Private air charter services provider FlySBS Aviation has closed its initial public offering with a massive 212.07 times subscription on August 5, the final day of bidding.
The company launched its IPO on August 1 to raise funds up to Rs 102.53 crore. The price band for the offer was Rs 210-225 per share.
Investors have bid 96.64 crore shares against the offer size of 45.57 lakh shares via 4.52 lakh applications.
The Chennai-based non-scheduled airline operator will finalise the IPO share allotment by August 6. Its shares will be available for trading on the NSE Emerge effective August 8.
FlySBS Aviation IPO shares were available at more than 85 percent premium in the grey market, the unofficial market for trading in the IPO shares till the listing on the bourses, the market observers said.
The company that operates a 13-seater Embraer Legacy 600 aircraft will spend Rs 80.5 crore of the IPO proceeds for acquisition of six new aircrafts on long term dry lease basis. Further, Rs 7.3 crore will be used for debt reduction, and the remainder funds for general corporate purposes.
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Apart from a 13-seater Embraer Legacy 600 aircraft, it also uses Dassault Falcon 2000, Bombardier Challenger 605, Bombardier Global 6000 or any equivalent aircraft on wet lease or quasi charter basis from large international operators of business jets.
Its financial performance was strong in the past year. Profit in the fiscal 2025 soared by 152.5 percent to Rs 28.4 crore, and revenue grew by 82 percent to Rs 193.9 crore compared to previous year.
Vivro Financial Services acted as the merchant banker for the FlySBS Aviation IPO.
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