Airfloa Rail Technology IPO will open for subscription on September 11, 2025, and close on September 15, 2025. This is a Book Built Issue IPO through which the company aims to raise around ₹91.10 crores. The issue comprises a fresh issue of ₹91.10 crores, while the offer for sale (OFS) details are yet to be disclosed. Each equity share carries a face value of ₹10.
The Airfloa Rail Technology IPO price band has been fixed at ₹133 to ₹140 per share. The IPO quota distribution includes 50% for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and 15% for Non-Institutional Investors (HNI/NII).
The basis of allotment for Airfloa Rail Technology IPO will be finalized on September 16, 2025, and the company’s shares are proposed to be listed on BSE with a tentative listing date of September 18, 2025.
Airfloa Rail Technology Financial Performance
- Revenue 2025: ₹192.66 crores (vs ₹122.87 crores in 2024)
- Net Profit 2025: ₹25.56 crores (vs ₹14.23 crores in 2024)
Airfloa Rail IPO Date & Price Band Details
The Airfloa Rail Technology IPO opens on September 11, 2025, and closes on September 15, 2025. This BSE SME IPO is a Book Built Issue with a price band of ₹133–₹140 per share, a lot size of 1,000 shares, and an issue size of ₹91.10 crores.
| IPO Details | Details |
|---|---|
| IPO Open Date: | September 11, 2025 |
| IPO Close Date: | September 15, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹133 to ₹140 Per Share |
| Issue Size: | Approx ₹91.10 Crores |
| Fresh Issue: | Approx ₹91.10 Crores |
| Lot Size: | 1,000 Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE SME |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Airfloa Rail IPO Market Lot
For the Airfloa Rail Technology IPO, the minimum retail application is 2 lots (2,000 shares) worth ₹2,80,000. The S-HNI category requires a minimum of 3 lots (₹4,20,000), while the B-HNI investors must apply for at least 8 lots (8,000 shares) worth ₹11,20,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹2,80,000 |
| Retail Maximum | 2 | 2,000 | ₹2,80,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,20,000 |
| S-HNI Maximum | 7 | 7,000 | ₹9,80,000 |
| B-HNI Minimum | 8 | 8,000 | ₹11,20,000 |
The Airfloa Rail IPO Subscription Status will be updated after the bidding process begins on September 11, 2025.
Airfloa Rail IPO Reservation
The Airfloa Rail Technology IPO share allocation includes QIB investors with 47.44% (30.87 lakh shares), Retail investors with 33.26% (21.64 lakh shares), and NII quota at 14.29% (9.30 lakh shares). Additionally, Market Makers get 3,26,000 shares (5.01%), ensuring balanced distribution across investor categories.
For the Airfloa Rail Technology IPO, the minimum retail application is 2 lots (2,000 shares) worth ₹2,80,000. The S-HNI category requires a minimum of 3 lots (₹4,20,000), while the B-HNI investors must apply for at least 8 lots (8,000 shares) worth ₹11,20,000.
| Investor Category | Share Offered | %Shares |
|---|---|---|
| Market Maker Shares Offered | 3,26,000 Shares | 5.01% |
| QIB Shares Offered | 30,87,000 Shares | 47.44% |
| Anchor Investor | 18,52,000 Shares | 28.46% |
| QIB (Ex. Anchor) | 12,35,000 Shares | 18.98% |
| NII Shares Offered | 9,30,000 Shares | 14.29% |
| bNII > ₹10L | 6,20,000 Shares | 9.53% |
| sNII < ₹10L | 3,10,000 Shares | 4.76% |
| Retail Shares Offered | 21,64,000 Shares | 33.26% |
| Total Shares Offered | 65,07,000 Shares | 100.00% |
Airfloa Rail IPO Anchor Investors
The Airfloa Rail Technology IPO anchor bidding is scheduled for September 10, 2025, with 18.52 lakh shares offered, amounting to ₹25.93 crores. The Anchor Investors list will be available in PDF. The lock-in period ends on October 16, 2025 (50%) and December 15, 2025 (50%).
