Airfloa Rail Technology Limited
Bookbuilding IPO · BSE
- Price band
- ₹133 - ₹140
- Lot size
- 1,000 shares
- Issue amount
- ₹91.1 cr
- Total subscription
- 301.6×
- Opens
- 11 Sept 2025
- Closes
- 15 Sept 2025
- Allotment
- 16 Sept 2025
- Listing
- 18 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 65,07,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,33,000
- Fresh issue
- ₹91.1 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,40,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,74,62,954
- Shares after issue
- 2,39,69,954
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,000 | ₹2,80,000 |
| sHNI | 3 | 3,000 | ₹4,20,000 |
| bHNI | 8 | 8,000 | ₹11,20,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 15 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 195 |
| NIB | 0 | 53,018 |
| RETAIL | 1,082 | 3,58,665 |
| HNIs(10L +) | 207 | 25,324 |
| HNIs (2-10L) | 103 | 27,694 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 17.29 | 3,711.3 |
| FIIs | 0 | 1,197.28 |
| Mutual Funds | 0 | 12.68 |
| Others | 0 | 2,048.63 |
| RETAIL | 30.3 | 10,007.17 |
| HNIs 2+ | 4.34 | 1,293.6 |
| HNIs 10+ | 8.68 | 3,266.42 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 15.63 | 9.5 | 1 |
| ROE | 30.64 | 29.13 | 3.64 |
| ROCE | 26.28 | 26.42 | 11.31 |
| RONW | 23.06 | 25.42 | 3.58 |
| PRE IPO(PE) | 9.57 | 0 | 0 |
| POST IPO(PE) | 13.14 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Jupiter Wagons Limited | 37.8 | 343.25 | 10 | 64.88 | 13.81 | 9.08 |
| Airfloa Rail Technology Limited | NA | NA | 10 | 63.81 | 23.06 | 15.63 |
| Titagarh Rail Systems Ltd | 41.94 | 855.1 | 2 | 184.4 | 11.07 | 20.39 |
Company information
Company profile
Airfloa Rail Technology Limited, established in December 1998, is a certified ISO 9001:2015, EN 15085-2, and BMS company engaged in the manufacturing of high-precision components and turnkey interior furnishing solutions for the railway, aerospace, and defense sectors. With a team of 255 employees, including contract staff and senior management, the company has built a strong reputation in the railway segment by supplying to major Indian Railways production units such as the Integral Coach Factory and other coach-building facilities. It has played a key role in several landmark projects, including the Vande Bharat Express (Train-18), Vistadome coaches, Sri Lankan DEMU, mainline coaches, the Agra-Kanpur Metro, and the Regional Rapid Transit System. Expanding beyond railways, the company also contributes to the aerospace and defense industries by manufacturing critical components for projects like the Advanced Medium Combat Aircraft (AMCA) ground simulators and artillery tank bodies. Its specialized product range includes seating systems designed for comfort during long journeys, integrated coach doors that ensure safe and efficient passenger movement, climate control systems with advanced air diffusers, and a variety of interior elements such as large windows, roof panels, and Passenger Information Display Systems.
Strengths
- Proven Industry Legacy – More than 25 years of operations backed by ISO, EN 15085-2, and BMS certifications, ensuring global standards, compliance, and trust.
- Comprehensive Turnkey Solutions – Expertise in providing complete interior solutions from design to execution across railways, aerospace, and defense sectors.
- Strong Project Credentials – Key supplier for prestigious projects such as Vande Bharat Express and RRTS, reinforcing brand reputation and customer confidence.
Risk factors
- Revenue Dependence on Indian Railways – A substantial portion of business comes from Indian Railways, making performance highly vulnerable to its policies, approvals, and tender outcomes.
- Uncertainty in Tender-Driven Model – Since the business relies on competitive bidding, there is no guarantee of winning contracts, which may restrict revenue visibility and growth prospects.
- Exposure to Raw Material Price Fluctuations – Volatility in the prices of steel, aluminum, and composites can increase costs, reduce margins, and adversely affect profitability.
Promoters
Mr. Venkatesan Dakshinamoorthy
Mr. Manikandan Dakshnamoorthy
Ms. Nandhini Manikandan
Mr. Sathishkumar Venkatesan
Registrar & documents
Lead manager
GYR Capital Advisors Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
No 9 Chelliamman Koilstreet Keelkttala Chennai, Tamil Nadu, 600117
+91 9600621490
[email protected]Company website ↗Understanding AIRFLOA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.