Final Day! Airfloa Rail Technology IPO: Check GMP, Day 3 Subscription Status, Allotment Date And More

Airfloa Rail Technology Ltd., which launched its initial public offering (IPO) on Thursday, will close for subscription today, September 15.

The SME IPO, which was booked over 65 times on Day 2, has been subscribed over 110 times so far on its final day on Monday.

The company manufactures components for Indian Railways’ rolling stock through units such as the Integral Coach Factory (ICF) and other coach factories.

Here’s a look at the grey market premium (GMP), day 3 subscription status, allotment date and other important details about the Airfloa Rail Technology IPO.

The IPO of Airfloa Rail Technology was booked 206.62 times as of 2:38 p.m. on Monday

• Qualified Institutional Buyers: 100.75 times

• Non-Institutional Investors: 206.27 times

• Retail Investors: 267.24 times

*The subscription status will be updated at regular intervals.

The grey market premium for Airfloa Rail Technology IPO was Rs 170 per share on September 15. Considering the upper end of the price band of Rs 140, the IPO’s estimated listing price stands at Rs 310 (cap price + today’s GMP), reflecting an expected listing gain of 121.43% per share.

The GMP trends suggest a stellar debut for the SME IPO whose grey market premium has remained constant from September 11, when the issue opened for subscription.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

Airfloa Rail Technology IPO is a book-building issue worth Rs 91.1 crore, consisting entirely of a fresh issuance of 65 lakh shares.

The price band for the Airfloa Rail Technology IPO has been fixed at Rs 133 to Rs 140 per share. The IPO lot size comprises 1,000 shares. For retail investors, the minimum investment at the upper price band amounts to Rs 2.8 lakh, for a minimum of 2,000 shares. High Net Worth Individuals (HNIs) are required to bid for at least three lots, or 3,000 shares, which translates to a minimum investment of Rs 4.20 lakh.

The subscription window for the Airfloa Rail Technology IPO will close on September 15.

GYR Capital Advisors Pvt. is the book-running lead manager, while Kfin Technologies Ltd. has been appointed registrar. The issue’s market maker is Giriraj Stock Broking Pvt.

The tentative date for allotment of shares for Airfloa Rail Technology is September 16. The company will initiate refunds and credit of shares to demat accounts on September. 17.

Airfloa Rail Technology shares are tentatively scheduled to be listed on the BSE SME platform on September 18.

Airfloa Rail Technology Ltd., founded in December 1998, manufactures rolling stock components and turnkey interiors for Indian Railways. It has delivered components and interior projects for a wide range of systems, including Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches and the Vande Bharat Express. The company also supplies precision parts to aerospace and defence, including AMCA ground simulators and artillery tank bodies.

Airfloa Rail Technology Ltd. will use the net proceeds from the IPO for capital expenditure on machinery and equipment. A portion will be allocated toward repaying debt and meeting working capital requirements. A part of the proceeds will also be used for general corporate purposes.

According to the company’s draft red herring prospectus (DRHP), Airfloa Rail Technology reported revenue from operations of Rs 119.3 crore for the year ended March 31, 2024, compared to Rs 95.17 crore in the previous financial year. Its net profit for the year stood at Rs 14.23 crore in FY24, against Rs 1.49 crore in FY23.

In FY25, the company’s total income stood at Rs 192.66 crore, with a net profit of Rs 25.55 crore.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.