Airfloa Rail Technology IPO Listing: Airfloa Rail Technology share price made a stellar debut in the Indian stock market today, September 18. Airfloa Rail Technology share price listed on Thursday at ₹266 apiece on BSE SME, a premium of 90 per cent over its issue price of ₹140.
Ahead of the listing, Airfloa Rail Technology IPO GMP (grey market premium) stood at ₹175 per share, which indicated a likely listing price of around ₹315 — translating to a premium of 125 per cent over the upper end of the issue price band.
However, SME exchanges, including BSE SME and NSE Emerge, have a regulatory cap in place which restricts the maximum listing-day gain to 90% above the issue price. Therefore, even as the grey market signalled a 125% premium, the stock cannot list at more than 90% its issue price.
Airfloa Rail Technology IPO Details
Airfloa Rail Technology marked a remarkable debut on the BSE SME on September 18, 2025, after successfully concluding its IPO. The issue opened on September 11 and closed on September 15, with allotment completed on September 16.
The company raised ₹91.10 crore through a fully fresh issue of 65 lakh equity shares, with no offer for sale. The IPO had a lot size of 1,000 shares, translating to a minimum retail investment of ₹2,80,000 at the upper end of the price band.
The IPO witnessed strong investor interest across categories. Retail investors subscribed 330.31 times, NIIs 349.88 times, and QIBs 214.65 times, pushing overall subscription to 301.52 times by the final day. Ahead of the opening, the company also raised ₹25.93 crore from anchor investors on September 10.
Airfloa Rail Technology IPO plans to utilise the net proceeds from the issue for several purposes. A part of the funds will go towards capital expenditure for the purchase of new machinery and equipment, while another portion will be used to repay certain outstanding borrowings. The company also intends to allocate a significant share of the proceeds to meet its working capital requirements. The remaining balance will be directed towards general corporate purposes.
GYR Capital Advisors was the lead manager, Kfin Technologies the registrar, and Giriraj Stock Broking the market maker.
About Airfloa Rail Technology
Founded in December 1998, Airfloa Rail Technology Limited is engaged in manufacturing components for Indian Railways’ rolling stock, supplying through units such as the Integral Coach Factory (ICF) and other coach factories. The company also takes up interior projects and produces critical, complex parts for the aerospace and defence sectors.
Over the years, it has contributed to several high-profile projects, including rolling stock parts and interiors for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and the Train-18 Vande Bharat Express.
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