Airfloa Rail Technology IPO
Open SmeCurrent GMP
₹175 (+125.00%)
Price Band
₹ 133 – 140
Lot Size
1000
Issue Size
₹91.1 Cr
Minimum Investment
₹280000 (2000 Shares)
Listing Date
18 September 2025
Subscription
302.21x
About the Company
Incorporated in December 1998, Airfloa Rail Technology Limited is engaged in the manufacturing of components for Indian Railways’ rolling stock through production units such as the Integral Coach Factory (ICF) and other coach factories across India.
The company specializes in rolling stock components and turnkey interior projects for Indian Railways while also catering to the aerospace and defence sectors with complex, high-precision components.
Operations and Expertise
- Railways:
- Manufactured and supplied parts and executed interior projects for prestigious projects, including Sri Lankan DEMU, Mainline Coaches, Agra–Kanpur Metro, RRTS, Vistadome Coaches, and the flagship Train-18 Vande Bharat Express.
- Provides turnkey interior furnishing solutions for modern metro and semi-high-speed rail projects.
- Aerospace & Defence:
- Supplies specialized components for projects such as AMCA ground simulators and artillery tank bodies.
- Focuses on developing high-precision and mission-critical parts to support advanced defence systems.
Certifications
The company maintains internationally recognized certifications that demonstrate its commitment to quality and safety:
- ISO 9001:2015 – Quality Management System
- EN 15085-2 – Welding of Railway Vehicles and Components
- BMS Certification – Benchmark for rail manufacturing standards
Product Portfolio
Airfloa Rail Technology contributes to passenger comfort and safety through the design and supply of:
- Seating Systems – Ergonomic, comfortable seating designed for long-distance travel with optimized viewing angles.
- Passenger Accessibility Solutions – IC doors ensuring smooth and safe intra-coach movement.
- Climate Control Systems – Air diffusers maintaining optimal in-coach environments.
- Interior Design Elements – Large windows, roof panels, and PAPIS displays enhancing visibility, design, and passenger experience.
Workforce
As of 31 May 2025, the company employs 255 people (including contract staff), led by a highly experienced senior management team driving innovation and operational excellence.
Promoters
- Mr. Venkatesan Dakshinamoorthy
- Mr. Manikandan Dakshnamoorthy
- Ms. Nandhini Manikandan
- Mr. Sathishkumar Venkatesan
Promoters Holding
Holding Pre Issue
74.40%
Holding Post Issue
54.20%
Objects of the Issue
The Company Airfloa Rail Technology IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Capital expenditure towards purchase of Machinery and equipment
- Repayment of a portion of certain outstanding borrowing availed by our company
- Funding of the working capital requirement of our Company
- General corporate purposes
Address / Contact Info
Airfloa Rail Technology Ltd.
No 9 Chelliamman
Koilstreet Keelkttala
Chennai, Tamil Nadu, 600117
Phone: +91 9600621490
Email: cs@airflow.co.in
Website: https://www.airflow.co.in/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Thursday, 11 September 2025
IPO Close Date
Monday, 15 September 2025
Basis of Allotment
Tuesday, 16 September 2025
Initiation of Refunds
Wednesday, 17 September 2025
Credit of Shares to Demat
Wednesday, 17 September 2025
Listing Date
Thursday, 18 September 2025 — NSE & BSE
Important Dates
Open Date
11 September 2025
Close Date
15 September 2025
Basis Of Allotment
16 September 2025
Listing Date
18 September 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 256.94 | 201.99 | 163.89 |
| Revenue | 192.66 | 122.87 | 95.33 |
| Profit After Tax | 25.55 | 14.23 | 1.49 |
| Net Worth | 110.8 | 55.98 | 41.75 |
| Reserve & Surplus | 93.34 | 50.99 | 36.75 |
| Total Borrowings | 59.98 | 63.8 | 60.22 |
EPS Pre
14.63%
EPS Post
10.66%
P/E Pre
9.57
P/E (Post Issue)
13.14x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI as of Mon, Mar 31, 2025. |
|---|---|
| ROE % | 30.64 |
| ROCE % | 26.28 |
| Debt / Equity | 0.54 |
| RoNW % | 23.06 |
| PbW | 0 |
| Pat Margin % | 13.28 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 1235000 | 28.53 | 0 |
| Non-Institutional | 930000 | 21.48 | 0 |
| BNII | 620000 | 14.32 | 0 |
| SNII | 310000 | 7.16 | 0 |
| Retail Investors | 2164000 | 49.99 | 0 |
| Total | 4329000 | 100 | 0 |
Subscription Status ( Mon, 15 Sep 25 01:40 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 1235000 | 265093000 | 214.65x |
| Non-Institutional | 930000 | 325827000 | 350.35x |
| Retail Investors | 2164000 | 717330000 | 331.48x |
| Total | 4329000 | 1308250000 | 302.21x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Airfloa Rail Technology Ltd | 10 | 0.00 | 15.63 | 15.63 | 23.06 | 63.81 |
| Jupiter Wagons Ltd | 2 | 37.80 | 9.08 | 9.08 | 13.81 | 64.88 |
| Titagarh Rail Systems Ltd | 10 | 41.94 | 20.39 | 20.39 | 11.07 | 184.40 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 280,000.00 |
| Retail (Max) | 2 | 2,000 | 280,000.00 |
| S-HNI (Min) | 3 | 3,000 | 420,000.00 |
| S-HNI (Max) | 7 | 7,000 | 980,000.00 |
| B-HNI (Min) | 8 | 8,000 | 1,120,000.00 |
Registrar
Kfin Technologies Limited
04067162222, 04079611000
reachus@kfintech.com
https://www.kfintech.com
Book Running Lead Managers
- GYR Capital Advisors Private Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Airfloa Rail Technology IPO is a Book-building IPO worth ₹91.1 crores. The price band is ₹133 to 140 per share. The IPO opens on Thu, Sep 11, 2025 and closes on Mon, Sep 15, 2025. It will be listed on BSE and NSE. Kfin Technologies Limited is the registrar.
The Airfloa Rail Technology IPO opens on Thu, Sep 11, 2025 and closes on Mon, Sep 15, 2025
Airfloa Rail Technology IPO Price Band is ₹133 to 140.
Airfloa Rail Technology IPO lot size is 1000, and the minimum amount required for application is ₹280000.
The minimum investment for Airfloa Rail Technology IPO is approximately ₹280000 based on the upper price band.
To apply for the Airfloa Rail Technology IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Mon, Sep 15, 2025. After submission, funds are blocked until the basis of allotment of Airfloa Rail Technology IPO is finalised.
Airfloa Rail Technology IPO issue size is ₹91.1 crores.
Airfloa Rail Technology IPO allotment date is Sat, Jun 27, 2026.
The registrar for Airfloa Rail Technology IPO is Kfin Technologies Limited. Investors can go to Kfin Technologies Limited website for IPO allotment status, refund processing, and other queries related to Airfloa Rail Technology IPO through their official website or helpline.
The Airfloa Rail Technology IPO GMP (Grey Market Premium) is ₹175 as of Thu, Sep 18, 2025. Based on the upper price band of ₹140 per share, the estimated Airfloa Rail Technology IPO listing price is ₹315, indicating a potential listing gain of approximately 31% over the issue price.