Flywings Simulator Training Centre was incorporated on June 16, 2011. The Company provides Safety and Emergency Procedures (SEP) training infrastructure for cabin and cockpit crew, offering industry-aligned training modules from its Gurgaon headquarters. Its primarily B2B model serves major domestic and select international airlines, with a limited B2C vertical offering aviation and hospitality skill-building programs
| Bidding Dates |
|---|
| 05 Dec 2025 - 09 Dec 2025 |
| Subscription |
|---|
| 1.63x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,17,200 | 2 | 2 | 600 | 3.0 M | ₹181 - ₹191 | 59.87 % | ₹540.6 M - ₹570.5 M | RHP DOC |
Flywings Simulator Training IPO SUBSCRIPTION STATUS
09 Dec '25Flywings Simulator Training IPO overall subscription rate was 1.63 times the total available shares
Flywings Simulator Training IPO retail subscription rate was 1.29 times in the retail segment
Flywings Simulator Training IPO non-institutional investor subscription rate was 5.09 times in the non-institutional investor category
Flywings Simulator Training IPO Qualified Institutional Bidder subscription rate was 0.83 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
09 Dec 2025 (Day 3) | 1.29x | 5.09x | 0.83x |
08 Dec 2025 (Day 2) | 0.46x | 3.32x | 0.37x |
05 Dec 2025 (Day 1) | 0.1x | 1.54x | - |
Flywings Simulator Training 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 |
| H1FY26 | 4.1 | 1.4 | 3.4 | 3.4 | 56.6% |
| FY25 | 20.2 | 10.9 | 9.1 | 8.9 | 66.9% |
| FY24 | 22.2 | 10.7 | 2.5 | -2.2 | 68.9% |
| FY23 | 10.4 | 4.2 | 11.4 | 10.8 | 55.7% |
Flywings Simulator Training IPO SUBSCRIPTION STATUS DETAILS
Flywings Simulator Training had 3.0 M shares on offer
Flywings Simulator Training IPO offer price was in the range ₹181 - ₹191
Flywings Simulator Training IPO minimum Investment was ₹217200
Flywings Simulator Training IPO issue size was ₹ 540.6 M - ₹ 570.5 M
Flywings Simulator Training had a minimum lot size of 600 Shares per application
Flywings Simulator Training NUMBER OF SHARES ON OFFER
Flywings Simulator Training IPO IMPORTANT DATES
| Issue Open Date | 05 Dec 2025 |
| Issue close Date | 09 Dec 2025 |
| Allotment Date | 10 Dec 2025 |
| Refund Date | 11 Dec 2025 |
| Demat Account Credit Date | 11 Dec 2025 |
| Listing Date | 12 Dec 2025 |
| Listing on Exchange(s) | NSE |
| Flywings Simulator Training Allotment Status | Exchange/ Registrar |
Flywings Simulator Training IPO subscription opened on 05 Dec 2025, and closed on 09 Dec 2025
IPO allotment for Flywings Simulator Training was finalized on Wednesday, 10 Dec 2025
IPO listing for Flywings Simulator Training was on NSE on Friday, 12 Dec 2025
Flywings Simulator Training IPO LISTING GAINS
| Issue Price (adjusted) | 191.0 |
| Listing Open Price | 195.0 |
| Listing Close Price | 204.8 |
| Listing Gain% | 2.1% |
| Current Gain% | -0.7% |
Flywings Simulator Training 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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Flywings Simulator Training Centre Ltd. | 189.7 | 193.1 | 16.6 | 2.5 | 7.5 | 13 | 10.8 | 25.8 | 9.2 | 11.6 | 6.7 | 11.4 | 6.7 |
| Physicswallah Ltd. | 131.6 | 38172.8 | -1697.3 | -18.9 | 9.8 | -0.5 | -0.3 | 4131 | 35.9 | -22.5 | 89.6 | -0.1 | 89.6 |
| NIIT Learning Systems Ltd. | 242.8 | 3350.6 | 13.1 | 0.7 | 1.6 | 16 | 8.1 | 1987.9 | 17.1 | 247.7 | 8.9 | 18.5 | 18 |
| Crizac Ltd. | 188 | 3289.3 | 14.9 | 0.4 | 3.2 | 37.5 | 25 | 1071.1 | 21.1 | 219.1 | 43.3 | 12.6 | 40.2 |
| Shanti Educational Initiatives Ltd. | 202.3 | 3259 | 553.1 | -33.4 | 58.6 | 7.7 | 5.8 | 59.4 | -5.9 | 5.9 | -16.6 | 0.4 | -16.6 |
| Mobavenue AI Tech Ltd. | 304 | 2280.4 | 92.4 | 0 | 12.8 | 32.4 | 14.3 | 220.2 | 4576 | 29.3 | 3706.7 | 3.3 | 2384.1 |
Flywings Simulator Training INFORMATION ON IPO ISSUE
About Flywings Simulator Training
