Airfloa Rail Tech IPO closes today: Subscription nears 133x, GMP at 118%

Airfloa Rail Technology IPO Day 3 update: Check price band, lot size, subscription status, grey market premium (GMP), allotment date, listing date, and other key details here

Airfloa Rail Technology IPO grey market premium (GMP) today: The unlisted shares of railway, defence, and aerospace products manufacturer Airfloa Rail Technology continued to command a solid premium in the grey market on Monday. The company’s initial public offering (IPO) is set to close for public subscription today, September 15, 2025.

 

Sources tracking the unofficial markets revealed that Airfloa Rail Technology shares were trading at around ₹306, reflecting a grey market premium (GMP) of ₹166 per share or 118.57 per cent over the upper end of the IPO price band, which is ₹140. 

 

Notably, the public offering, which opened for subscription on Thursday, September 11, has received a strong response from investors so far. According to BSE data, the Airfloa Rail Technology IPO has been oversubscribed by 132.21 times till 12:18 PM on September 15.    Among investor categories, retail investors placed the highest number of bids, oversubscribing their reserved portion by 196.70 times. This was followed by non-institutional investors (NIIs), who subscribed 139.61 times. Qualified institutional buyers (QIBs), however, appeared less active initially, yet still managed to oversubscribe their category by 11.68 times.

Airfloa Rail Technology IPO details

The public offering of Airfloa Rail Technology comprises a fresh issue of 6.5 million equity shares worth ₹91.10 crore. There is no offer-for-sale (OFS) component in the issue.

 

The IPO is available at a price band of ₹133–₹140 per share, with a lot size of 1,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter. At the upper-end price, a retail investor would need at least ₹2,80,000 to bid for two lots.

 

KFIN Technologies is the registrar for the issue, while GYR Capital Advisors is the sole book-running lead manager.

 

According to the red herring prospectus (RHP), the company plans to use the issue proceeds for capital expenditure towards the purchase of machinery and equipment, repayment of a portion of outstanding borrowings, and to fund working capital requirements as well as for general corporate purposes.

Airfloa Rail Technology IPO allotment date, listing date

With the subscription window closing today, the basis of allotment for Airfloa Rail Technology IPO shares is expected to be finalised by Tuesday, September 16, 2025. Successful allottees will receive shares in their demat accounts by Wednesday, September 17, 2025.

 

Airfloa Rail Technology shares are expected to list on the BSE SME platform on Thursday, September 18, 2025.

About Airfloa Rail Technology

Airfloa Rail Technology Limited manufactures components for Indian Railways' rolling stock. The company also produces complex parts for the aerospace and defence sectors, including components for the AMCA ground simulators and artillery tank bodies.

 

Additionally, it undertakes turnkey interior furnishing projects for prestigious railway initiatives such as the Vande Bharat Express and the Agra-Kanpur Metro.

 

The company serves Indian Railways, various railway production units, and global rolling stock OEMs. As of July 31, 2025, it had a workforce of 281 employees.