Bookbuilding IPO | ₹91 Cr | Listed at BSE SME | Thu, Sep 11, 2025 - Mon, Sep 15, 2025
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 bidding started from Sep 11, 2025 and ended on Sep 15, 2025. The allotment for Airfloa Rail Technology IPO was finalized on Sep 16, 2025. The shares got listed on BSE SME on Sep 18, 2025.
Airfloa Rail Technology IPO price band is set at ₹140 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 (2,000 shares) (based on upper price). The minimum lot size for investment in 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 Open
Thu, Sep 11, 2025
IPO Close
Mon, Sep 15, 2025
Issue Price
₹140 per share
Market Cap (Pre-IPO)
₹335.58 Cr
| IPO Date | 11 to 15 Sep, 2025 |
| Listed on | Thu, Sep 18, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹133 to ₹140 |
| Issue Price | ₹140 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 65,07,000 shares (agg. up to ₹91 Cr) |
| Reserved for Market Maker | 3,26,000 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹5 Cr) |
| Fresh Issue (Ex Market Maker) | 61,81,000 shares (agg. up to ₹87 Cr) |
| Net Offered to Public | 61,81,000 shares (agg. up to ₹87 Cr) |
| Share Holding Pre Issue | 1,74,62,954 shares |
| Share Holding Post Issue | 2,39,69,954 shares |
| BSE Script Code | 544516 |
| ISIN | INE0XBS01012 |
Airfloa Rail Technology IPO comprises a total issue size of 65,07,000 shares. The net offer to the public is 61,81,000 shares, after excluding 3,26,000 shares allotted on a firm basis. Of the Net offer 30,87,000 (49.94%) are allocated to QIB, 9,30,000 (15.05%) allocated to NII 21,64,000 (35.01%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 30,87,000 | 49.94% | 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 | 15.05% | 14.29% |
| − bNII > ₹10L | 6,20,000 | 9.53% | |
| − sNII < ₹10L | 3,10,000 | 4.76% | |
| Retail Shares Offered | 21,64,000 | 35.01% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 3,26,000 | 5.01% | |
| Total Shares Offered | 65,07,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| 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 raises ₹25.93 crore from anchor investors. Airfloa Rail Technology IPO Anchor bid date is September 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Sep 10, 2025 |
| Shares Offered | 18,52,000 |
| Anchor Portion (₹ Cr.) | 25.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Oct 15, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 15, 2025 |
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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 9.90 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 (₹) | 14.63 | 10.66 |
| P/E (x) | 9.57 | 13.14 |
| Promoter Holding | 74.4% | 54.2% |
| Market Cap | ₹335.58 Cr. |
The Airfloa Rail Technology IPO is subscribed 301.52 times on September 15, 2025 5:04:34 PM (Day 3). The public issue subscribed 330.31 times in the individual investors category, 214.65 times in the QIB category, and 349.88 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 214.65 | 12,35,000 | 26,50,93,000 | 0 |
| NII* | 349.88 | 9,30,000 | 32,53,90,000 | 0 |
| bNII (bids above ₹10L) | 375.79 | 6,20,000 | 23,29,90,000 | |
| sNII (bids below ₹10L) | 298.06 | 3,10,000 | 9,24,00,000 | |
| Individual Investors | 330.31 | 21,64,000 | 71,47,98,000 | 0 |
| Total | 301.52 | 43,29,000 | 1,30,52,81,000 | 4,14,241 |
Total Application : 4,14,241
*Market Maker portion is not included to NII/HNI.
| 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 | ||
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees. | 0.40 |
| 2 | Underwriting Fees | 0.91 |
| 3 | Fees payable to the Market maker to the Issue | 0.04 |
| 4 | Fees payable to the Registrar to the Issue | 0.05 |
| 5 | Fees payable for Advertising and Publishing Expense | 0.17 |
| 6 | Fees payable to Regulators including Stock Exchange & Depositories | 0.21 |
| 7 | Payment for Printing & Stationary, Postage etc. | 0.00 |
| 8 | Fees payable to statutory auditors, Legal Advisors & other Professionals | 0.21 |
| 9 | Other Expense | 0.26 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹140.00 |
| Open | ₹266.00 |
| Low | ₹266.00 |
| High | ₹279.30 |
| Last Trade | ₹279.30 |
Lead Manager Reports
Airfloa Rail Technology IPO is a SME IPO of 65,07,000 equity shares of the face value of ₹10 aggregating up to ₹91 Crores. The issue is priced at ₹140 per share. The minimum order quantity is 1000.
The IPO opens on Thu, Sep 11, 2025, and closes on Mon, Sep 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 Thu, Sep 11, 2025 and closes on Mon, Sep 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 Wed, Sep 17, 2025. Check the Airfloa Rail Technology IPO allotment status.
The Airfloa Rail Technology IPO listing date is on Thu, Sep 18, 2025.
