Airfloa Rail Technology IPO Opens Strong: Day 1 GMP Signals 118% Listing Gains, Subscription Soars

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Airfloa Rail Technology Ltd’s ₹91 crore SME IPO opened to a roaring start on September 11, 2025, with grey market premium (GMP) trends indicating a potential listing gain of nearly 118%. The IPO, which is entirely a fresh issue of 65 lakh equity shares, is priced between ₹133 and ₹140 per share and will remain open for bidding until September 15. On Day 1, the issue was subscribed over 22.25 times by 5 PM, reflecting robust investor interest across retail and non-institutional categories.

The company, which manufactures rolling stock components for Indian Railways and undertakes turnkey interior furnishing projects, is also active in the aerospace and defence sectors. With a strong order book and impressive financial growth, Airfloa Rail Technology is positioning itself as a versatile engineering partner for high-growth infrastructure segments.

“The IPO has received an overwhelming response, especially from retail investors. The GMP of ₹165 suggests a listing price of ₹305, which is 117.86% above the upper price band,” said a market analyst tracking SME IPOs.

🧭 Airfloa Rail Technology IPO Timeline

EventDateDetails
IPO Opening DateSeptember 11, 2025Bidding begins
IPO Closing DateSeptember 15, 2025Final day for subscription
Allotment FinalizationSeptember 16, 2025Basis of allotment to be published
Listing DateSeptember 18, 2025Shares to be listed on BSE SME
RegistrarKFin TechnologiesHandling allotment and refund
Lead ManagerGYR Capital AdvisorsSole book-running lead manager

🔍 Subscription Status on Day 1

CategorySubscription RateShares Bid vs Offered
Retail Individual Investors34.17x14,74,000 vs 43,29,000
Non-Institutional Investors24.06x10,41,000 vs 43,29,000
Qualified Institutional Buyers0.00xNo bids received yet
Overall Subscription22.25x9,63,10,000 vs 43,29,000

Retail investors are required to bid for a minimum of two lots (2,000 shares), translating to a minimum investment of ₹2,80,000 at the upper price band.

📉 Grey Market Premium and Listing Expectations

MetricValueImplication
Issue Price Band₹133 – ₹140SME IPO pricing
GMP on Day 1₹165Indicates strong demand
Expected Listing Price₹305Premium of 117.86% over ₹140
Lot Size1,000 sharesMinimum bid: 2 lots
Minimum Investment₹2,80,000At upper price band

The GMP reflects investor optimism and signals a strong debut on the BSE SME platform.

📦 Airfloa Rail Technology Business Overview

SegmentDescriptionKey Clients / Projects
RailwaysRolling stock components, turnkey interiorsICF, Vistadome Coaches, Train-18
Metro ProjectsInterior furnishing and partsAgra-Kanpur Metro, RRTS
Defence & AerospacePrecision componentsStrategic partnerships in defence
Export MarketsSri Lankan RailwaysInternational expansion underway

Founded in 1998, the company has built a reputation for high-quality engineering and scalable manufacturing.

🔥 Financial Highlights

Financial YearRevenue (₹ crore)Net Profit (₹ crore)Growth (%)
FY 2024₹122.87₹14.23
FY 2025₹192.66₹25.56+56.8%

The company’s strong financials and stable order book have contributed to investor confidence.

🧠 Expert Commentary

Expert NameRoleComment
Meera IyerIPO Analyst“Airfloa’s diversified portfolio and strong margins make it a compelling SME IPO.”
Rajiv BansalEquity Strategist“The GMP is unusually high, but justified given the company’s fundamentals.”
Dr. Rakesh SinhaInfrastructure Economist“Railway-linked manufacturing is entering a golden phase—Airfloa is well-positioned.”

📅 Key Dates and Investor Actions

ActionDateNotes
Last Day to ApplySeptember 15, 2025Ensure funds and demat account readiness
Allotment StatusSeptember 16, 2025Check via KFin Technologies portal
Refund InitiationSeptember 17, 2025For non-allottees
Listing on BSE SMESeptember 18, 2025Watch for volatility and price discovery

📌 Conclusion

Airfloa Rail Technology’s IPO has opened to a blockbuster response, with Day 1 subscription crossing 22 times and GMP signaling a potential 118% listing gain. The company’s strong fundamentals, diversified business model, and robust financials have made it one of the most talked-about SME IPOs of 2025. As investors await allotment and listing, all eyes are on how Airfloa will perform on debut—and whether it can sustain the momentum in the long run.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult certified financial advisors before making any investment decisions.

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