Here’s the full, up-to-date breakdown of Airfloa Rail Technology Limited IPO, based on the latest credible sources.
IPO Timeline
- Opening Date: September 11, 2025
- Closing Date: September 15, 2025
- Anchor Book Opens: September 10, 2025
- Allotment Finalized: September 16, 2025
- Refunds Issued / Shares Credited: September 17, 2025
IPO Details
- Face Value: ₹10 per share
- Issue Size: ₹91.10 crore (fresh issue)
- Price Band: ₹133 – ₹140 per share
- Lot Size: 1,000 Shares
- Total Issue Size: 65,07,000 shares
- Net Offered to Public: 61,81,000 shares
- Issue Type: Bookbuilding IPO
- Listing At: BSE SME
- Share Holding Pre Issue: 1,74,62,954 shares
- Share Holding Post Issue: 2,39,69,954 shares
GMP of Airfloa Rail Technology Limited IPO
Here’s the current Grey Market Premium (GMP) for Airfloa Rail Technology Limited IPO:
The Grey Market Premium is ₹150. That is, grey-market participants are indicating a willingness to pay ₹150 above the upper price band of the IPO, implying a strong pre-listing interest.
What This Means
- With the IPO price band at ₹133–₹140 per share:
- If ₹150 is indeed the GMP, it reflects incredibly bullish sentiment and suggests that the issue may list at a significant premium.
- However, GMPs—especially in SME IPOs—can be volatile and sometimes misleading. Grey market activity isn’t regulated, so it’s wise to treat GMP figures with caution and not rely on them solely for investment decisions.
Summary at a Glance
| Metric | Value |
|---|---|
| GMP | ₹150 |
| Price Band | ₹133–₹140 per share |
| Interpretation | Implies strong grey-market demand, but exercise caution |
Promoters of Airfloa Rail Technology Limited
Here’s what I found about the promoters of Airfloa Rail Technology Limited, drawn from reliable sources.
- Mr. Venkatesan Dakshinamoorthy
- Mr. Manikandan Dakshinamoorthy
- Ms. Nandhini Manikandan
- Mr. Sathishkumar Venkatesan
1. Mr. Venkatesan Dakshinamoorthy
- Role & Designation: Chairman & Managing Director of Airfloa Rail Technology Limited.
- Experience: Over 26 years in corporate governance and management.
- Other Affiliations: Actively associated with 12 current companies, including Airfloa Rail Technology and Sree Dakssnaa Aerospace And Defence India Pvt Ltd. Previously associated with 4 others.
2. Mr. Manikandan Dakshinamoorthy
- Role & Designation: Joint Managing Director (per Moneycontrol) or Director (per MCA records).
- Other Affiliations: Director at Airfloa Rail Technology since August 18, 2005.
3. Ms. Nandhini Manikandan
- Role & Designation: Non-Executive Director; Additional Director per MCA records.
4. Mr. Sathishkumar Venkatesan
- Role & Designation: Whole-Time Director per Moneycontrol; Additional Director per MCA records.
Summary Table
| Promoter | Role / Title | Other Details |
|---|---|---|
| Venkatesan Dakshinamoorthy | Chairman & Managing Director | ~26 yrs experience; MD across multiple companies |
| Manikandan Dakshinamoorthy | Joint Managing Director / Director | Director since 2005 |
| Nandhini Manikandan | Non-Executive / Additional Director | Part of promoter group |
| Sathishkumar Venkatesan | Whole-Time / Additional Director | Part of promoter group |
| Company Inception Date | — | 14 December 1998 |
| Registered Office | — | No. 9 Chelliamman Koil Street, Chennai, Tamil Nadu |
Airfloa Rail Technology Limited IPO Lot Size
Here’s the detailed information on the IPO Lot Size for Airfloa Rail Technology Limited, presented in a clear table format.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,80,000 |
| Retail (Min) | 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 |
- Lot Size: 1,000 shares
- Minimum Investment: ₹140,000
- Retail Maximum: 2,000 shares (approx. ₹280,000)
Airfloa Rail Technology Limited IPO Promoter Holding
Here’s the detailed breakdown of promoter shareholding in Airfloa Rail Technology Limited IPO, drawn from reliable and current sources.
Promoter Holding Summary
| Metric | Value |
|---|---|
| Pre-Issue Promoter Holding | 74.40 % |
| Post-Issue Promoter Holding | 54.20 % |
Explanation & Context
- Pre-Issue Holding: Before the IPO, promoters held approximately 74.40% of the company’s equity.
- Post-Issue Holding: Following the successful issuance of shares, promoter ownership is expected to decrease to around 54.20%. This highlights a dilution in their stake, yet they retain majority control.
About Airfloa Rail Technology Limited
- Incorporated: December 1998 (originally as Air Flow Equipments, later renamed to Airfloa Rail Technology Limited in August 2024; became public limited in November 2024).
- Headquarters & Manufacturing Facilities: Based in Chennai, the company operates two advanced facilities in Chennai (including Oragadam) and Kancheepuram.
Business Segments & Products
Core Focus: Design, development, fabrication, machining, and assembly of railway rolling stock components.
