Flywings Simulator Training Centre Ltd. is launching a ₹57.05 crore IPO comprising a fresh issue of 23,63,400 shares (≈₹45.14 Cr at band) and an offer for sale of 4,74,000 shares (≈₹9.05 Cr). The public offer opens on December 5, 2025 and closes on December 9, 2025. Allotment is expected on Dec 10, 2025, refunds & credit on Dec 11, and tentative listing on NSE SME on Dec 12, 2025. Lot size is 600 shares; minimum retail investment is 2 lots (1,200 shares) — ₹2,29,200 at upper band.
Flywings Simulator Training IPO
NSE SME book-built issue (Fresh + Offer for Sale)
UPCOMING IPOFlywings Simulator Training Centre Ltd. is launching a ₹57.05 crore IPO comprising a fresh issue of 23,63,400 shares (≈₹45.14 Cr at band) and an offer for sale of 4,74,000 shares (≈₹9.05 Cr). The public offer opens on December 5, 2025 and closes on December 9, 2025. Allotment is expected on Dec 10, 2025, refunds & credit on Dec 11, and tentative listing on NSE SME on Dec 12, 2025. Lot size is 600 shares; minimum retail investment is 2 lots (1,200 shares) — ₹2,29,200 at upper band.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹181 to ₹191 per share |
| Offer Structure | Fresh Issue of 23,63,400 shares + Offer for Sale of 4,74,000 shares |
| Total Shares | 29,86,800 shares (aggregating up to ₹57.05 Cr) |
| Issue Type | Book-building IPO |
| Listing | NSE SME |
| Lead Manager | Gretex Corporate Services Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Gretex Share Broking Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
| Retail (RII) | Not less than 35% of Net Issue |
Anchor portion and exact allocation breakdown as per RHP/DRHP (anchor + market maker portions shown in detailed tables below).
| IPO Open | Fri, Dec 5, 2025 |
|---|---|
| IPO Close | Tue, Dec 9, 2025 |
| Tentative Allotment | Wed, Dec 10, 2025 |
| Initiation of Refunds | Thu, Dec 11, 2025 |
| Credit to Demat | Thu, Dec 11, 2025 |
| Listing (Tentative) | Fri, Dec 12, 2025 |
| UPI Mandate Cut-off | 5 PM on Tue, Dec 9, 2025 |
| Application | Lots | Shares | Amount (at Upper Band) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,29,200 |
| Retail (Max) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,43,800 |
| S-HNI (Max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,31,400 |
Incorporated in 2011, Flywings Simulator Training Centre Ltd. is an aviation training provider headquartered in Gurgaon. The company provides comprehensive commercial aircraft training — cabin crew, safety & emergency procedures, simulator-based modules, and ground training for domestic and international carriers. Flywings operates a fleet of advanced training devices (A-320 CEET, Boeing 787 door trainers, fire & water survival trainers) and serves major domestic airlines and some international customers.
Consolidated Financials (₹ crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 |
|---|---|---|
| Assets | 59.40 | 64.65 |
| Total Income | 4.24 | 23.64 |
| Profit After Tax (PAT) | 1.38 | 10.92 |
| EBITDA | 2.30 | 13.51 |
| Net Worth | 40.40 | 39.02 |
| Reserves & Surplus | 32.74 | 31.36 |
| Total Borrowing | 14.78 | 18.09 |
Source: RHP/DRHP and IPO trackers (consolidated figures provided in the prospectus).
Standalone Financials (₹ crore)
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|
| Assets | 44.95 | 16.38 |
| Total Income | 22.60 | 10.44 |
| Profit After Tax (PAT) | 10.74 | 4.16 |
| EBITDA | 15.29 | 5.78 |
| Net Worth | 23.80 | 1.08 |
| Reserves & Surplus | 23.74 | 1.07 |
| Total Borrowing | 10.70 | 7.67 |
Standalone performance (historic FYs) taken from prospectus — shown for additional context.
| ROE | 34.75% |
|---|---|
| ROCE | 28.62% |
| Debt / Equity | 0.37 |
| PAT Margin | 54.02% (recent period) |
| EBITDA Margin | 66.85% (recent period) |
| Market Capitalization | ₹194.38 Cr. (as per IPO tracker) |
| Primary Use | Capital expenditure towards pilot training equipments — ₹35.34 crore |
|---|---|
| Other Uses | General corporate purposes |
| Category | Shares Offered | Notes |
|---|---|---|
| Market Maker | 1,49,400 shares (5.00%) | Gretex Share Broking Pvt. Ltd. |
| Fresh Issue (Ex MM) | 23,63,400 shares | Approx. ₹45.14 Cr |
| Offer for Sale | 4,74,000 shares | Approx. ₹9.05 Cr |
| Net Offered to Public | 28,37,400 shares | Approx. ₹54.19 Cr |
Flywings Simulator Training Centre Ltd.
Ground Floor, Killa No. 13, Begampur, Khatula, Sector 35, Sadar Bazar, Gurgaon, Haryana, 122001
Phone: 0124-4957945
Email: [email protected]
Website: http://www.fwstc.co.in/
Registrar: Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: [email protected]
[Dilip Davda] Flywings operates a niche simulator & aviation training business with high barriers (equipment cost, regulatory approvals) and recurring demand from airlines. Financials show strong margins in recent periods; investors should weigh the small equity base and SME listing risks. Suitable for well-informed investors with medium-term horizon. Read the full prospectus before applying.
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