Airfloa Rail Technology came to market through an SME IPO that opened on 11 September 2025 and closed on 15 September 2025, and the shares listed on 18 September 2025 on BSE SME. The price band was ₹133 to ₹140 per share and one lot was 1000 shares, so the minimum application was ₹1,40,000. The issue size was ₹91.1 crore. The whole issue was fresh shares, so the money raised went to the company.
Kfin Technologies Limited was the registrar to the issue, and GYR Capital Advisors Pvt Ltd was the lead manager.
As of 15 September 2025.
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Established in December 1998, Airfloa Rail Technology Limited produces components for Indian Railways' rolling stock in the form of production units such as the Integral Coach Factory (ICF) and other coach factories.
The company produces rolling stock components and interior projects for Indian Railways and makes sophisticated, critical components for aerospace and defence.The company produced parts for rolling stock and handled interior work for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and Train-18 Vande Bharat Express.They are a major supplier to Indian Railways, producing high-precision components and turnkey interior fitouts for rolling stock.
They also supply the aerospace and defense industries, producing components for projects such as AMCA ground simulators and artillery tank bodies. The company provides turnkey interior furnishing deals for high-end trade railway projects, including the Vande Bharat Express and Agra-Kanpur Metro.They extend their experience to the aerospace and defence industries, producing parts for projects such as AMCA ground simulators.They are an ISO 9001:2015, EN 15085-2, and BMS-certified firm, which indicates their attention to quality management and railway standards.
The company contribute to its charm by providing the following important components: Seating Arrangements: Long, scenic journeys are ideal for comfortable seating, which provides the best viewing position. Passenger Access: Smooth and safe IC doors within the coach for ease of movement. Climate Control: Comfortable travel environment provided through air diffusers. Interior Design: Wide windows, roof glazing, and PAPIS screens, all contributing to improved visibility and comfort in travel.
As of 31 May 2025, the Company had a workforce of 255 people (including contract employees), including the senior management.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan, Mr. Sathishkumar Venkatesan. Promoter holding 74.40% before the issue and 54.20% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Airfloa Rail Technology IPO was a ₹91.1 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹133–₹140 per share with a lot size of 1,000 shares; the minimum retail application was 2,000 shares (₹2,80,000). The IPO was open from September 11 to September 15, 2025 and was subscribed 301.6x. Shares listed on BSE SME on September 18, 2025 at ₹266, a 90.0% premium to the issue price of ₹140. Kfin Technologies Limited is the registrar.
GYR Capital Advisors Pvt Ltd is the book running lead manager.
The price band of Airfloa Rail Technology IPO is ₹133 to ₹140 per share.
The lot size of Airfloa Rail Technology IPO is 1000 shares.
The minimum investment for Airfloa Rail Technology IPO is approximately ₹2,80,000 based on the upper price band.
The allotment date of Airfloa Rail Technology IPO is Sep 16, 2025.
Airfloa Rail Technology IPO's final recorded GMP before listing was ₹126 per share (a 90% premium over the ₹140 upper price band). The shares listed at ₹266. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Airfloa Rail Technology IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Airfloa Rail Technology IPO allotment status on Rupix for quick and easy access.
₹133 to ₹140 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,40,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,40,000, for one lot of 1000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 11 September 2025 and closed on 15 September 2025.
The basis of allotment was published on 16 September 2025 by Kfin Technologies Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 18 September 2025 on BSE SME.
The issue size was ₹91.1 crore. The fresh issue was 65,07,000 shares (aggregating up to ₹91.1 crore).