran (Infosys founder Narayana Murthy’s family office), and Sparta Group. This financial backing underscores the market’s confidence in Aequs’ business model and growth prospects.

Upcoming IPO: Aequs Aims to Raise $200 Million

As Aequs ramps up IPO preparations, it is planning to raise approximately $200 million (about INR 1,720 crore) through a combination of fresh equity issuance and Offer for Sale (OFS) by existing shareholders. The IPO is expected to go live later in 2025. The capital raised will likely be used to expand manufacturing capacities, strengthen its export capabilities, and invest in R&D.

Leadership Realignment: Aravind Melligeri Appointed as Executive Chairman and CEO

In a major governance update, the board approved the appointment of Aravind Melligeri as Executive Chairman and CEO of the company. His term is set from May 13, 2025, to May 12, 2030. However, this appointment is pending approval from the Government of India due to Melligeri’s non-resident status. This leadership continuity ensures that the company’s founding vision remains intact as it transitions into a new growth phase.

Global Operations and Joint Ventures

Aequs’ aerospace capabilities extend beyond India. The company operates manufacturing units in the United States and France through several joint ventures. These include Aerospace Processing India, a collaboration with Canada’s Magellan Aerospace, and SQuAD Forging India, a joint venture with Aubert & Duval SAS (a subsidiary of France’s ERAMET Group). These global alliances reflect Aequs’ commitment to maintaining a robust international footprint.

Financial Performance: A Knowing Turnaround in FY 2023-24

In FY 2023-24, Aequs demonstrated impressive financial improvement. Its consolidated net loss reduced by 89%, from INR 108.7 crore in the previous year to INR 12.1 crore. Additionally, the company’s total revenue grew by more than 18%, reaching INR 988.3 crore, compared to INR 836.2 crore in FY23. This turnaround can be attributed to operational efficiencies and the continued demand for aerospace components.

Part of India’s New-Age IPO Wave

Aequs is among over 20 Indian new-age tech and manufacturing firms preparing to go public in 2025. Other notable names in this IPO wave include PhysicsWallah, BlueStone, boAt, and Shiprocket. In 2024, the bourses saw successful listings by companies like Swiggy, MobiKwik, Awfis, Ola Electric, and Go Digit. Aequs’ listing is expected to further solidify investor interest in Indian manufacturing and export-oriented businesses.

Conclusion

With its transition from Aequs Private Limited to Aequs Limited, the company is not just changing its name but also redefining its corporate future. Aequs ramps up IPO preparations with a strategic focus on scaling operations, enhancing investor trust, and tapping into global capital markets. From manufacturing aircraft parts for aviation giants to becoming a part of Apple’s supply chain, Aequs has showcased its technical prowess and operational excellence. The upcoming IPO will be an important milestone, positioning the company as a major player not only in aerospace but also in India's industrial future.

If you want to convert your private limited company into Public Limited Company or do you want to change your Company Name, then you can connect with Compliance Calendar LLP Experts through email at info@ccoffice.in or Call/Whatsapp at +91 9988424211.

FAQs

Q1. Why did Aequs convert from a private limited to a public limited company?

Ans. Aequs converted from “Aequs Private Limited” to “Aequs Limited” as part of its IPO preparations. This conversion is a mandatory legal step under Indian company law to allow a company to list its shares on a public stock exchange. The change enhances corporate transparency and enables wider investor participation.

Q2. How much does Aequs plan to raise through its IPO?

Ans. Aequs is targeting to raise approximately $200 million (about INR 1,720 crore) through its upcoming Initial Public Offering. The IPO will include a combination of fresh equity issuance and an offer for sale (OFS) by existing shareholders.

Q3. What are the primary business areas of Aequs?

Ans. Aequs is a diversified contract manufacturing firm focusing on aerospace components, consumer durable goods, and toys manufacturing. It exports high-precision parts to aerospace giants like Airbus, Boeing, Safran, and Dassault, and also supplies components for MacBooks and Apple Watches.

Q4. Who is the founder and current CEO of Aequs?

Ans. Aravind Melligeri is the founder of Aequs. In May 2025, he was reappointed as Executive Chairman and CEO for a five-year term (2025–2030), subject to government approval due to his non-resident status.

Q5. What is the Koppal Toy Manufacturing Cluster, and how is Aequs involved?

Ans. The Koppal Toy Manufacturing Cluster, established by Aequs in 2016, is India’s first global-scale toy manufacturing ecosystem. It aims to reduce import dependency and position India as a hub for toy exports. This initiative reflects Aequs' innovative approach to contract manufacturing beyond aerospace.

Q6. What is the current financial health of Aequs ahead of its IPO?

Ans. Aequs significantly improved its financial position in FY 2023–24. Its net loss narrowed by 89% to INR 12.1 crore, down from INR 108.7 crore in the previous year. Revenue rose by over 18% to INR 988.3 crore, showing strong business growth and better operational efficiency.

Q7. Who are the major investors in Aequs?

Ans. Aequs has raised over $81 million in funding. Major investors include Avansa Capital, Amicus Capital, Steadview Capital, Catamaran (Infosys founder Narayana Murthy’s family office), and Sparta Group. These backers reflect strong market confidence in Aequs’ long-term growth prospects.