Airfloa Rail IPO opens on Sept 11; GMP at 114%: Check key dates, price band

Airfloa Rail Technology IPO GMP: Airfloa Rail Technology, a railway component manufacturer, is set to launch its initial public offering (IPO) on September 11, 2025. The SME offering comprises a fresh issue of 6.5 million equity shares to raise ₹91 crore. There is no offer for sale component. 

 

Ahead of the opening, the unlisted shares of Airfloa Rail were trading at ₹300 in the grey market, commanding a premium of ₹160 or 114.4 per cent against the upper end of the price band of ₹133 to ₹140, according to sources tracking unofficial markets.

Airfloa Rail Technology IPO lot size

Airfloa Rail fixed a lot size of 1,000 shares for its IPO. At the upper price band of ₹140, a retail investor can apply for a minimum of two lots at ₹2,80,000.

Airfloa Rail Technology IPO key dates

According to the red herring prospectus (RHP), the three-day subscription window will tentatively close on Monday, September 15, 2025. The basis of the allotment of shares is likely to be finalised on Tuesday, September 16, 2025. Shares of Airfloa Rail will be listed on the BSE SME platform tentatively on Thursday, September 18, 2025.

Airfloa Rail Technology IPO registrar, lead manager

Kfin Technologies is the registrar of the issue. GYR Capital Advisors is the sole book-running lead manager.  ALSO READ | Dev Accelerator IPO opens on Sept 10; key risks, strengths you must know

Airfloa Rail Technology IPO objective

According to the red herring prospectus (RHP), the company plans to use the net issue proceeds for purchasing machinery and equipment, repaying debt, meeting working capital requirements and general corporate purposes.  

About Airfloa Rail Technology 

Incorporated in December 1998, Airfloa Rail Technology is engaged in the manufacturing of components which are used in the rolling stock for the Indian Railways through railway production units like Integral Coach Factory (ICF), other coach factories. Additionally, it also takes turnkey interior furnishing projects for Indian Railways. In the aerospace and defence sectors, Airfloa manufactures intricate, highly engineered, and vital components. Along with Indian Railways through ICF and other coach factories, it also serves other rail factories and global rolling stock OEMs.  ALSO READ | Urban Company IPO: SWOT breakdown; what's hot, what's risky, what's next

Airfloa Rail Technology financial overview

In the financial year 2024-25 (FY25), Airfloa reported revenue from operations of ₹192.38 crore, up 61.26 per cent from ₹119.3 crore in the previous fiscal. Its profit after tax (PAT) stood at ₹25.54 crore in FY25, up 80 per cent from ₹14.23 crore in FY24. Its earnings before interest, tax, depreciation and amortisation (Ebitda) was at ₹47.4 crore in FY25 compared to ₹34.57 crore in FY24.