Airfloa Rail Technology IPO
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Schedule of Airfloa Rail Technology
| Issue open date | 11 Sep 2025 |
| Issue close date | 15 Sep 2025 |
| UPI mandate deadline | 15 Sep 2025 (5 PM) |
| Allotment finalization | 16 Sep 2025 |
| Refund initiation | 17 Sep 2025 |
| Share credit | 17 Sep 2025 |
| Listing date | 18 Sep 2025 |
| Mandate end date | 30 Sep 2025 |
| Lock-in end date for anchor investors (50%) | 16 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 15 Dec 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 Airfloa Rail Technology
Airfloa Rail Technology Limited, originally incorporated in 1998 as Air Flow Equipments (India) Private Limited, is engaged in the business of manufacturing, processing, assembling, developing, and designing railway rolling stock, passenger rail coaches, wagons, locomotives, and their discrete components. The company transitioned to its current name in August 2024 and became a public limited company in November 2024. It has demonstrated strong financial growth, with revenues rising from ₹9,517.39 lakhs in FY23 to ₹19,238.70 lakhs in FY25, alongside a PAT increase from ₹149.36 lakhs to ₹2,554.76 lakhs.
Financials of Airfloa Rail Technology
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹91.1 crores |
| Fresh Issue | ₹91.1 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/prepayment of borrowings | 6 (6.58%) |
| Capital Expenditure | 13.68 (15.01%) |
| Working Capital Requirements | 59.27 (65.06%) |
| General corporate purposes | 12.16 (13.35%) |
Strengths
- Wide product portfolio: coaches, wagons, locomotives, components
- Proven track record of revenue and profit growth
- Experienced promoters with strong industry knowledge and leadership
- Established client base within the Indian Railways ecosystem
- Growing capacity with modern infrastructure and facilities
Risks
- Significant dependence on Indian Railways for revenue
- Working capital–intensive operations may strain liquidity
- Exposed to raw material price fluctuations
- Contingent liabilities, including GST demands under appeal
- High debt levels with secured borrowings outstanding
Allotment Status for Airfloa Rail Technology
To check your allotment status – click here.