IPO Details

Bidding Dates

11 Sep '25 - 15 Sep '25

Minimum Investment

₹2,80,000/ 2 Lots (2000 Shares)

Price Range

₹133 to ₹140

Maximum Investment

₹2,80,000/ 2 Lots (2000 Shares)

Retail Discount

To be announced

Issue Size

₹91.10 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)   |  

Airfloa Rail Technology IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 11, 25

IPO Closing Date

Sep 15, 25

Basis of Allotment

Sep 16, 25

Initiation of Refunds

Sep 17, 25

IPO Listing Date

Sep 18, 25

IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Sep 10, 2025

0.00 24.06 34.17 22.25

About Airfloa Rail Technology IPO

Airfloa Rail Technology IPO is a book build issue of ₹91.10 crore. The issue is entirely a fresh issue of 0.65 crore shares of ₹91.10 crore.

The IPO opens for subscription on September 11, 2025, to September 15, 2025.

The basis of allotment is expected to be finalised on September 16, 2025. The shares are proposed to be listed on the BSE SME, with a tentative listing date of September 18, 2025. The issue price for Airfloa Rail Technology IPO has been fixed at ₹133 to ₹140 per share.

The lot size is set at 1000 shares. A retail investor is required to make a minimum investment of ₹2,80,000 for 2000 shares. For High Net-worth Individuals (HNIs), the minimum application is for 3 lots or 3,000 shares, amounting to ₹4,20,000.

GYR Capital Advisors Pvt Ltd is the book running lead manager and Kfin Technologies Ltd is the registrar of the issue. The market maker of the company is Giriraj Stock Broking Pvt. Ltd. Refer to Airfloa Rail Technology IPO RHP for complete details.

Airfloa Rail Technology IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Upto ₹1,367.78 lakh will be allocated for the purchase of machinery and equipment.
  2. Upto ₹600.00 lakh will be used for repayment of certain outstanding borrowings availed by the company.
  3. Upto ₹5,927.02 lakh will be earmarked for funding working capital requirements.
  4. The balance amount will be used for general corporate purposes.

About Airfloa Rail Technology Limited

Airfloa Rail Technology is engaged in the manufacturing of components used in rolling stock for the Indian Railways through railway production units such as the Integral Coach Factory (ICF) and other coach factories. In addition to rolling stock components, the company also undertakes turnkey interior furnishing projects for the Indian Railways.

In the aerospace and defence sectors, Airfloa Rail Technology manufactures intricate, highly engineered, and critical components. Beyond serving Indian Railways through ICF and other coach factories, the company caters to other rail factories as well as global rolling stock OEMs.

The company has successfully manufactured rolling stock components and executed turnkey interior furnishing projects for several prestigious assignments, including the Sri Lankan DEMU and Mainline Export Coaches, the Agra-Kanpur Metro Coach, the RRTS Coach, the Vistadome Coach, and the Train-18 Vande Bharat Express.

With an operational history spanning over 20 years, Airfloa Rail Technology has established itself as a trusted supplier of high-precision forged and machined components for the rolling stock, aerospace, and defence industries, along with expertise in turnkey railway interior furnishing projects.

The company has demonstrated consistent financial performance over the past three financial years, underlining its operational stability and growth.

In FY 2025, Airfloa Rail Technology reported consolidated revenue from operations of ₹19,238.70 lakhs and a total income of ₹19,266.26 lakhs, marking a notable increase from ₹11,930.36 lakhs recorded in FY 2023-24. The company achieved an EBITDA of ₹4,740.84 lakhs in FY 2024-25 with a margin of 24.61%, compared to ₹3,457.92 lakhs and a margin of 28.14% in the previous year. The restated profit after tax stood at ₹2,554.76 lakhs in FY 2024-25, translating to a PAT margin of 13.28%.

Industry Outlook

  1. The Indian railway market is projected to become the third largest globally within the next five years, accounting for 10% of the global market.
  2. Key initiatives such as private participation in passenger train operations and station redevelopment are expected to attract investments exceeding US$ 7.5 billion in the coming years.
  3. The planned introduction of 3,000 new trains will boost passenger capacity from 800 crore to 1,000 crore, addressing the demands of a growing population.

How To Apply for the Airfloa Rail Technology IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Airfloa Rail Technology IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of Airfloa Rail Technology IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Airfloa Rail Technology Limited

Registered office: No 9, Chelliamman Koilstreet Keelkttalai, Chennai-117, Tamil Nadu 600117, India

Phone: +91 9600621490

E-mail: cs@airflow.co.in

Airfloa Rail Technology IPO Reservation

Investor Category

Shares Offered

Market Maker Shares Offered

3,26,000 (5.01%)

QIB Shares Offered

30,87,000 (47.44%)

NII (HNI) Shares Offered

9,30,000 (14.29%)

Retail Shares Offered

21,64,000 (33.26%)

Total Shares Offered

65,07,000 (100.00%)

Airfloa Rail Technology IPO Lot Size Details

Application

Lots

Shares

Amount

Individual investors (Retail) (Min)

2

2,000

₹2,80,000

Individual investors (Retail) (Max)

2

2,000

₹2,80,000

HNI (Min)

3

3,000

₹4,20,000

Airfloa Rail Technology IPO Promoter Holding

Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan and Mr. Sathishkumar Venkatesan are the promoters of the company

