Flywings Simulator Training Centre Limited
Bookbuilding IPO · NSE
- Price band
- ₹181 - ₹191
- Lot size
- 600 shares
- Issue amount
- ₹57.04 cr
- Total subscription
- 1.75×
- Opens
- 5 Dec 2025
- Closes
- 9 Dec 2025
- Allotment
- 10 Dec 2025
- Listing
- 12 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 29,86,800 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,08,600
- Fresh issue
- ₹47.99 cr
- Offer for sale
- ₹9.05 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,14,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 76,64,328
- Shares after issue
- 1,01,77,128
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,200 | ₹2,29,200 |
| sHNI | 3 | 1,800 | ₹3,43,800 |
| bHNI | 9 | 5,400 | ₹10,31,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 9 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 828 | 801 |
| HNIs(10L +) | 158 | 40 |
| HNIs (2-10L) | 158 | 79 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 10.83 | 16.89 |
| FIIs | 0 | 2.99 |
| Others | 0 | 5.64 |
| RETAIL | 18.98 | 18.36 |
| HNIs 2+ | 2.72 | 2.96 |
| HNIs 10+ | 5.43 | 28.19 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 0 | 0 | 0 | 0 |
| ROE | 3.47 | 34.75 | 86.32 | -414.82 |
| ROCE | 4.26 | 28.62 | 43.36 | 57.07 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 13.41 | 0 | 0 |
| POST IPO(PE) | 35.22 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Flywings Simulator Training Centre Limited, incorporated in 2011 and based in Gurgaon, is a specialized aviation training institution offering end-to-end training solutions for aspiring and professional aviation personnel. The company provides globally aligned training modules covering aviation procedures, in-flight services, first aid, safety protocols, emergency evacuation, and personality development. With advanced training infrastructure including A-320 Cabin Emergency Evacuation Trainer (CEET), Boeing 787 Door Trainers, fire simulators, and water-survival facilities, Flywings ensures realistic, hands-on learning. It trains crew members for major domestic airlines like Vistara, Indigo, SpiceJet, and Air India, as well as international carriers such as Himalaya Airlines and WOW Air. The company’s services span comprehensive cabin crew training and ground training programs focused on operational excellence, safety, and airline workflow.
Strengths
- Advanced Simulator Setup: Uses high-end simulators that match major aircraft used in India, requiring heavy investment and expert maintenance—creating strong entry barriers for new players.
- Stable Recurring Revenue: Training demand is regular due to mandatory safety training, and airlines face high switching costs because of audits and DGCA approvals—leading to long-term clients and steady income.
- Flexible Regulatory Model: DGCA approvals are needed for airlines, not the training centre, allowing the company to train multiple airlines efficiently and improve simulator usage.
Risk factors
- Past Director Disqualification: The Managing Director previously faced disqualification due to compliance lapses in group companies. Although resolved, similar issues in the future could impact the company’s reputation and governance.
- Geographic Concentration: Operations are mainly based in Gurgaon and Dwarka. Any disruption in these areas could affect business continuity and financial performance.
- Dependence on Skilled Personnel: The company relies on experienceMs. Rupal Sanjay Mandaviad management and trained staff. Losing key people or difficulty in hiring talent could impact operations and overall performance.
Promoters
Ms. Rupal Sanjay Mandavia
Registrar & documents
Lead manager
Gretex Corporate Services Limited, Sobhagya Capital Options Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Ground Floor, Killa No. 13, Begampur, Khatula, Sector 35, Sadar Bazar, Gurgaon, Haryana, 122001
01244957945
[email protected]Company website ↗Understanding FWSTC 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.