Incorporated in 1998, Airfloa Rail Technology manufactures rolling‑stock components and turnkey coach interiors for Indian Railways and select international and metro projects, and also supplies precision parts for aerospace and defence applications. Certifications include ISO 9001:2015 and EN 15085‑2, supporting quality and welding standards for rail. Key past projects cited include Vande Bharat, Vistadome, Agra‑Kanpur Metro, and RRTS interiors.
Airfloa Rail Technology IPO
BSE SME book‑built issue (Fresh)
UPCOMING IPOAirfloa Rail Technology plans to raise up to ₹91.10 crore via a 100% fresh, book‑built SME issue of 65,07,000 equity shares. The offer opens on September 11, 2025 and closes on September 15, 2025, with allotment expected on September 16 and listing proposed on BSE SME on September 18, 2025. The price band is ₹133 to ₹140 per share; SME retail minimum is 2 lots of 1,000 shares each, i.e., 2,000 shares for ₹2,80,000.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹133 to ₹140 per share |
| Offer Structure | Fresh Capital (100%) |
| Total Shares | 65,07,000 shares (aggregating up to ₹91.10 crore) |
| Reserved for Market Maker | 3,26,000 shares (approximately ₹4.56 crore) |
| Net Offer to Public | 61,81,000 shares (approximately ₹86.53 crore) |
| Issue Type | Book‑building SME IPO |
| Listing | BSE SME |
| Shareholding (Pre / Post) | 1,74,62,954 / 2,39,69,954 shares |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Investor Category | Shares Offered |
|---|---|
| Market Maker | 3,26,000 (5.01%) |
| QIB | 30,87,000 (47.44%) |
| NII (HNI) | 9,30,000 (14.29%) |
| Retail (RII) | 21,64,000 (33.26%) |
| Total | 65,07,000 (100.00%) |
| Bid Date | Shares Offered | Anchor Portion | Lock‑in (50%) | Lock‑in (Balance) |
|---|---|---|---|---|
| Sep 10, 2025 | 18,52,000 | ₹25.93 crore | Oct 16, 2025 | Dec 15, 2025 |
| IPO Open | Thu, Sep 11, 2025 |
|---|---|
| IPO Close | Mon, Sep 15, 2025 |
| Allotment (Tentative) | Tue, Sep 16, 2025 |
| Refunds Initiation | Wed, Sep 17, 2025 |
| Credit to Demat | Wed, Sep 17, 2025 |
| Listing (Tentative) | Thu, Sep 18, 2025 |
| UPI Mandate Cut‑off | 5 PM on Sep 15, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,80,000 |
| 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 |
Incorporated in 1998, Airfloa Rail Technology manufactures rolling‑stock components and turnkey coach interiors for Indian Railways and select international and metro projects, and also supplies precision parts for aerospace and defence applications. Certifications include ISO 9001:2015 and EN 15085‑2, supporting quality and welding standards for rail. Key past projects cited include Vande Bharat, Vistadome, Agra‑Kanpur Metro, and RRTS interiors.
Summary (₹ crore)
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|
| Assets | 201.99 | 163.89 |
| Total Income | 122.87 | 95.33 |
| Profit After Tax | 14.23 | 1.49 |
| EBITDA | 34.58 | 14.68 |
| Net Worth | 55.98 | 41.75 |
| Reserves & Surplus | 50.99 | 36.75 |
| Total Borrowings | 63.80 | 60.22 |
Source: RHP and aligned summaries for schedule, band, lot, reservation and anchor details. FY2025 figures (if disclosed in updated filings) can be added on request.