Airfloa Rail Technology IPO is a book build issue of ₹91.10 crores. The issue is entirely a fresh issue of 0.65 crore shares of ₹91.10 crore.
Airfloa Rail Technology IPO opens for subscription on Sep 11, 2025 and closes on Sep 15, 2025. The allotment for the Airfloa Rail Technology IPO is expected to be finalized on Sep 16, 2025. Airfloa Rail Technology IPO will list on BSE SME with a tentative listing date fixed as Sep 18, 2025.
Airfloa Rail Technology IPO price band is set at ₹133.00 to ₹140.00 per share . The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,80,000.00 (2,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to ₹4,20,000.
GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The market maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Airfloa Rail Technology IPO RHP for detailed Information.
| 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 Giriraj Stock Broking Pvt.Ltd. (aggregating up to ₹4.56 Cr) |
| 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 offers total 65,07,000 shares. Out of which 30,87,000 (47.44%) allocated to QIB, 12,35,000 (18.98%) allocated to QIB (Ex- Anchor), 9,30,000 (14.29%) allocated to NII, 21,64,000 (33.26%) allocated to RII and 18,52,000 (28.46%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 3,26,000 (5.01%) |
| QIB Shares Offered | 30,87,000 (47.44%) |
| − Anchor Investor Shares Offered | 18,52,000 (28.46%) |
| − QIB (Ex. Anchor) Shares Offered | 12,35,000 (18.98%) |
| NII (HNI) Shares Offered | 9,30,000 (14.29%) |
| − bNII > ₹10L | 6,20,000 (9.53%) |
| − sNII < ₹10L | 3,10,000 (4.76%) |
| Retail Shares Offered | 21,64,000 (33.26%) |
| Total Shares Offered | 65,07,000 (100.00%) |
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 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 |
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) (Min) | 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in December 1998, Airfloa Rail Technology Limited manufactures components for Indian Railways' rolling stock through production units like the Integral Coach Factory (ICF) and other coach factories.
The company manufactures rolling stock components and interior projects for Indian Railways and produces complex, crucial parts for aerospace and defence.
The company made rolling stock parts and managed interior projects for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and Train-18 Vande Bharat Express.
They are a key supplier to Indian Railways, manufacturing high-precision components and turnkey interior furnishings for rolling stock. They also serve the aerospace and defense sectors, making components for projects like AMCA ground simulators and artillery tank bodies.
The company offers turnkey interior furnishing projects for prestigious railway projects, such as the Vande Bharat Express and the Agra-Kanpur Metro.
They extend their expertise to the aerospace and defence sectors, manufacturing components for projects like AMCA ground simulators.
They are an ISO 9001:2015, EN 15085-2, and BMS-certified company, signifying their commitment to quality management and railway standards.
The company contribute to its appeal by supplying the following key components:
As of July 31, 2025, the Company’s workforce comprised 281 employees (including those on contract), including the senior management team.
Competitive Strength
| 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 | |
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 |
The Company Airfloa Rail Technology IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure towards purchase of machinery and equipmen | 13.68 |
| 2 | Repayment of a portion of certain outstanding borrowing availed by the company | 6.00 |
| 3 | Funding working capital requirements | 59.27 |
| 4 | General corporate purposes |
[Dilip Davda] ARTL is engaged in the manufacturing of components used in rolling stock for railways, and other products used by defence and aerospace segments. The company marked growth in its top and bottom lines for the reported periods. Boosted profits from FY24 onward raise eyebrows and concern over its sustainability going forward, as competition is on the rise. Based on its recent financial data, the issue appears fully priced. Well-informed investors may park funds for medium to long term. Read detail review...
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 201.99 | 163.89 |
| Total Income | 122.87 | 95.33 |
| Profit After Tax | 14.23 | 1.49 |
| EBITDA | 34.58 | 14.68 |
| Net Worth | 55.98 | 41.75 |
| Reserves and Surplus | 50.99 | 36.75 |
| Total Borrowing | 63.80 | 60.22 |
| Amount in ₹ Crore | ||
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/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: airfloa.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Airfloa Rail Technology IPO is a SME IPO of 65,07,000 equity shares of the face value of ₹10 aggregating up to ₹91.10 Crores. The issue is priced at . The minimum order quantity is 1000.
The IPO opens on September 11, 2025, and closes on September 15, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Airfloa Rail Technology IPO using UPI as a payment gateway. Zerodha customers can apply in Airfloa Rail Technology IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Airfloa Rail Technology IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Airfloa Rail Technology IPO opens on September 11, 2025 and closes on September 15, 2025.
Airfloa Rail Technology IPO lot size is 1000, and the minimum amount required for application is ₹2,80,000, with 2 lots being the minimum application size.
You can apply in Airfloa Rail Technology IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Airfloa Rail Technology IPO will be done on Tuesday, September 16, 2025, and the allotted shares will be credited to your demat account by Wednesday, September 17, 2025. Check the Airfloa Rail Technology IPO allotment status.
The Airfloa Rail Technology IPO listing date is not yet announced. The tentative date of Airfloa Rail Technology IPO listing is Thursday, September 18, 2025.
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