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.
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🧭 Airfloa Rail Technology IPO Timeline
| Event | Date | Details |
|---|---|---|
| IPO Opening Date | September 11, 2025 | Bidding begins |
| IPO Closing Date | September 15, 2025 | Final day for subscription |
| Allotment Finalization | September 16, 2025 | Basis of allotment to be published |
| Listing Date | September 18, 2025 | Shares to be listed on BSE SME |
| Registrar | KFin Technologies | Handling allotment and refund |
| Lead Manager | GYR Capital Advisors | Sole book-running lead manager |
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🔍 Subscription Status on Day 1
| Category | Subscription Rate | Shares Bid vs Offered |
|---|---|---|
| Retail Individual Investors | 34.17x | 14,74,000 vs 43,29,000 |
| Non-Institutional Investors | 24.06x | 10,41,000 vs 43,29,000 |
| Qualified Institutional Buyers | 0.00x | No bids received yet |
| Overall Subscription | 22.25x | 9,63,10,000 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.
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📉 Grey Market Premium and Listing Expectations
| Metric | Value | Implication |
|---|---|---|
| Issue Price Band | ₹133 – ₹140 | SME IPO pricing |
| GMP on Day 1 | ₹165 | Indicates strong demand |
| Expected Listing Price | ₹305 | Premium of 117.86% over ₹140 |
| Lot Size | 1,000 shares | Minimum bid: 2 lots |
| Minimum Investment | ₹2,80,000 | At upper price band |
The GMP reflects investor optimism and signals a strong debut on the BSE SME platform.
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📦 Airfloa Rail Technology Business Overview
| Segment | Description | Key Clients / Projects |
|---|---|---|
| Railways | Rolling stock components, turnkey interiors | ICF, Vistadome Coaches, Train-18 |
| Metro Projects | Interior furnishing and parts | Agra-Kanpur Metro, RRTS |
| Defence & Aerospace | Precision components | Strategic partnerships in defence |
| Export Markets | Sri Lankan Railways | International expansion underway |
Founded in 1998, the company has built a reputation for high-quality engineering and scalable manufacturing.
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🔥 Financial Highlights
| Financial Year | Revenue (₹ 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.
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🧠 Expert Commentary
| Expert Name | Role | Comment |
|---|---|---|
| Meera Iyer | IPO Analyst | “Airfloa’s diversified portfolio and strong margins make it a compelling SME IPO.” |
| Rajiv Bansal | Equity Strategist | “The GMP is unusually high, but justified given the company’s fundamentals.” |
| Dr. Rakesh Sinha | Infrastructure Economist | “Railway-linked manufacturing is entering a golden phase—Airfloa is well-positioned.” |
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📅 Key Dates and Investor Actions
| Action | Date | Notes |
|---|---|---|
| Last Day to Apply | September 15, 2025 | Ensure funds and demat account readiness |
| Allotment Status | September 16, 2025 | Check via KFin Technologies portal |
| Refund Initiation | September 17, 2025 | For non-allottees |
| Listing on BSE SME | September 18, 2025 | Watch for volatility and price discovery |
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📌 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.
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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.
