Aequs files confidential DRHP to raise Rs 1700 crore

Belagavi-headquartered diversified contract manufacturer Aequs has filed a confidential draft RHP with SEBI with plans to raise $ 200 million (Rs 1700 crore) through an initial public offering (IPO), sources briefed on the matter said.

Aequs, promoted by US-based Hubballi-born entrepreneur Aravind Melligeri, operates a manufacturing SEZ in Belagavi, a large toy cluster at Koppal, and a consumer durable good cluster in Hubballi with manufacturing operations also in Texas (US) and Cholet (France). Melligeri is also the co-founder of QuEST Global Engineering. Aequs along with Tata Electronics, Motherson Group & Jabil produce mechanical components for Apple products.

The IPO, sources said, will consist of both fresh issue of equity shares and offer for sale by existing stakeholders. Aequs counts Amicus Capital, Amansa Capital, Steadview Capital, Catamaran, Sparta Group and Hubballi-born US-based entrepreneur Gururaj Deshpande as its investors.

Aequs did not respond to an email seeking its comments.