FlySBS Aviation IPO
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Schedule of FlySBS Aviation
| Issue open date | 01 Aug 2025 |
| Issue close date | 05 Aug 2025 |
| UPI mandate deadline | 05 Aug 2025 (5 PM) |
| Allotment finalization | 06 Aug 2025 |
| Refund initiation | 07 Aug 2025 |
| Share credit | 07 Aug 2025 |
| Listing date | 08 Aug 2025 |
| Mandate end date | 20 Aug 2025 |
| Lock-in end date for anchor investors (50%) | 05 Sep 2025 |
| Lock-in end date for anchor investors (remaining) | 04 Nov 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About FlySBS Aviation
FlySBS Aviation Ltd is a private, DGCA-approved non-scheduled airline operator, specialising in delivering premium, tailor-made air travel solutions to a select high-profile clientele. The company caters to both business and leisure travellers, emphasizing flexibility, privacy, and urgency across its personalized offerings.
FlySBS has demonstrated strong growth in aircraft utilization, from 522 hours in FY23 to 2,600 hours in FY25, driven by expanding international operations and a corporate client base that contributed over 94% of its operational revenue in FY25.
Financials of FlySBS Aviation
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹102.53 crores |
| Fresh Issue | ₹102.53 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding capital expenditure towards acquisition of six pre-owned aircraft on long term dry lease basis | 80.47 (78.48%) |
| Repayment/prepayment, in full or part, certain outstanding borrowings availed by the Company | 7.28 (7.1%) |
| General corporate purposes |
Strengths
- Serves a discerning clientele in a segment characterized by high entry barriers and low price sensitivity
- Transitioned from wet lease to in-house dry-leased fleet, reflecting operational independence and maturity
- Strong growth in aircraft utilization, driven by expanding international operations and a stable corporate client base
- Group synergy with Afcom Holdings boosts global logistics and operational scope
- Experienced promoters and senior management with deep domain expertise
- Consistent growth in revenue and profitability
Risks
- Non-compliance with aircraft lease covenants could adversely impact operations
- Client concentration with Top 5 contributing to over 90% of revenue(FY25)
- Stringent regulatory oversight, non-compliance or rule changes could disrupt operations
- Dependence on a limited supplier base for aircraft, spare parts, and maintenance, poses a risk to business continuity
- Reliance on third-party providers for critical operational services may expose the business to service disruptions and dependency risks
Subscription Figures for FlySBS Aviation
Subscription numbers as of 5:00 PM on August 01, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 8.65 | 0 | 0.00x |
| NII | 6.49 | 29.21 | 4.50x |
| Retail | 15.15 | 74.86 | 4.94 |
| Total | 30.31 | 104.08 | 3.43x |