Airfloa Rail Technology IPO
GMP, Subscription, Price, Dates & Financial Details
Engineering - Industrial Equipments
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…
Open Date
Thu, 11 Sep 2025
Close Date
Mon, 15 Sep 2025
Price Band
₹ 133 – 140
Lot Size
1000
Issue Size
₹ 91.10 Cr
Minimum Investment
₹ 280,000 (2000 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Airfloa Rail Technology IPO has successfully completed its IPO process and is now listed on BSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹91.10 Crore, comprising a fresh issue of 65.07 Lakh equity shares aggregating to ₹91.10 Crore.
The Airfloa Rail Technology IPO remained open for subscription from September 11, 2025, to September 15, 2025. The basis of allotment was finalized on September 16, 2025, and the company's shares were listed on BSE SME Platform on September 18, 2025.
The company had fixed the price band at ₹133 to ₹140 per share, with a lot size of 1000 shares. Retail investors were required to make a minimum investment of ₹280,000 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. GYR Capital Advisors Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Airfloa Rail Technology Limited is now a publicly listed company on BSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Airfloa Rail Technology IPO Timeline (Tentative)
- IPO Open Date
- Thu, 11 Sep 25
- IPO Close Date
- Mon, 15 Sep 25
- Basis of Allotment
- Tue, 16 Sep 25
- Initiation of Refunds
- Wed, 17 Sep 25
- Credit of Shares to Demat
- Wed, 17 Sep 25
- Listing Date
- Thu, 18 Sep 25 — NSE & BSE
Open Date
11 September 2025
Close Date
15 September 2025
Basis Of Allotment
16 September 2025
Listing Date
18 September 2025
IPO Subscription
Check Live Subscription →The Airfloa Rail Technology IPO has received bids for 1,30,82,50,000 shares against 43,29,000 shares offered, resulting in an overall subscription of 302.21x. the NII category is subscribed 350.35x, Retail Investors 331.48x, and QIBs 214.65x.
QIB
214.65x
NII
350.35x
RII
331.48x
Total
302.21x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 21,64,000 shares, representing 49.99% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 12,35,000 shares (28.53%), while Non-Institutional Investors (NIIs) receive 9,30,000 shares (21.48%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 1,235,000 | 28.53% |
| Non-Institutional | 930,000 | 21.48% |
| BNII | 620,000 | 14.32% |
| SNII | 310,000 | 7.16% |
| Retail Investors | 2,164,000 | 49.99% |
| Total | 4,329,000 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Airfloa Rail Technology Limited KPI Information
| Particular | KPI as of Mon, Mar 31, 2025. |
|---|---|
| ROE % | 30.64 |
| ROCE % | 26.28 |
| Debt / Equity | 0.54 |
| RoNW % | 23.06 |
| Pat Margin % | 13.28 |
Peers Comparison
| 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 |
About Airfloa Rail Technology Limited
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.
Airfloa Rail Technology IPO 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%
Airfloa Rail Technology IPO Objective
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
Airfloa Rail Technology Limited Address / Contact Details
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
Airfloa Rail Technology IPO Lot Size
The Airfloa Rail Technology IPO has a lot size of 1,000 shares. Retail investors require a minimum investment of ₹2,80,000 by applying for 2 lot (2,000 shares). The maximum application allowed for the retail category is 2 lots (2,000 shares), requiring an investment of ₹2,80,000.
| 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 |
Issue Reservation
- QIB — 28.53%
- NII — 21.48%
- RII — 49.99%
Book Running Lead Managers
- GYR Capital Advisors Private Limited
IPO Documents & Links
Explore More IPOs
Currently Open
Coming Up Next
Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Airfloa Rail Technology IPO?
Airfloa Rail Technology IPO is a Book-building IPO with a total issue size of ₹91.1 crore. The Airfloa Rail Technology IPO price band is ₹133 to 140 per share. The Airfloa Rail Technology IPO subscription opens on Thu, Sep 11, 2025, and closes on Mon, Sep 15, 2025. The Airfloa Rail Technology IPO will be listed on the BSE. KFin Technologies Limited is the registrar for the Airfloa Rail Technology IPO.
When will the Airfloa Rail Technology IPO open for subscription?
The Airfloa Rail Technology IPO opens on Thu, Sep 11, 2025 and closes on Mon, Sep 15, 2025
What is Airfloa Rail Technology IPO Price Band?
Airfloa Rail Technology IPO Price Band is ₹133 to 140 per share.
What is Airfloa Rail Technology IPO Lot Size?
Airfloa Rail Technology IPO lot size is 1000 shares, Retail investors need a minimum investment of ₹280000 based on the upper price band
What is the minimum investment for Airfloa Rail Technology IPO?
The minimum investment for Airfloa Rail Technology IPO is ₹280000, based on one lot of 1000 shares at the upper price band of ₹140 per share.
How to apply for Airfloa Rail Technology IPO?
Investors can apply for the Airfloa Rail Technology IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Sep 15, 2025. The application amount remains blocked until the Airfloa Rail Technology IPO allotment is finalized.
What is Airfloa Rail Technology IPO Issue Size?
Airfloa Rail Technology IPO issue size is ₹91.1 crores.
What is the Airfloa Rail Technology IPO Allotment Date?
Airfloa Rail Technology IPO allotment date is Tue, Sep 16, 2025.
Who is the Airfloa Rail Technology IPO Registrar?
The registrar for Airfloa Rail Technology IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Airfloa Rail Technology IPO allotment status, refund processing, and other IPO-related information.
What is the Airfloa Rail Technology IPO GMP?
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 125.00% over the issue price.
Who is the Airfloa Rail Technology IPO Lead Manager?
The book-running lead managers (BRLMs) for the Airfloa Rail Technology IPO are GYR Capital Advisors Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Airfloa Rail Technology IPO Red Herring Prospectus (RHP).