Airfloa Rail Technology IPO - AstroIPO

Airfloa Rail Technology IPO


September 19, 2025 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

Airfloa Rail Technology Ltd. is set to enter the public markets within the railway sector. The Airfloa Rail Technology IPO, running from September 11th to September 15th, 2025, brings a ₹91.10 crore offering of 65,07,000 shares priced between ₹133-₹140 per share.

Market participants can apply for a minimum of 2,000 shares, requiring ₹2,80,000 investment at the upper price band. The Airfloa Rail Technology IPO shares, carrying ₹10 face value, will be listed on BSE, introducing this railway technology specialist to the public markets through strategic sector positioning.

Airfloa Rail Technology IPO Details

The key details of Airfloa Rail Technology’s IPO are outlined below, covering all crucial aspects from price range to investment requirements and regulatory documents.

IPO Size ₹91.10 Cr
Price Range ₹133 - ₹140
Retail Quota 35%
QIB Quota 50%
NII Quota 15%
Employee Discount --
Listing at BSE
Minimum Quantity 2,000
Investment (cut-off price) ₹2,80,000
Pre IPO Promotor Holding 74.40%
Post IPO Promotor Holding 54.2%
DHRP Draft Click Here
RHP Draft Click Here
Anchor Investors List Click Here

Airfloa Rail Technology IPO Timelines

The IPO process for Airfloa Rail Technology includes key dates for participants to know. The timeline allows for strategic planning and participation, helping investors stay informed and engaged throughout the entire process.

11/09/2025
Start Date
15/09/2025
End Date
16/09/2025
Allotment Date View Status
17/09/2025
Refund Initiation
17/09/2025
Credit of Shares to Demat Ac
18/09/2025
Listing Date

Airfloa Rail Technology IPO Lot Size

The Airfloa Rail Technology IPO has a fixed lot size of 1,000 shares, at an upper price band of ₹140 per share. For retail investors, the minimum and maximum application is 2,000 shares (2 lots) amounting to ₹2,80,000. For Small HNI (S-HNI) investors, the minimum application is 3,000 shares (3 lots) worth ₹4,20,000, while the maximum is 7,000 shares (7 lots) amounting to ₹9,80,000. Big HNI (B-HNI) investors need to apply for at least 8,000 shares (8 lots), totaling ₹11,20,000.

Application Lot Size Shares Amount
Retail Minimum 2 2000 ₹2,80,000
Retail Maximum 2 2000 ₹2,80,000
S-HNI Minimum 3 3000 ₹4,20,000
S-HNI Maximum 7 7000 ₹9,80,000
B-HNI Minimum 8 8000 ₹11,20,000

Airfloa Rail Technology IPO Subscription Status

The subscription status for Airfloa Rail Technology IPO shows market demand across different investor categories, providing valuable insights into the offering’s performance. You can track real-time subscription data below.

QIB NII Retail EMP Total
214.65x 349.88x 330.31x -- 301.52x

IPO Performance on Listing Day

On the listing day (September 18, 2025), Airfloa Rail Technology made an extraordinary debut on the stock exchange. The stock opened at ₹266, commanding a remarkable premium of 90% over its issue price of ₹140. The rail technology company gained further momentum throughout the trading session, reaching a day high of ₹279.30 while finding solid support at the opening price level. The shares concluded their first trading day at ₹279.30, which also marked the day’s high, delivering an exceptional gain of 99.5% over the issue price, reflecting extraordinary investor confidence in the railway technology sector and exceptional market enthusiasm for this specialized rail solutions provider.

Opening Price Closing Price Day High Day Low
₹266.00 ₹279.30 ₹279.30 ₹266.00

Airfloa Rail Technology IPO Company Financials

Airfloa Rail Technology reports robust performance in FY2025 with Total Income of ₹192.66 crores, managing expenses at ₹157.69 crores, and achieving a strong PAT (Profit After Tax) of ₹25.56 crores, demonstrating significant growth potential ahead of its public offering.

Year Total Income Total Expense PAT
FY 2022 ₹137.63 ₹132.50 ₹3.43
FY 2023 ₹95.33 ₹92.98 ₹1.49
FY 2024 ₹122.87 ₹102.27 ₹14.23
FY 2025 ₹192.66 ₹157.69 ₹25.56

About Company

Airfloa Rail Technology Limited, incorporated in December 1998, specializes in manufacturing components for Indian Railways’ rolling stock through key production units such as the Integral Coach Factory and other coach factories. The company is a leading supplier to Indian Railways, delivering high-precision components and turnkey interior furnishing solutions for major rail projects like the Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and the Train-18 Vande Bharat Express. Its offerings include seating systems designed for comfort and scenic viewing, IC doors for enhanced passenger accessibility, air diffusers for climate control, and interior elements such as roof panels, PAPIS displays, and large windows to improve the overall travel experience.

