Airfloa Rail Technology was incorporated on December 14, 1998. The company manufactures components used in rolling stock for Indian Railways through units like Integral Coach Factory (ICF) and others, and also undertakes turnkey interior furnishing projects. In addition, it produces complex, high-precision components for the aerospace and defence sectors, serving Indian Railways, other rail factories, and global rolling stock OEMs
| Bidding Dates |
|---|
| 11 Sep 2025 - 15 Sep 2025 |
| Subscription |
|---|
| 281.04x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,66,000 | 2 | 2 | 1000 | 6.5 M | ₹133 - ₹140 | 54.2 % | ₹865.4 M - ₹911.0 M | RHP DOC |
Airfloa Rail Technology IPO SUBSCRIPTION STATUS
15 Sep '25Airfloa Rail Technology IPO overall subscription rate was 281.04 times the total available shares
Airfloa Rail Technology IPO retail subscription rate was 440.28 times in the retail segment
Airfloa Rail Technology IPO non-institutional investor subscription rate was 466.63 times in the non-institutional investor category
Airfloa Rail Technology IPO Qualified Institutional Bidder subscription rate was 113.9 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Sep 2025 (Day 3) | 440.28x | 466.63x | 113.9x |
12 Sep 2025 (Day 2) | 129.65x | 102.25x | 0.38x |
11 Sep 2025 (Day 1) | 45.38x | 32.04x | 0x |
Airfloa Rail Technology FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 192.4 | 25.5 | -4.4 | -10.0 | 24.6% |
| FY24 | 119.3 | 14.2 | 3.5 | 2.6 | 28.1% |
| FY23 | 95.2 | 1.5 | 10.1 | 8.0 | 15.4% |
| Note: FY23 & FY24 financials are standalone basis | |||||
Airfloa Rail Technology IPO SUBSCRIPTION STATUS DETAILS
Airfloa Rail Technology had 6.5 M shares on offer
Airfloa Rail Technology IPO offer price was in the range ₹133 - ₹140
Airfloa Rail Technology IPO minimum Investment was ₹266000
Airfloa Rail Technology IPO issue size was ₹ 865.4 M - ₹ 911.0 M
Airfloa Rail Technology had a minimum lot size of 1000 Shares per application
Airfloa Rail Technology NUMBER OF SHARES ON OFFER
Airfloa Rail Technology IPO IMPORTANT DATES
| Issue Open Date | 11 Sep 2025 |
| Issue close Date | 15 Sep 2025 |
| Allotment Date | 16 Sep 2025 |
| Refund Date | 17 Sep 2025 |
| Demat Account Credit Date | 17 Sep 2025 |
| Listing Date | 18 Sep 2025 |
| Listing on Exchange(s) | BSE |
| Airfloa Rail Technology Allotment Status | Exchange/ Registrar |
Airfloa Rail Technology IPO subscription opened on 11 Sep 2025, and closed on 15 Sep 2025
IPO allotment for Airfloa Rail Technology was finalized on Tuesday, 16 Sep 2025
IPO listing for Airfloa Rail Technology was on BSE on Thursday, 18 Sep 2025
Airfloa Rail Technology IPO LISTING GAINS
| Issue Price (adjusted) | 140.0 |
| Listing Open Price | 266.0 |
| Listing Close Price | 279.3 |
| Listing Gain% | 90.0% |
| Current Gain% | 127.8% |
Airfloa Rail Technology Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Airfloa Rail Technology Ltd. | 318.9 | 764.4 | 19.5 | 0.4 | 2.4 | 16.4 | 9.7 | 320.1 | 66.1 | 39.1 | 53.2 | 16.3 | 53.2 |
| Samvardhana Motherson International Ltd. | 168 | 177304.1 | 40.5 | 1.3 | 1.4 | 9.4 | 3.5 | 126414.2 | 10.7 | 3859.7 | 1.5 | 4.1 | 31.9 |
| Bosch Ltd. | 43505 | 128322.8 | 54.3 | -4.8 | 6.1 | 18.7 | 12.8 | 20888.7 | 10.5 | 2773.2 | 37.6 | 801.2 | -11.3 |
| UNO Minda Ltd. | 1288 | 74377.8 | 61.9 | 3.8 | 3.6 | 17.5 | 8.7 | 19692 | 17.2 | 1197.1 | 27 | 20.8 | 16.2 |
| Tube Investments of India Ltd. | 2815 | 54490.6 | 85.6 | -16.3 | 2.4 | 8.2 | 3 | 23234.6 | 17.1 | 636.8 | -5.5 | 32.9 | -5.3 |
| Sona BLW Precision Forgings Ltd. | 812.5 | 50663.7 | 72.8 | 3.8 | 10.3 | 10.7 | 8.6 | 4572.1 | 24.2 | 640.2 | 6.5 | 11.2 | 19.2 |
Airfloa Rail Technology IPO Reports
Airfloa Rail Technology INFORMATION ON IPO ISSUE
About Airfloa Rail Technology
