FlySBS Aviation pioneering in the space of fulfilling the dream of owning the private jet aircraft, giving their customers the choice to experience the wide variety of Private Jets of their choice while paying only for the hours they need. FlySBS Aviation is driven by experienced Industry Professionals and professionals with cross-functional experience with a vision to become the No.1 Private Jet Chartering Company in India.
FlySBS Aviation, an Book Built Issue, amounting to ₹ 102.93 Crores, consistingentirelyan Fresh Issue of 45.75 Lakh Shares. The subscription period for the FlySBS Aviation IPO opens on August 01, 2025, and closes on August 05, 2025. The allotment is expected to be finalized on or about Wednesday, August 06, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, August 08, 2025.
The Share Price Band of FlySBS Aviation IPO is set at ₹ 210 to ₹ 225per equity share. The Market Capitalisation of the FlySBS Aviation at IPO price of ₹ 225 per equity share will be ₹ 389.33 Crores. The lot size of the IPO is 600 shares. Individual investors are required to invest a minimum of 2 lots (1,200 shares), amounting to ₹ 2,70,000.
Vivro Financial Services Private Limitedis the book running lead manager of the FlySBS Aviation, while MUFG Intime India Private Limitedis the registrar for the issue. Giriraj Stock Broking Private Limitedis the Market Maker for FlySBS Aviation IPO.
FlySBS Aviation LimitedIPO GMP Today
The Grey Market Premium of FlySBS Aviation IPO is expected to be ₹ 103 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
FlySBS Aviation LimitedIPO Live Subscription Status Today: Real-Time Update
FlySBS Aviation IPO will be open for its subscription on 1 August, 2025.
FlySBS Aviation LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
29 July 2025
₹ 225
₹ 328
₹ 103 (45.77%)
09:00 AM; 29 July 2025
FlySBS Aviation Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online FlySBS Aviation IPO allotment date is 06 August, 2025, Wednesday. FlySBS Aviation IPO Allotment will be out on 6th August, 2025 and will be live on Registrar Website from the allotment date. Check FlySBS Aviation IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select FlySBS Aviation Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of FlySBS Aviation LimitedIPO
FlySBS Aviation to utilise the Net Proceeds towards the following objects: 1. ₹ 8,047.24 Lakh is required for Funding capital expenditure towards acquisition of six pre-owned aircraft on long term dry lease basis; 2. ₹ 727.60 Lakh is required for Repayment/prepayment, in full or part, certain outstanding borrowings availed by the Company; and 3. General Corporate Purposes.
45,75,000 Equity Shares (aggregating to ₹ 102.93 Cr)
Fresh Issue
45,57,000 Equity Shares (aggregating to ₹ 102.93 Cr)
Offer for Sale
NA
Issue Type
Book Built Issue
Listing At
NSE SME
Share holding pre issue
1,27,46,751
Share holding post issue
1,73,03,751
FlySBS Aviation IPO Lot Size
Application
Lots
Shares
Amount
Retail (Min)
2
1,200
₹2,70,000
Retail (Max)
2
1,200
₹2,70,000
S-HNI (Min)
3
1,800
₹4,05,000
S-HNI (Max)
7
4,200
₹9,45,000
B-HNI (Min)
8
4,800
₹10,80,000
FlySBS Aviation IPO Timeline (Tentative Schedule)
IPO Open Date
Friday, August 01, 2025
IPO Close Date
Tuesday, August 05, 2025
Basis of Allotment
Wednesday, August 06, 2025
Initiation of Refunds
Thursday, August 07, 2025
Credit of Shares to Demat
Thursday, August 07, 2025
Listing Date
Friday, August 08, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 05, 202
FlySBS Aviation IPO Reservation
Investor Category
Shares Offered
Reservation %
QIB Portion
21,72,600
Not More than 50% of the Issue
Non-Institutional Investor Portion
6,51,780
Not Less than 15% of the Issue
Retail Shares Offered
15,20,820
Not Less than 35% of the Issue
Market Maker Portion
2,29,800
5.04% of the Net Issue
FlySBS Aviation IPO Promoter Holding
Share Holding Pre Issue
44.08 %
Share Holding Post Issue
32.47 %
FlySBS Aviation IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
21,72,600
-
0.00
Non Institutional Investors(NIIS)
8,81,580
-
0.00
Retail Individual Investors (RIIs)
15,20,820
-
0.00
Total
45,75,000
-
0.00
About FlySBS Aviation Limited
BUSINESS OVERVIEW
FlySBS Aviation is a DGCA-approved Non-Scheduled Airline Operator, holding a valid Air Operator Permit, engaged in providing private, non-scheduled air charter services across domestic and international routes. The company specializes in offering customized air travel solutions to elite clientele including entrepreneurs, senior executives, politicians, diplomats, celebrities, and other VIPs, who seek flexible schedules, luxury, privacy, and enhanced security.
