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Exclusive: Aerospace parts maker Aequs to convert into public company

EntrackrEntrackr · 2m ago
Exclusive: Aerospace parts maker Aequs to convert into public company
Medial

Exclusive: Aerospace parts maker Aequs to convert into public company Aerospace component maker Aequs is gearing up for its initial public offering (IPO) in 2025 and has taken a concrete step by passing a special resolution to convert into a public company. The board at Aequs has passed a resolution for approval to change its status to a public company and rename it from “Aequs Private Limited” to “Aequs Limited”, as per its regulatory filing. The company is reportedly planning to launch an IPO worth $200 million later this year. The offer will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company filings. Aequs recently entered into a joint venture with Canadian aerospace systems manufacturer Magellan Aerospace to establish a sand casting facility in Belagavi, India. The partnership is expected to help Aequs transition from modest year-on-year growth to a more robust trajectory. Founded in 2006 by Aravind Melligeri, Aequs is a contract manufacturing company that provides end-to-end product solutions for the aerospace, toys and consumer goods industries. Using its integrated manufacturing ecosystems, Aequs produces complex aerospace parts to meet the high standards of global aircraft supply chains. According to startup data intelligence platform TheKredible, the Belgaum-based company has raised around $95 million including a $54 million round led by Amansa Capital in October 2023. The company is currently valued at approximately $240 million. For the fiscal year ending March 2024, Aequs reported a 19% year-on-year growth in operating revenue to Rs 965 crore compared to Rs 812 crore in FY23. The company reduced its losses by 87% to Rs 14.2 crore during the same period.

Groww files confidential DRHP with SEBI

EntrackrEntrackr · 1m ago
Groww files confidential DRHP with SEBI
Medial

Stock broking platform Groww has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, according to public notices published in newspapers on May 25. The pre-filing mechanism, introduced by SEBI in 2022, allows companies to privately submit their DRHPs. The document remains confidential until the firm decides to go public, giving companies greater flexibility in IPO planning. Groww is currently the largest stockbroking platform in India, with over 13 million active users monthly, according to NSE data. It commanded a 26.57% market share in February 2024, ahead of rivals Zerodha (16.25%) and Angel One (15.62%). Backed by Peak XV Partners, Tiger Global, Ribbit Capital, and Y Combinator’s Continuity Fund, Groww has raised around $400 million to date. Its last round was a $251 million Series E in October 2021, which pegged its valuation at $3 billion. The company is now looking to raise $200 million in a pre-IPO round, targeting a valuation in the $6.5–7 billion range. As part of this, Viggo Investments Pte Ltd has sought clearance from the Competition Commission of India (CCI) to acquire a 2.143% stake in Groww. On the financial front, Groww’s revenue from operations surged to Rs 3,145 crore in FY24, though the firm reported a net loss of Rs 805 crore, driven by a one-time tax expense of Rs 1,340 crore related to its redomicile to India. Several Indian startups have recently opted for the confidential filing route introduced by SEBI in 2022 to prepare for their public listings. This includes car marketplace CarTrade, logistics company Delhivery, Shiprocket, and consumer electronics brand boAt. Groww Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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