Airfloa Rail Technology was incorporated on December 14, 1998. The company manufactures components used in rolling stock for Indian Railways through units like Integral Coach Factory (ICF) and others, and also undertakes turnkey interior furnishing projects. In addition, it produces complex, high-precision components for the aerospace and defence sectors, serving Indian Railways, other rail factories, and global rolling stock OEMs
Object of the Issue
- Capital expenditure towards purchase of machinery and equipment
- Repayment of a portion of certain outstanding borrowing availed by the company
- Funding working capital requirements
- General corporate purposes
Airfloa Rail Technology - PROMOTERS
| Name |
|---|
| Venkatesan Dakshinamoorthy |
| Manikandan Dakshna moorthy |
| Nandhini Manikandan |
| Sathishkumar Venkatesan |
Airfloa Rail Technology - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Venkatesan Dakshinamoorthy | Chairman & Managing Director |
| Manikandan Dakshna moorthy | Joint Managing Director |
| Sathishkumar Venkatesan | Whole-time Director |
| Nandhini Manikandan | Non-Executive Director |
| Sudhanshu Mani | Independent Director |
| Tilak Raj Seth | Independent Director |
Airfloa Rail Technology Book Running Lead Manager
GYR Capital Advisors Private Limited
info@gyrcapitaladvisors.com
Airfloa Rail Technology Registrar to the issue
Kfintech Technologies Limited
airfloa.ipo@kfintech.com
Airfloa Rail Technology Strengths
Manufacturing capabilities
The company manufactures high-quality components for railway, aerospace, and defence sectors. Its diverse product range, from rail coach interiors and exteriors to critical aerospace and defence parts, reduces dependency on a single market and supports sustainable growth
Project execution & efficiency
The company’s turnkey solution capability is a key competitive strength, offering end-to-end services from design and manufacturing to installation and commissioning. This has enabled it to successfully execute high-profile projects, including Sri Lankan DEMU and multiple metro rail systems in India
Strong order book
The company’s strong order book of over Rs 306.4 crore as of May 31, 2025, backed by proven financial performance and a scalable business model, ensures consistent revenue and growth. This robust pipeline highlights the trust placed by major clients, including Indian Railways and leading OEMs
Airfloa Rail Technology Risks
Bidding risks
The company relies heavily on contracts from Indian Railways, awarded through competitive tenders, with no assurance of future wins. Failure to secure such contracts could adversely impact its business growth, financial condition, and results of operations
Capital intensive
The company’s operations are highly working capital-intensive, met through internal accruals, loans, and bank facilities. Any shortfall may lead to additional debt or equity financing, increasing costs, diluting shareholder value, and adversely impacting the results of operations
Credit rating
The company’s financing agreements with banks include restrictive covenants on activities like mergers, capital changes, or management alterations. Any inability to meet repayment or covenant obligations could adversely affect its business, cash flows, financial condition, and credit rating
IPO FAQs
The promoters of the company are Venkatesan Dakshinamoorthy, Manikandan Dakshna moorthy, Nandhini Manikandan and Sathishkumar Venkatesan.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 133.0 - 140.0.
The IPO application opens on Sep 11, 2025 and closes on Sep 15, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 266,000.0, the maximum value for this IPO is Rs 280,000.0.
This IPO will be allotted on Sep 16, 2025.
The refund will be credited to your account on Sep 17, 2025.
The allotted shares will be credited to your demat on Sep 17, 2025.
Airfloa Rail Technology Ltd.’s shares listed on the stock exchanges on Sep 18, 2025.