Aerospace component manufacturer Aequs, based in Belagavi, Karnataka, has submitted a draft red herring prospectus under the Securities and Exchange Board of India’s (SEBI) confidential route to raise $200 million (about Rs 1,700 crore) via an initial public offering, according to sources cited in a report by The Economic Times.
Founded in 2006 by Aravind Melligeri, Aequs operates a manufacturing special economic zone in Belagavi, a large toy cluster in Karnataka’s Koppal district, and a consumer durable goods cluster in Hubballi. It also has additional manufacturing facilities in Texas, USA, and Cholet, France. Melligeri is also the co-founder of engineering services company Quest Global, which was valued at $2 billion in 2023.
While aerospace reportedly accounts for approximately 80% of its business, the remaining portfolio comprises consumables such as toys, cookware, and electronic components. The company is among the select suppliers of mechanical components for Apple products.
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Aerospace parts maker Aequs makes confidential filing for $200 mn IPO | The Arc