- Issue price
- ₹140per share
- Issue size
- ₹91.1 Cr65,07,000 shares
- Face value
- ₹10per equity share
- Lot size
- 2,000 sharesMin. ₹2.8 L at the upper price
- Anchor biddingWed, 2025
- OpensThu, 2025
- ClosesMon, 2025
- AllotmentWed, 2025Refunds and Demat credit same day
- ListingThu, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 65,07,000 shares (₹91.1 Cr)
- Offer for sale
- None
- Total issue
- 65,07,000 shares (₹91.1 Cr)
- Market maker portion
- 3,26,000 shares
- Face value
- ₹10
- Listing at
- BSE SME
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail33.3%
- Anchor28.5%
- QIB ex-anchor19.0%
- Big NII9.5%
- Small NII4.8%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 21,64,000 | 35.01% | 35% |
| Non-institutional investors (NII) | 9,30,000 | 15.05% | 15% |
| Small NII (₹2–10 lakh) | 3,10,000 | 5.02% | — |
| Big NII (above ₹10 lakh) | 6,20,000 | 10.03% | — |
| Qualified institutional buyers (QIB) | 30,87,000 | 49.94% | 50% |
| QIB, excluding anchor | 12,35,000 | 19.98% | — |
| Anchor investors | 18,52,000 | 29.96% | — |
| Market maker | 3,26,000 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹140 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 2,000 | ₹2.8 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25 (consolidated)- EPS (basic)
- ₹15.63
- EPS (diluted)
- ₹15.63
- P/E (At cap price (FY 2024-25))
- 8.96×
- RoNW
- 23.06%
- NAV per share
- ₹63.81
- Debt to equity
- 0.54
- EBITDA margin
- 24.61%
- PAT margin
- 13.28%
- ROCE
- 26.28%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 |
|---|---|
| Revenue from operations | 192.39 |
| Total income | 192.66 |
| EBITDA | 47.41 |
| Profit after tax | 25.55 |
| Net worth | 110.80 |
| Reserves and surplus | 93.34 |
| Total assets | 256.94 |
| Total borrowing | 59.98 |
Source: ProspectusUpdated
About the company
The company manufactures forged and machined components used in railway rolling stock, supplying Indian Railways and its production units. It also undertakes turnkey interior furnishing projects for railways and makes precision components for aerospace and defence customers.
- Incorporated
- 1998
- Industry
- Railway Components Manufacturing
- CIN
- U30204TN1998PLC041571
- Website
- airflow.co.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Venkatesan Dakshinamoorthy | — | — |
| Manikandan Dakshna Moorthy | — | — |
| Nandhini Manikandan | — | — |
| Sathishkumar Venkatesan | — | — |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Purchase of machinery and equipment | 13.68 |
| Repayment or prepayment of certain borrowings | 6.00 |
| Funding working capital requirements | 59.27 |
| General corporate purposes | 9.90 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Jupiter Wagons Limited | ₹9.08 | 37.80× | 13.81% | ₹64.88 |
| Titagarh Rail Systems Ltd | ₹20.39 | 41.94× | 11.07% | ₹184.4 |
| Airfloa Rail Technology LimitedIssuer | ₹15.63 | 8.96× | 23.06% | ₹63.81 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long-standing supplier to Indian Railways and rolling stock makers with repeated orders.
- In-house forging, machining and design capabilities across two Chennai facilities.
- Experienced promoters with over two decades in the railway OEM sector.
- Reported strong order book including work orders worth about ₹ 37,588.65 lakhs as of August 28, 2025.
Risks
- Revenue is heavily dependent on Indian Railways, which accounted for 55.70% of FY 2025 total revenue.
- Customer concentration is high, with the top five customers making up 82.48% of FY 2025 revenue.
- Working capital needs are large, with net working capital of ₹ 11,910.87 lakhs as of March 31, 2025.
- Subsidiary operates in a similar business with no non-compete agreement, creating conflict-of-interest risk.
- Raw material cost increases and supply disruptions could hurt margins and delivery schedules.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹140) appear here after the shares list on BSE SME.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Airfloa Rail Technology IPO open and close?
According to the Prospectus, the issue opens on Thursday, 11 September 2025 and closes on Monday, 15 September 2025.
What is the Airfloa Rail Technology IPO price band?
The final issue price is ₹140 per share.
What is the lot size of the Airfloa Rail Technology IPO?
One lot is 2,000 shares, which is ₹2.8 L at ₹140 per share.
Where will Airfloa Rail Technology shares list?
On BSE SME. The tentative listing date is Thursday, 18 September 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Airfloa Rail Technology IPO allotment status?
The basis of allotment is expected to be finalised on Wednesday, 17 September 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited) or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹13.68 Cr for purchase of machinery and equipment, ₹6 Cr for repayment or prepayment of certain borrowings, ₹59.27 Cr for funding working capital requirements, ₹9.9 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.