The Airfloa Rail Technology IPO share allocation includes QIB investors with 47.44% (30.87 lakh shares), Retail investors with 33.26% (21.64 lakh shares), and NII quota at 14.29% (9.30 lakh shares). Additionally, Market Makers get 3,26,000 shares (5.01%), ensuring balanced distribution across investor categories.
| Anchor Event | Details |
|---|---|
| Anchor Bidding Date | September 10, 2025 |
| Anchor Investors List | Click Here |
| Shares Offered | 18,52,000 Shares |
| Anchor Size | 25.93 Cr. |
| lock-in period end date 50% shares (30 Days) | October 16, 2025 |
| lock-in period end date 50% shares (90 Days) | December 15, 2025 |
Airfloa Rail IPO Allotment & Listing Dates
The Airfloa Rail Technology IPO opens on September 11, 2025, and closes on September 15, 2025. The basis of allotment is on September 16, with refunds and Demat credit on September 17, 2025. The IPO listing date is September 18, 2025, and the bidding cut-off time is 5 PM on closing day.
| Event | Date |
|---|---|
| IPO Open Date: | September 11, 2025 |
| IPO Close Date: | September 15, 2025 |
| Basis of Allotment: | September 16, 2025 |
| Refunds: | September 17, 2025 |
| Credit to Demat Account: | September 17, 2025 |
| IPO Listing Date: | September 18, 2025 |
| IPO Bidding Cut-off Time: | September 15, 2025 – 5 PM |
Airfloa Rail IPO: Promoters and Holding Pattern
The promoters of Airfloa Rail Technology IPO are Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan, and Mr. Sathishkumar Venkatesan. The promoter shareholding stands at 74.40% (1,74,62,954 shares) pre-issue, which will reduce to 54.20% (2,39,69,954 shares) post-issue, ensuring wider public participation.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,74,62,954 | 74.40% |
| Promoter Holding Post Issue | 2,39,69,954 | 54.2% |
Objects of the Issue & Utilisation of proceeds – Airfloa Rail IPO
The objects of the Airfloa Rail Technology IPO highlight efficient fund utilization. Around ₹13.68 crores (15.02%) will be used for capital expenditure on machinery and equipment, while ₹6.00 crores (6.59%) is allocated for loan repayment. The major portion, ₹59.27 crores (65.06%), will fund working capital needs, and ₹12.15 crores (13.34%) are reserved for general corporate purposes.
| Purpose | Crores | %Change |
|---|---|---|
| Capital expenditure towards purchase of machinery and equipment | 13.68 | 15.02% |
| Repayment of a portion of certain outstanding borrowing availed by the company | 6.00 | 6.59% |
| Funding working capital requirements | 59.27 | 65.06% |
| General corporate purposes | 12.15 | 13.34% |
Airfloa Rail IPO Company Financial Report
The financial performance of Airfloa Rail Technology shows consistent growth. In 2022, revenue stood at ₹137.63 crores with a PAT of ₹3.43 crores. In 2023, revenue declined to ₹95.33 crores, but recovery followed in 2024 with ₹122.87 crores revenue and ₹14.23 crores PAT. By 2025, revenue surged to ₹192.66 crores and profit after tax (PAT) reached ₹25.56 crores, supported by strong asset growth to ₹255.76 crores. This demonstrates improving profitability and financial strength, making the IPO attractive for long-term investors.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2022 | ₹137.63 | ₹132.50 | ₹3.43 | ₹176.76 |
| 2023 | ₹95.33 | ₹92.98 | ₹1.49 | ₹163.89 |
| 2024 | ₹122.87 | ₹102.27 | ₹14.23 | ₹201.99 |
| 2025 | ₹192.66 | ₹157.69 | ₹25.56 | ₹255.76 |
Airfloa Rail IPO Valuation – FY2025
The key performance indicators (KPI) of Airfloa Rail Technology highlight strong fundamentals. The company has a solid ROE of 30.64% and ROCE of 26.28%, with healthy EBITDA margin at 24.61% and PAT margin at 13.28%. The debt-to-equity ratio is 0.54, showing balanced leverage. With an EPS of ₹15.63 and a RoNW of 23.06%, alongside a NAV of ₹63.81, the company demonstrates robust financial efficiency and growth potential.
