Tamil Nadu-based rolling stock components maker Airfloa Rail Technology is set to open its Rs 91-crore initial public offering (IPO) for subscription in the coming week on September 11. The offer will close on September 15, while the anchor book will be launched on September 10.
The company will finalise the IPO share allotment by September 16. The trading in Airfloa shares will commence on the BSE SME platform on September 18.
The IPO comprises of entirely fresh issue of 65.07 lakh shares with no offer-for-sale component. The price band for the book-building issue has been fixed at Rs 133-140 per share.
Rs 13.7 crore of the IPO proceeds will be used for purchase of machinery and equipment, and Rs 59.3 crore for working capital requirements. Further, Rs 6 crore will be utilised for repayment of certain borrowing, and the remainder for general corporate purposes.
The total borrowings as of March 2025 were Rs 57.4 crore, Airfloa said in its prospectus.
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With two manufacturing units across Chennai, and Kancheepuram, Airfloa Rail Technology supplies high-precision forged and machined components for the rolling stock, aerospace, and defence industries, as well as undertakes turnkey interior furnishing projects in railways.
It has a work order book of Rs 375.9 crore as of August 28 this year.
Airfloa has reported strong financial performance in the recent past years with profit in the fiscal 2025 growing sharply by 79.6 percent to Rs 25.6 crore, up from Rs 14.2 crore in the previous year. Revenue in the same period increased by 61.3 percent to Rs 192.4 crore, up from Rs 119.3 crore.
GYR Capital Advisors is acting as the sole merchant banker for the Airfloa Rail Technology IPO.
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