Airfloa Rail Technology IPO Day 2: Issue booked over 30x on strong retail push; GMP at 118% – News Air Insight

The Rs 91 crore SME IPO of Airfloa Rail Technology was booked over 30 times so far on Day 2, led by strong interest from retail investors. The SME issue has also been at the centre of attention in the unlisted market, with a grey market premium hovering around 118% over the issue price of Rs 140.

Airfloa Rail Technology IPO subscription status

As of 10:50 AM on Day 2, the Airfloa Rail Technology IPO has achieved an overall subscription of 30.36 times. Retail Individual Investors (RIIs) showed strong demand, subscribing to their allocation of 21.64 lakh shares by over 50 times.

Non-Institutional Investors (NIIs), including high-net-worth individuals and corporates, have bid 27.77 times their quota of 12.56 lakh shares.

In comparison, Qualified Institutional Buyers (QIBs) — such as mutual funds, banks, and insurance companies — have only subscribed to 4% of their allotted 12.35 lakh shares.

Airfloa Rail Technology IPO GMP today

In the grey market, the shares are currently trading at an impressive 118.50% premium over the issue price of Rs 140, suggesting a probable listing price around Rs 306.

Note: The Grey Market Premium (GMP) reflects the informal market’s demand and can be an early indicator of the stock’s listing price, although it is not guaranteed.

Airfloa Rail Technology IPO details

Airfloa Rail Technology IPO is a fresh issuance of 91.1 lakh shares, targeting to raise around Rs 91 crore. The subscription window will remain open for investors until September 15.

The tentative allotment date is Tuesday, September 16, with the shares expected to be listed on Thursday, September 18.

Airfloa Rail Technology IPO price band

The Airfloa Rail Technology IPO is priced between Rs 133 and Rs 140 per share, with a minimum bid lot size of 1,000 shares.

Company overview

Airfloa Rail Technology specialises in manufacturing components used in rolling stock for Indian Railways, supplying railway production units such as the Integral Coach Factory (ICF) and other coach factories. Besides producing rolling stock parts, the company also undertakes turnkey interior furnishing projects for Indian Railways.

In the aerospace and defence sectors, Airfloa manufactures complex, precision-engineered, and critical components. Alongside Indian Railways through ICF and other coach factories, it also serves additional rail factories and global rolling stock OEMs.

Notable projects include manufacturing rolling stock components and executing turnkey interior furnishing for Sri Lanka’s DEMU and Mainline Export Coaches, Agra-Kanpur Metro Coach, RRTS Coach, Vistadome Coach, and the Train-18 Vande Bharat Express.

Financials

The company reported a strong financial performance, with a net profit of Rs 25.54 crore and revenue from operations of Rs 192 crore for the year ended March 2025.

Proceeds from the IPO will be utilised for capital expenditures, including the purchase of machinery and equipment up to Rs 13 crore, repayment of part of the company’s outstanding borrowings, funding working capital requirements, and other general corporate purposes.

Also read: Will Tata Capital’s upcoming IPO revolutionise the financial sector?

GYR Capital Advisors is the book-running lead manager for the IPO, with Kfin Technologies serving as the registrar. Giriraj Stock Broking is designated as the market maker for the issue.

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