Share Holding Pre-Issue

74.40%

Share Holding Post Issue&nbsp

54.2%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Airfloa Rail Technology IPO

KPI

Value

RoCE (%)

26.28

Debt/Equity&nbsp

0.54

RoNW (%)

23.06

PAT Margin (%)

13.28

EBITDA Margin (%)

24.61

Airfloa Rail Technology IPO Prospectus

Airfloa Rail Technology IPO Registrar and Lead Managers

Airfloa Rail Technology IPO Lead Managers

  • GYR Capital Advisors Pvt Ltd

Registrar for Airfloa Rail Technology IPO

Kfin Technologies Ltd

Financial Performance of Airfloa Rail Technology Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operations (₹ lakh) 19,238.70 11,930.36 9,517.39
Total Income (₹ lakh) 19,266.26 12,287.22 9,532.90
EBITDA (₹ lakh) 4,740.84 3,457.92 1,468.46
Net Profit / Loss After Tax (₹ lakh) 2,554.76 1,423.28 149.36
PAT Margin (%) 13.28 11.93 1.57
Return on Equity (RoE) (%) 30.64 29.13 3.64

Know before investing

Strengths

8
  1. Over two decades of experience in the railway OEM industry, providing deep market insights and strong competitive positioning.

  2. Proven capability in manufacturing components for advanced trains like Vande Bharat and Metro projects.

  3. Ability to manufacture and integrate both interiors and exteriors of train sets, differentiating from component-focused competitors.

  4. Demonstrated steady revenue growth, successful project execution, and high client satisfaction.

  5. Solid customer base, including government bodies, railway operators, and OEMs, ensuring loyalty and repeat business.

  6. Introducing new and value-added offerings to deepen engagement with existing clients and boost revenue streams.

  7. Potential to partner with industry leaders, enhancing technological capabilities and market share.

  8. Exploring international opportunities for diversification, growth, and stronger global presence.

Risks

8
  1. Limited working capital may restrict the company’s ability to scale operations or take on large, high-value projects.

  2. Rising costs of essential raw materials could reduce profitability and disrupt production schedules.

  3. A significant portion of revenue comes from Indian Railways, making the company vulnerable to policy changes or contract modifications by the Ministry of Railways.

  4. Future contracts are not guaranteed, as bids may not be accepted, affecting business growth and revenue.

  5. Continuous increases in raw material prices can adversely impact operational efficiency and financial performance.

  6. Operations of the subsidiary in a similar line of business may lead to conflicts of interest, potentially affecting overall business performance.

  7. Inability to generate sufficient cash flows could hinder timely payments and negatively impact results of operations.

  8. Dependence on external factors, such as regulatory changes and market conditions, may lead to financial instability or operational disruptions.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Airfloa Rail Technology Limited Peer Comparison

Company Total Income (₹ in lakh) (March 31, 2025) P/E Ratio Return on Net Worth (%)
Airfloa Rail Technology Limited 19,266.26 NA 23.06
Jupiter Wagons Limited 4,00,763.60 37.80 13.81
Titagarh Rail Systems Ltd 3,94,310.00 41.94 11.07

Airfloa Rail Technology IPO FAQs

What is the Airfloa Rail Technology IPO? 

Airfloa Rail Technology IPO is a book build issue IPO. It runs from September 11, 2025, to September 15, 2025. 

When will the Airfloa Rail Technology IPO be allotted? 

The Basis of Allotment will happen on Tuesday, September 16, 2025. 

When will the Airfloa Rail Technology IPO open for subscription? 

The IPO subscription window will open on September 11, 2025. 

What minimum lot size can retail investors subscribe to? 

The minimum lot size retail investors can subscribe to is 2 lots, and the lot size is 1000 shares. 

When will the Airfloa Rail Technology IPO list on exchanges? 

The listing date for Airfloa Rail Technology IPO is Thursday, September 18, 2025. 

What is the issue size of the Airfloa Rail Technology IPO? 

The issue size of the Airfloa Rail Technology IPO is ₹91.10 crore.

What are the open and close dates of the Airfloa Rail Technology IPO? 

The open and close dates for Airfloa Rail Technology IPO are from September 11, 2025, to September 15, 2025. 

 

What would be the listing gains on the Airfloa Rail Technology IPO? 

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. 

When will I know if my Airfloa Rail Technology IPO order is placed? 

You will receive a notification once your order is successfully placed with the exchange after the bidding starts. 

 

 

 

 

Who is the registrar of Airfloa Rail Technology IPO? 

Kfin Technologies Ltd is the registrar responsible for managing the IPO allotment process and handling investor queries. 

 

Where is the Airfloa Rail Technology IPO getting listed? 

The Airfloa Rail Technology IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE). 

How to increase your chances of getting a Airfloa Rail Technology IPO allotment? 

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Airfloa Rail Technology IPO? 

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Airfloa Rail Technology IPO using one PAN? 

You can submit only one application using your PAN card. 

How to read Airfloa Rail Technology Limited's financial statements? 

To read Airfloa Rail Technology Limited’s financial statements, download the IPO’s RHP document.  

What is 'pre-apply' for the Airfloa Rail Technology IPO? 

Pre-apply allows investors to apply for the Airfloa Rail Technology IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the Airfloa Rail Technology IPO, when will my order get placed? 

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.