Airfloa Rail Technology IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 11 to Sep 15 2025
Price Band
₹133 - 140
Current GMP
₹266(90.00%)
Subscription
301.52 times
IPO Details
| IPO Date | September 11, 2025 to September 15, 2025 |
| Listing Date | September 18, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹133 to ₹140 per share |
| Issue Price Final | ₹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 |
IPO Date
September 11, 2025 to September 15, 2025
Listing Date
September 18, 2025
Face Value
₹10 per share
Issue Price Band
₹133 to ₹140 per share
Issue Price Final
₹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
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 214.65 |
| Non-Institutional Buyers*** | 349.88 |
| bNII (bids above ₹10L) | 375.79 |
| sNII (bids below ₹10L) | 298.06 |
| Individual Investors (IND category bidding for 2 Lots) | 330.31 |
| Total ** | 301.52 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
214.65
Non-Institutional Buyers***
349.88
bNII (bids above ₹10L)
375.79
sNII (bids below ₹10L)
298.06
Individual Investors (IND category bidding for 2 Lots)
330.31
Total **
301.52
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Sep 11, 2025 | 0.00 | 24.06 | 21.32 | 29.54 | 34.17 | 22.25 |
| Day 2 Sep 12, 2025 | 0.72 | 76.40 | 72.91 | 83.38 | 97.43 | 65.32 |
| Day 3 Sep 15, 2025 | 214.65 | 349.88 | 375.79 | 298.06 | 330.31 | 301.52 |
DayDay 1
Sep 11, 2025
QIB (Ex Anchor)0.00
NII*24.06
NII (> ₹10L)21.32
NII (< ₹10L)29.54
Individual Investors34.17
Total22.25
DayDay 2
Sep 12, 2025
QIB (Ex Anchor)0.72
NII*76.40
NII (> ₹10L)72.91
NII (< ₹10L)83.38
Individual Investors97.43
Total65.32
DayDay 3
Sep 15, 2025
QIB (Ex Anchor)214.65
NII*349.88
NII (> ₹10L)375.79
NII (< ₹10L)298.06
Individual Investors330.31
Total301.52
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 18-09-2025 | 140.00 | 175(125.00%) | 315 |
| 17-09-2025 | 140.00 | 175(125.00%) | 315 |
| 16-09-2025 | 140.00 | 175(125.00%) | 315 |
| 15-09-2025 | 140.00 | 175(125.00%) | 315 |
| 14-09-2025 | 140.00 | 166(118.57%) | 306 |
| 13-09-2025 | 140.00 | 166(118.57%) | 306 |
| 12-09-2025 | 140.00 | 166(118.57%) | 306 |
| 11-09-2025 | 140.00 | 166(118.57%) | 306 |
| 10-09-2025 | 140.00 | 165(117.86%) | 305 |
| 09-09-2025 | 140.00 | 170(121.43%) | 310 |
| 08-09-2025 | 140.00 | 160(114.29%) | 300 |
| 07-09-2025 | 140.00 | 150(107.14%) | 290 |
| 06-09-2025 | 140.00 | 150(107.14%) | 290 |
| 05-09-2025 | 140.00 | 150(107.14%) | 290 |
| 04-09-2025 | 140.00 | 150(107.14%) | 290 |
Date18-09-2025
Price140.00
GMP175(125.00%)
Estimate List Price315
Date17-09-2025
Price140.00
GMP175(125.00%)
Estimate List Price315
Date16-09-2025
Price140.00
GMP175(125.00%)
Estimate List Price315
Date15-09-2025
Price140.00
GMP175(125.00%)
Estimate List Price315
Date14-09-2025
Price140.00
GMP166(118.57%)
Estimate List Price306
Date13-09-2025
Price140.00
GMP166(118.57%)
Estimate List Price306
Date12-09-2025
Price140.00
GMP166(118.57%)
Estimate List Price306
Date11-09-2025
Price140.00
GMP166(118.57%)
Estimate List Price306
Date10-09-2025
Price140.00
GMP165(117.86%)
Estimate List Price305
Date09-09-2025
Price140.00
GMP170(121.43%)
Estimate List Price310
Date08-09-2025
Price140.00
GMP160(114.29%)
Estimate List Price300
Date07-09-2025
Price140.00
GMP150(107.14%)
Estimate List Price290
Date06-09-2025
Price140.00
GMP150(107.14%)
Estimate List Price290
Date05-09-2025
Price140.00
GMP150(107.14%)
Estimate List Price290
Date04-09-2025
Price140.00
GMP150(107.14%)
Estimate List Price290
IPO Important Dates
| 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 |
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
IPO Lot Size
| 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 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,000
Amount₹2,80,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,000
Amount₹2,80,000
ApplicationS-HNI (Min)
Lots3
Shares3,000
Amount₹4,20,000
ApplicationS-HNI (Max)
Lots7
Shares7,000
Amount₹9,80,000
ApplicationB-HNI (Min)
Lots8
Shares8,000
Amount₹11,20,000
Financial Information
| 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 |
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
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Airfloa Rail Technology Limited | 15.63 | 15.63 | 63.81 | 23.06 | ||
| Jupiter Wagons Limited | 9.08 | 9.08 | 64.88 | 37.80 | 13.81 | 5.84 |
| Titagarh Rail Systems Limited | 20.39 | 20.39 | 184.40 | 41.94 | 11.07 | 4.99 |
Company NameAirfloa Rail Technology Limited
EPS (Basic)15.63
EPS (Diluted)15.63
NAV (per share) (Rs)63.81
P/E (x)
RoNW (%)23.06
P/BV Ratio
Company NameJupiter Wagons Limited
EPS (Basic)9.08
EPS (Diluted)9.08
NAV (per share) (Rs)64.88
P/E (x)37.80
RoNW (%)13.81
P/BV Ratio5.84
Company NameTitagarh Rail Systems Limited
EPS (Basic)20.39
EPS (Diluted)20.39
NAV (per share) (Rs)184.40
P/E (x)41.94
RoNW (%)11.07
P/BV Ratio4.99
IPO Reservation
| 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%) |
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%)
Information about company
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:
Seating Options: Comfortable seats are designed for long, scenic trips, offering optimal viewing angles.
Passenger Accessibility: IC doors for smooth and safe movement within the coach.
Climate Control: Air diffusers ensure a pleasant environment during travel.
Interior Design: Large windows, roof panels, and PAPIS displays, enhancing visibility and the overall travel experience.
As of July 31, 2025, the Company’s workforce comprised 281 employees (including those on contract), including the senior management team.
Competitive Strength
The manufacturing capabilities produce high-quality components, making us a versatile partner for the the railway, aerospace, and defence sectors.
As a turnkey railway provider, the company offers seamless end-to-end solutions, simplifying project execution and boosting efficiency.
Advanced manufacturing with modern machinery ensures efficiency and precision, making us a trusted partner for quality railway and aerospace components.
Led by experienced promoters, the company navigates market dynamics, drives innovation, and fosters strong client relationships in the railway and aerospace sectors.
A strong work order book, proven financials, and a scalable model position us for continued growth and meeting rising market demands.
Objectives of IPO
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
Disclaimer
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