The initial public offering (IPO) of Flywings Simulator Training Centre Limited commenced its subscription period on Friday, December 5, and will remain open for investors until Tuesday, December 9. The Gurgaon-based aviation training specialist has set its price band at ₹181 to ₹191 per equity share, with each share having a face value of ₹10.
IPO Details and Financial Performance
The public offer comprises a fresh issue of 0.25 crore shares aggregating to ₹47.99 crore and an offer for sale (OFS) of 0.05 crore shares worth ₹9.05 crore. This brings the total offer size to 29.86 lakh shares, valued at ₹57.05 crore. Investors can bid for a minimum of 600 shares and in multiples thereafter, requiring a minimum investment of ₹2,29,200 at the upper end of the price band.
The allocation strategy reserves up to 50% of the net issue for Qualified Institutional Buyers (QIBs), a minimum of 35% for retail investors, and at least 15% for Non-Institutional Investors (NIIs). The company plans to utilize ₹35.34 crore from the net proceeds for capital expenditure on pilot training equipment, with the remaining funds earmarked for general corporate purposes.
Financially, the company reported a robust performance for FY25. It achieved a total income of ₹23.64 crore and a profit after tax (PAT) of ₹10.92 crore. The EBITDA stood at ₹13.51 crore, translating to a strong PAT margin of 54.02% and an EBITDA margin of 66.85%.
Business Profile and Subscription Status
Flywings Simulator Training Centre Limited operates in the aviation training sector, providing comprehensive programs for commercial aircraft personnel. Its curriculum covers critical areas including aviation protocols, in-flight services, first aid, safety procedures, emergency evacuations, and personality development. The company employs advanced training devices such as the A-320 CEET, Boeing 787 door trainers, fire trainers, and conducts water survival drills.
The firm boasts an impressive client roster featuring leading domestic airlines like Vistara, Indigo, SpiceJet, and Air India, as well as international carriers such as Himalaya Airlines and WOW Air.
As per data from chittorgarh.com, the IPO subscription status stood at 24% on the first day of bidding (as of 14:20 IST). The retail investor portion was subscribed 6%, while the Non-Institutional Investor (NII) segment saw a strong 98% booking. The Qualified Institutional Buyers (QIB) portion was yet to see subscriptions. Overall, bids were received for 4,73,400 shares against the total 19,87,200 shares on offer.
Market Context and Key Personnel
The success of this IPO is closely tied to investor sentiment towards the aviation training sector, which is experiencing tailwinds from the ongoing fleet expansion by Indian airlines. The grey market premium (GMP) for the IPO was reported at ₹0 on the first day, indicating shares were trading at par with the issue price in the unofficial market.
Gretex Corporate Services Ltd. is acting as the book running lead manager for the issue. Bigshare Services Pvt. Ltd. has been appointed as the registrar, and Gretex Share Broking Pvt. Ltd. is serving as the market maker for the company.
The offering presents an opportunity for investors to participate in a niche segment of India's growing aviation ecosystem, backed by the company's established client relationships and strong financial margins.