| KPI | Values |
|---|---|
| ROE: | 30.64% |
| ROCE: | 26.28% |
| EBITDA Margin: | 24.61% |
| PAT Margin: | 13.28% |
| Debt to equity ratio: | 0.54 |
| Earning Per Share (EPS): | ₹15.63 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 23.06% |
| Net Asset Value (NAV): | ₹63.81 |
Airfloa Rail IPO Peer Group Comparison
The peer group comparison of Airfloa Rail Technology IPO shows that Jupiter Wagons Limited has an EPS of 9.08, PE ratio of 37.80, RoNW 13.81%, and income of ₹4,007.64 crores, while Titagarh Rail Systems Ltd reports an EPS of 20.39, PE ratio of 41.94, RoNW 11.07%, and income of ₹3,943.10 crores. This highlights the competitive positioning of Airfloa Rail Technology among established railway sector players.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Jupiter Wagons Limited | 9.08 | 37.80 | 13.81% | 64.88 | 4,007.64 Cr. |
| Titagarh Rail Systems Ltd | 20.39 | 41.94 | 11.07% | 184.40 | 3,943.10 Cr. |
Airfloa Rail Company Overview, Key Points, Strengths, and Risks
Airfloa Rail Technology Limited is an Indian company that manufactures components for the railway, aerospace, and defense sectors. The company specializes in producing high-precision forged and machined components for rolling stock and also handles turnkey interior furnishing projects for Indian Railways and other global OEMs.
Key Points
- Business Model: The company’s core business is in the railway sector, but it has diversified into aerospace and defense, producing critical components and even pilot training simulators.
- Operations: Airfloa operates two manufacturing facilities in Chennai and has over two decades of experience in its field. The company is an approved supplier for Indian Railways, Hindustan Aeronautics Limited (HAL), and the Defense Avionics Research Establishment (DARE).
- Financial Performance: Airfloa has shown strong growth in revenue and profit over recent financial years. Its revenue from operations increased from ₹95.17 crore in FY23 to ₹192.39 crore in FY25, and its profit after tax (PAT) grew from ₹1.49 crore to ₹25.55 crore in the same period.
- IPO: The company is undergoing an Initial Public Offering (IPO) to raise capital for machinery purchases, debt repayment, and working capital needs.
Strengths
- Diversified Portfolio: While heavily reliant on the railway sector, the company’s expansion into aerospace and defense provides a growth avenue and reduces dependency on a single industry.
- Strong Financial Metrics: Despite being smaller in scale than some competitors, Airfloa has demonstrated superior profitability, with higher EBITDA and PAT margins.
- Proven Track Record: The company has a long-standing relationship with clients, including Indian Railways, and has successfully executed projects for prestigious trains like the Vande Bharat Express.
- Experienced Leadership: The company’s promoters and management have over 20 years of experience in the railway industry.
Risks
- Customer Concentration: A significant portion of the company’s revenue is dependent on Indian Railways and a small number of other large clients, which could pose a risk if there are project delays or changes in government spending.
- Working Capital-Intensive: The business model requires a lot of working capital, which can put a strain on liquidity. The IPO proceeds are intended to help with this.
- Competitive Industry: Airfloa operates in a competitive environment with larger, more established players.
- IPO Risks: As a first-time public company, there is no historical stock performance to evaluate, which could lead to volatility after listing.
Airfloa Rail IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email:
Website: https://ipostatus.kfintech.com/
Airfloa Rail IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt.Ltd.
Airfloa Rail Company Address
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/
FAQs about Airfloa Rail IPO
The IPO opens on September 11, 2025, and closes on September 15, 2025. The basis of allotment is expected on September 16, 2025, and the listing date is September 18, 2025.
The price band for the IPO is ₹133 to ₹140 per equity share.
The minimum lot size for a retail investor is 1,000 shares, which amounts to an investment of ₹1,40,000 at the upper end of the price band.
The company aims to raise approximately ₹91.10 crores through a fresh issue of shares.
The IPO subscription status will be available after the bidding process begins on September 11, 2025.
The shares of Airfloa Rail Technology are proposed to be listed on the BSE SME platform.
The IPO consists solely of a fresh issue of ₹91.10 crores. There is no offer for sale (OFS) component.
For the financial year ended March 31, 2025, the company reported a revenue of ₹192.66 crores and a profit after tax (PAT) of ₹25.56 crores.
The promoters are Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan, and Mr. Sathishkumar Venkatesan.
The proceeds from the IPO will be used for capital expenditure on machinery, repayment of loans, funding working capital requirements, and general corporate purposes.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
