Wondering how IPO GMP influences your listing gains? In this post, we decode the grey market premium and its impact on IPO GMP performance. Why the Airfloa Rail Technology IPO Stands Out and IPO GMP is important for listing Gain? Lets talk about company details and other fundamentals and IPO GMP details. IPO GMP Details are listed below:
Airfloa Rail Technology is launching a ₹91.10 crore IPO through the book-building route, comprising a fresh issue of 65 lakh equity shares.
The IPO opens for subscription on September 11, 2025, and will close on September 15, 2025. Allotment is expected to be finalized by September 16, with the company slated to list on the BSE SME platform on September 18.
The price band has been set between ₹133 and ₹140 per share. Each application requires a minimum lot size of 1,000 shares. For retail investors, the minimum investment stands at ₹2.8 lakh (2 lots at the upper price), while High Net-Worth Individuals (HNIs) must apply for at least 3 lots, amounting to ₹4.2 lakh.
About Airfloa Rail Technology Ltd.
Company Overview
Airfloa Rail Technology IPO presents a compelling opportunity to invest in a company that has been manufacturing high-precision components for Indian Railways since 1998. Founded in December 1998, Airfloa Rail Technology Limited specializes in manufacturing high-precision components for Indian Railways’ rolling stock. The company supplies to key production units such as the Integral Coach Factory (ICF) and other major coach manufacturing facilities.Investors looking at the Airfloa Rail Technology IPO should note the company’s strong order book and certifications
The Airfloa Rail Technology IPO offers investors access to a certified manufacturer serving Indian Railways, aerospace, and defence sectors.The Airfloa Rail Technology IPO offers investors access to a certified manufacturer serving Indian Railways, aerospace, and defence sectors.
Beyond railways, Airfloa also plays a critical role in the aerospace and defence sectors, producing complex components for projects like AMCA ground simulators and artillery tank bodies.
Over the years, the company has contributed to several high-profile transport initiatives, including:
- Sri Lankan DEMU
- Mainline Coaches
- Agra-Kanpur Metro
- RRTS
- Vistadome Coaches
- Train-18 (Vande Bharat Express)
Airfloa is recognized as a turnkey interior solutions provider, delivering complete furnishing packages for premium railway projects such as the Vande Bharat Express and Agra-Kanpur Metro. Their offerings include:
- Ergonomic seating designed for scenic travel
- IC doors for smooth passenger movement
- Air diffusers for climate control
- Large windows, roof panels, and PAPIS displays to enhance the onboard experience
The company holds certifications including ISO 9001:2015, EN 15085-2, and BMS, underscoring its commitment to quality and compliance with international railway standards.
As of July 31, 2025, Airfloa employs 281 professionals, including contract staff and senior management.
Competitive Strengths
- Versatile Manufacturing: Capable of producing precision components across railway, aerospace, and defence sectors.
- Turnkey Execution: Offers end-to-end project delivery, streamlining timelines and improving operational efficiency.
- Advanced Infrastructure: Equipped with modern machinery that ensures consistency, speed, and quality.
- Experienced Leadership: Promoters bring deep industry insight, driving innovation and strong client relationships.
- Robust Order Book: Backed by solid financials and a scalable business model, the company is well-positioned to meet growing market demand.
Let me know if you’d like this adapted for a pitch deck slide or investor summary—happy to help shape the tone further. Investors looking at the Airfloa Rail Technology IPO should note the company’s strong order book and certifications.
Airfloa Rail Technology IPO Details
| IPO Date | September 11, 2025 to September 15, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹133 to ₹140 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 65,07,000 shares (aggregating up to ₹91.10 Cr) |
| Reserved for Market Maker | 3,26,000 shares (aggregating up to ₹4.56 Cr)Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 61,81,000 shares (aggregating up to ₹86.53 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,74,62,954 shares |
| Share Holding Post Issue | 2,39,69,954 shares |
Airfloa Rail Technology IPO Reservation
Airfloa Rail Technology is offering a total of 65,07,000 equity shares in its IPO. Of this, 30,87,000 shares (47.44%) are reserved for Qualified Institutional Buyers (QIBs), including 12,35,000 shares (18.98%) specifically for QIBs excluding anchor investors. 9,30,000 shares (14.29%) are allocated to Non-Institutional Investors (NIIs), while 21,64,000 shares (33.26%) are set aside for Retail Individual Investors (RIIs). Additionally, 18,52,000 shares (28.46%) have been earmarked for anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered Retail Shares Offered | 3,26,000 (5.01%) 21,64,000 (33.26%) |
| Total Shares Offered | 65,07,000 (100.00%) |
Airfloa Rail Technology IPO Anchor Investors Details
Airfloa Rail Technology IPO raises ₹25.93 crore from anchor investors. Airfloa Rail Technology IPO Anchor bid date is September 10, 2025.
| Bid Date | September 10, 2025 |
| Shares Offered | 18,52,000 |
| Anchor Portion Size (In Cr.) | 25.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 16, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 15, 2025 |
Airfloa Rail Technology IPO Timeline (Tentative Schedule)
Airfloa Rail Technology IPO opens on September 11, 2025, and closes on September 15, 2025.
| IPO Open Date | Thu, Sep 11, 2025 |
| IPO Close Date | Mon, Sep 15, 2025 |
| Tentative Allotment | Tue, Sep 16, 2025 |
| Initiation of Refunds | Wed, Sep 17, 2025 |
| Credit of Shares to Demat | Wed, Sep 17, 2025 |
| Tentative Listing Date | Thu, Sep 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Sep 15, 2025 |
Airfloa Rail Technology IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,80,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,20,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (Min) | 8 | 8,000 | ₹11,20,000 |
Airfloa Rail Technology IPO Promoter Holding
The promoters of the company are Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshinamoorthy, Ms. Nandhini Manikandan and Mr. Sathishkumar Venkatesan.
| Promoter Holding Pre Issue | 74.40% |
| Promoter Holding Post Issue | 54.2% |
Note: Equity dilution will be calculated as the difference between pre-issue and post-issue shareholding.
Company Financials
Airfloa Rail Technology Ltd. Financial Information (Restated Consolidated)
| Period Ended | 31 Mar 2025 |
| Assets | 256.94 |
| Total Income | 192.66 |
| Profit After Tax | 25.55 |
| EBITDA | 47.41 |
| Net Worth | 110.80 |
| Reserves and Surplus | 93.34 |
| Total Borrowing | 59.98 |
| Amount in ₹ Crore | |
Key Performance Indicator
The market capitalization of Airfloa Rail Technology IPO is ₹335.58 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 30.64% |
| ROCE | 26.28% |
| Debt/Equity | 0.54 |
| RoNW | 23.06% |
| PAT Margin | 13.28% |
| EBITDA Margin | 24.61% |
| Price to Book Value | 2.19 |
| Pre IPO | Post IPO | ||
|---|---|---|---|
| EPS Rs | 14.63 | 10.66 | |
| P/E (x) | 9.57 | 13.14 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 that is available in RHP.
Overall, the Airfloa Rail Technology IPO offers a scalable model backed by proven financials.