Flywings Simulator Training Centre was incorporated on June 16, 2011. The Company provides Safety and Emergency Procedures (SEP) training infrastructure for cabin and cockpit crew, offering industry-aligned training modules from its Gurgaon headquarters. Its primarily B2B model serves major domestic and select international airlines, with a limited B2C vertical offering aviation and hospitality skill-building programs
Object of the Issue
- Capital expenditure towards Pilot Training Equipments
- General corporate purposes
Flywings Simulator Training - PROMOTERS
| Name |
|---|
| Rupal Sanjay Mandavia |
| Mitul Natvarlal Mandavia |
Flywings Simulator Training - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rupal Sanjay Mandavia | Managing Director & CFO |
| Mitul Natvarlal Mandavia | Executive Director |
| Kripa Bhargav Mandavia | Non- Executive Director |
| Sivasubramanian Natrajhen | Independent Director |
| Manita Rani | Independent Director |
Flywings Simulator Training Lead Manager to the issue
Sobhagya Capital Options Private Limited
cs@sobhagyacap.com
Gretex Corporate Services Limited
info@gretexgroup.com
Flywings Simulator Training Registrar to the issue
Bighshare Services Private Limited
ipo@bigshareonline.com
Flywings Simulator Training Strengths
Aligned with majority of Indian fleet types
The company has invested heavily in training infrastructure for major aircraft types used in India, sourcing simulators from established global manufacturers. The high capital cost, technical complexity, and long setup and maintenance timelines create significant entry barriers for new players in this segment.
Recurring revenue streams
The company follows a recurring revenue model based on medium- to long-term arrangements with airlines, supported by mandatory periodic SEP training for crew. Since airlines must complete detailed audits and obtain DGCA approval before shifting training providers, switching costs are high, ensuring stable long-term relationships and predictable revenues
Regulatory compliance model
The company operates without needing direct DGCA approval, while airlines must secure DGCA authorization to use third-party training facilities. This structure keeps the company compliant yet flexible, allowing it to serve multiple clients efficiently and maximize infrastructure utilization
Flywings Simulator Training Risks
Depend on training facilities & equipments
The company depends heavily on its leased Gurgaon and Dwarka training facilities and specialized equipment, including simulators, for crew training. Any malfunction or repair delays can disrupt training schedules, increase costs, and negatively impact regulatory compliance and overall financial performance
Depend on training agreements
The company depends heavily on training agreements with multiple airlines, which form a core part of its revenue model. Since many contracts can be terminated with notice and without penalties, this exposes the company to potential revenue uncertainty
Data exposure risks
The company relies on accurate, secure, and reliable training records and operational systems for airline clients. Any data breach, error, or system failure could harm its reputation, disrupt operations, create regulatory exposure, and negatively impact financial performance
IPO FAQs
This IPO consists of an offer for sale of up to Rs 9.0 crore, of 474,000 shares. It also consists of a fresh issue of Rs 48.0 crore.
The promoters of the company are Rupal Sanjay Mandavia and Mitul Natvarlal Mandavia.
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 181.0 - 191.0.
The IPO application opens on Dec 05, 2025 and closes on Dec 09, 2025.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 217,200.0, the maximum value for this IPO is Rs 229,200.0.
This IPO will be allotted on Dec 10, 2025.
The refund will be credited to your account on Dec 11, 2025.
The allotted shares will be credited to your demat on Dec 11, 2025.
Flywings Simulator Training Centre Ltd.’s shares listed on the stock exchanges on Dec 12, 2025.