As Aequs heads to the public markets, investors are naturally asking: who’s actually liquidating in this IPO? While the allotment size and valuation chatter dominate headlines, the seller list itself reveals a story of early conviction, strategic capital, and timely exits.
Before diving into the shareholder breakdown, remember:
Total Value of Investment = Current Value of Stake + Pre-IPO Exit + IPO Exit.
Now, let’s walk through the sellers driving the Offer for Sale, and understand just how much value they’re unlocking.
1. Aequs Manufacturing Investments Pvt Ltd
📅 First Investment: Apr 2013
💸 Total Investment: ₹879.40 Cr
💰 Value of Investment: ₹3,637.72 Cr
Not surprisingly, Aequs’ own investment arm is the biggest seller. More than a decade of capital support now converts into massive value realization, reflecting the company’s long-term build-out strategy.
2. Amicus Capital Partners
📅 First Investment: Mar 2023
💸 Total Investment: ₹143.56 Cr
💰 Value of Investment: ₹589.75 Cr
Although they joined recently, Amicus has seen an impressive uplift in a short period. Their position highlights the strong institutional appetite for Aequs’ manufacturing and aerospace capabilities.
3. Melligeri Private Family Foundation
📅 First Investment: Dec 2011
💸 Total Investment: ₹132.53 Cr
💰 Value of Investment: ₹1,343.24 Cr
The founding family’s foundation holds one of the longest-standing investments. Their exit represents not just financial upside but a validation of over a decade of entrepreneurial conviction.
4. Ravindra Mariwala
📅 First Investment: Oct 2023
💸 Total Investment: ₹10.55 Cr
💰 Value of Investment: ₹31.42 Cr
A relatively new entrant, Mariwala clocks a sharp value jump within months,one of the cleanest short-duration wins in the cap table.
5. Vasundhara Dempo Family Private Trust
📅 First Investment: Oct 2023
💸 Total Investment: ₹5.27 Cr
💰 Value Today: ₹15.71 Cr
A standalone family trust investor entering in late 2023 and now exiting with a clean multi-fold value unlock.
6. Girija Dempo Family Private Trust
📅 First Investment: Oct 2023
💸 Total Investment: ₹5.27 Cr
💰 Value Today: ₹15.71 Cr
Another independent trust from the Dempo family, mirroring the same investment and exit profile but treated as a separate investor in the cap table.
7. Raman Subramanian
📅 First Investment: Mar 2016
💸 Total Investment: ₹0.92 Cr
💰 Value of Investment: ₹3.72 Cr
A smaller cheque but a meaningful multi-fold return, showing that Aequs rewarded early believers at every tier of the cap table.
What About the Allotment Size?
Alongside the sellers, the IPO’s structure itself is worth noting because it shapes how much liquidity actually hits the market.
Here’s the full breakdown:
- 📌 Issue Price Band: ₹118–₹124 per share
- 📌 Lot Size: 120 shares
- 📌 Total Issue Size: 7,43,39,651 shares (aggregating up to ₹921.81 Cr)
- 📌 Fresh Issue: 5,40,32,258 shares (up to ₹670 Cr)
- 📌 Offer for Sale (OFS): 2,03,07,393 shares (up to ₹251.81 Cr)
This means the OFS portion, driven by the sellers listed above, accounts for over 2 crore shares, making it a significant liquidity event while still ensuring that the fresh issue remains dominant in fueling Aequs’ expansion plans.
Final Takeaway
Overall, the Aequs IPO isn’t just a listing; it’s a snapshot of a decade-long capital journey. From foundational family investments to strategic funds and quick-turn entrants, every class of shareholder finds its moment of exit here.
And as the company steps into the public markets, understanding who’s liquidating and how much they’re unlocking provides one of the clearest windows into Aequs’ growth story.
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