Product Portfolio Includes:
- Doors (sliding, saloon, cab doors)
- Seating systems (polycarbonate and cushion seats)
- Windows (sealed, emergency openable)
- Interior elements (roof panels, air diffusers, lighting units, PAPIS)
- Composite and aluminum structural parts
Major Projects & Clients:
- Indian Railways (accounts for ~80% of revenue)
- Prestigious projects: Vande Bharat Express, RRTS, Agra-Kanpur Metro, Vistadome coaches, Sri Lankan DEMU, Mainline Export Coaches
- Aerospace & Defence: Components for AMCA simulators, artillery tank bodies, simulators for training, and other precision-engineered parts
Strengths & Competitive Edge
- Turnkey Capabilities: Offers end-to-end interior furnishing solutions—from design to execution—which enhances execution efficiency and reduces dependency on multiple vendors.
- Certifications and Quality Assurance: International-standard certifications ensure high levels of reliability and client trust.
- Robust Order Backlog: As of August 2025, holds an order book of ₹375.89 crore, reflecting strong demand and revenue visibility.
- Diverse Sector Exposure: Spanning railways, aerospace, and defence reduces dependence on any single vertical, though railway exposure remains dominant.
Airfloa Rail Technology Limited Financial Information
Here is a comprehensive and tabulated summary of Airfloa Rail Technology Limited financial performance, incorporating both its Standalone and Consolidated figures as available from official IPO documents and credible financial sources:
| Metric / Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | ₹95.17 Crore | ₹122.87 Crore | ₹192.39–192.66 Crore |
| Expenses | ₹92.98 Crore | ₹102.27 Crore | ₹~157.70 Crore |
| Profit After Tax (PAT) | ₹1.49 Crore | ₹14.23 Crore | ₹25.55–25.56 Crore |
| EBITDA | ₹14.68 Crore | ₹34.58 Crore | ₹~47.41 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPI) of Airfloa Rail Technology Limited based on its IPO financial disclosures and analyst reviews:
| KPI | Values |
|---|---|
| ROE | 30.64% |
| ROCE | 26.28% |
| Debt/Equity | 0.54 |
| RoNW | 23.06% |
| PAT Margin | 13.28% |
| EBITDA Margin | 24.61% |
| Price to Book Value | 2.19 |
Strengths of Airfloa Rail Technology Limited IPO
1) Strong Industry Presence in Railway Components
- The company has over 25 years of experience in designing, manufacturing, and assembling rolling stock components.
- Its long-standing relationship with Indian Railways, which contributes to ~80% of revenues, ensures consistent demand.
2) Diversified Product Portfolio
- Products include doors, seating systems, windows, roof panels, lighting units, simulators, and defence components.
3) Robust Financial Growth
- Revenue grew by ~61% in 2025, from ₹122.87 Cr to ₹192.39 Cr.
4) Healthy Order Book
- As of August 2025, the company has an order book of ₹375.9 crore, providing multi-year visibility and revenue security.
5) Strong Returns Ratios
- Return on Equity (RoE) of ~23% and Return on Capital Employed (RoCE) of ~26% highlight capital efficiency.
6) Certified Quality Standards
- Holds ISO 9001:2015, EN 15085-2, IRIS, and DNV-GL certifications, making it eligible for global-standard projects.
Risks of Airfloa Rail Technology Limited IPO
1) High Client Concentration
- Dependence on Indian Railways (~80% of revenue) poses a concentration risk.
- Any policy changes, budget cuts, or delays in railway projects may directly impact revenues.
2) Capital-Intensive Business
- Requires heavy investment in infrastructure, R&D, and working capital.
- May face cash flow mismatches during project execution.
3) Order Execution and Delay Risks
- Large infrastructure and defence contracts are prone to delays, cost overruns, and compliance challenges.
4) SME IPO Risks
- Being listed on the BSE SME platform, liquidity may be limited compared to mainboard IPOs
5) Competition in Railway and Defence Sector
- Faces competition from established players in railway engineering, defence suppliers, and global OEMs.
6) Foreign Exchange & Import Dependency
- Certain raw materials and components may depend on imports, exposing the company to currency fluctuation risks.
Airfloa Rail Technology Limited Contact Details
Here are the official contact details for Airfloa Rail Technology Limited and its key IPO intermediaries, compiled from reliable sources:
Company Contact Details – Airfloa Rail Technology Limited
| Detail | Information |
|---|---|
| Address | No 9 Chelliamman Koil Street, Keelkattalai, Chennai, Tamil Nadu – 600117, India |
| Phone | +91 96006 21490 |
| cs@airflow.co.in | |
| Website | https://www.airflow.co.in |
Registrar Contact Details – KFin Technologies Limited
| Detail | Information |
|---|---|
| Address | Selenium Tower–B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Gachibowli, Hyderabad – 500 032, Telangana, India |
| Phone | +91-40-6716 2222 (alternative: 040-7961 1000) |
| airfloa.ipo@kfintech.com | |
| Website | https://ipostatus.kfintech.com |
Lead Manager Contact – GYR Capital Advisors Pvt. Ltd.
| Detail | Information |
|---|---|
| Address | 428, Gala Empire, Near JB Tower, Drive-in Road, Thaltej, Ahmedabad – 380054, Gujarat, India |
| Phone | +91 87775 64648 |
| [email protected] | |
| Website | www.gyrcapitaladvisors.com |
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