In addition to its railway operations, the company plays a significant role in the aerospace and defense sectors by manufacturing complex components for projects such as AMCA ground simulators and artillery tank bodies. Airfloa Rail Technology Limited is ISO 9001:2015, EN 15085-2, and BMS certified, reflecting its commitment to quality management and compliance with international railway standards. As of July 31, 2025, the company employed a total of 281 individuals, including contract workers and the senior management team, supporting its diverse operations across transportation and defense sectors.

Incorporation Date Sector Managing Director
1998 Railway Dakshinamoorthy Venkatesan

Know Before Investing

When evaluating Airfloa Rail Technology's IPO potential, understanding both its market advantages and inherent risks becomes crucial for your investment. Below are the key insights you should consider.

Airfloa Rail Technology IPO Strengths

  • The company serves railways, metro projects, aerospace, and defense sectors, reducing dependence on any single market and driving stable multi-sector revenue streams.
  • As of August 2025, Airfloa has a robust order backlog of ₹375.89 crore, providing high revenue visibility and business continuity.
  • Trusted supplier to Indian Railways (ICF and other coach factories), metro projects, defense agencies, and international customers for projects like Vande Bharat Express and RRTS.
  • Offers seating systems, coach doors, climate control diffusers, roof panels, passenger information systems, and more, supporting turnkey project capabilities.
  • Achieved revenue growth of 61.26% in FY25 and doubled net profit to ₹25.56 crore, with healthy profitability margins and returns (RoE: 30.64%, ROCE: 26.28%).
  • Delivered high-profile turnkey solutions for flagship national and international rolling stock programs, enhancing brand reputation.

Airfloa Rail Technology IPO Risks

  • A substantial part of revenue comes from Indian Railways and associated projects; any policy changes, budget cuts, or procurement delays in this sector could seriously impact growth.
  • The business requires significant working capital for inventory and receivables, which can strain liquidity and cash flow, especially during industry slowdowns
  • Profits are exposed to volatility in steel, aluminum, and other key input prices, which may compress margins in times of rising costs.
  • Delays or defaults in payments by key customers, especially large government entities, could affect cash flow stability and overall financial health.
  • Outstanding GST or other tax demands are under appeal, posing a risk of future financial outflows or legal complications.
  • Despite some international clients, the bulk of revenue remains domestic, leading to concentration risk in the Indian market.
  • Any delay in commissioning new plant and machinery, or executing large orders, can affect delivery schedules and increase costs.

Swot Analysis for Airfloa Rail Technology IPO

Understanding Airfloa Rail Technology's SWOT analysis is your first step towards making a confident investment decision. Let's evaluate its core strengths and potential challenges ahead.

Strengths

Strong Client Relationships, Advanced Manufacturing, Robust Order Book

Weaknesses

High Customer Concentration, Capital Intensive Operations, Dependency on Tender Cycles

Opportunities

Railway Modernization, Composites & FRP Expansion, Entry into Defence & Aerospace

Threats

Policy & Regulatory Risks, Commodity Price Fluctuations, Economic Slowdowns

Company Details

Airfloa Rail Technology Ltd.

No 9 Chelliamman Koilstreet Keelkttalai Chennai-117 Tamil Nadu 600117 India

Phone: +91 9600621490

Email: cs@airflow.co.in

Website: https://www.airflow.co.in/

IPO Registar Details

Kfin Technologies Ltd.

Phone: 04067162222, 04079611000

Email: airfloa.ipo@kfintech.com

Website: https://ipostatus.kfintech.com/

FAQs

The key objectives of Airfloa Rail Technology SME IPO are:

  • Capital expenditure towards purchase of machinery and equipmen
  • Repayment of a portion of certain outstanding borrowing availed by the company
  • Funding working capital requirements
  • General corporate purposes

GYR Capital Advisors Pvt. Ltd. is the book-running lead managers for the Airfloa Rail Technology IPO.

Airfloa Rail Technology offers strong growth potential with revenue rising 61% to ₹192.66 crore in FY25 and profit after tax up 80% to ₹25.56 crore. Supported by over ₹11.43 lakh crore infrastructure investments and railway modernization, the company stands positioned for sustained expansion.

The issue price for the Airfloa Rail Technology IPO is set between ₹133 to ₹140 per share.

To invest in two lot of Airfloa Rail Technology IPO, you need ₹2,66,000 at the lower price band (₹133 per share) or ₹2,80,000 at the upper price band (₹140 per share) for a lot size of 2000 shares.

Airfloa Rail Technology IPO shares are scheduled to be listed on the Bombay Stock Exchange (BSE) on September 18, 2025.

Refund/unblocking of funds for Airfloa Rail Technology IPO will begin on September 17, 2025. ASBA/UPI blocks will be removed within 1 working day.

You can sell shares your Airfloa Rail Technology IPO shares on listing day (September 18, 2025) after they are credited to your demat account. If you want to sell in the pre-open market, the timing for that session is from 9:00 AM to 9:15 AM. Otherwise, you can sell after 10:00 AM during regular trading hours.

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