The company’s charter services cater to urgent and specialized travel needs such as medical emergencies, high-priority business meetings, promotional events, and travel to remote or non-commercial destinations. Services are operated from the base in Chennai, Tamil Nadu, with a global reach spanning six continents, including destinations in Japan, the Middle East, New Zealand, Europe, North America, and Africa.
Initially operating under a wet lease/quasi charter model, FlySBS Aviation has transitioned to a dry lease model with a 13-seater Embraer Legacy 600 aircraft now registered and operated independently. Under this model, only the aircraft is provided by the lessor, while all operational aspects are managed in-house.
Flying hours have shown strong growth, increasing from 522 hours in FY23 to 1,486 hours in FY24, and further to 2,600 hours in FY25. International operations accounted for a major share, with 1,812 hours in FY25, 1,166 hours in FY24, and 375 hours in FY23.
The company’s clientele is primarily composed of mid and large corporates, contributing 94.48% (FY25), 94.74% (FY24), and 86.98% (FY23) of revenue. High-net-worth (HNIs) and ultra-high-net-worth individuals (UHNIs) accounted for 5.52% (FY25), 5.26% (FY24), and 13.02% (FY23) of revenue, respectively.
FlySBS Aviation continues to position itself as a leading player in India's private aviation space, offering bespoke air charter services for high-value clients with complex travel demands. As on March 31, 2025, the company have 23 permanent employees and has engaged 1 person on retainership basis. The Banker to the company is ICICI Bank Limited.
INDUSTRY ANALYSIS
Indian Aviation Industry: Overview and Market Size
India’s civil aviation sector plays a vital role in economic growth by enhancing output, employment, and logistical efficiency. It has emerged as the 3rd largest domestic aviation market globally. Pre-COVID, it was also on track to rank 3rd in overall air traffic.
To support continued growth, the government has launched key initiatives such as NCAP 2016, RCS UDAN, Drone Policy, NABH Nirman, and aircraft leasing under IFSC. The classification of aircraft leases as "financial products" under the IFSCA Act, 2019, has been pivotal in developing India’s aviation financing ecosystem.
Growth is driven by rising disposable incomes, improved regional connectivity, and infrastructure investments like greenfield airports. While metro airports handle over 60% of India’s 220+ million passengers, the next wave of growth is expected from Tier 2 and Tier 3 cities.
As of FY23, the Indian aviation market is valued at $15 billion, having grown at a CAGR of 10.3% from FY19. It is projected to expand further to $22–27 billion by FY29, at a CAGR of 7–9%.
Airport Infrastructure: Current Status and Future Outlook
India has 148 operational airports, supported by private participation and government reforms. Recent developments include greenfield airport construction, privatization, new airline launches, and a formalized drone policy.
To meet future demand, the government is investing $11.8 billion (₹98,000 crore) over five years to develop and upgrade airport infrastructure—$7.5 billion from the private sector and $4.3 billion from AAI. By 2047, India aims to have over 400 operational airports, supporting its vision of a modern transport network.
Private Jet Industry: Overview and Market Size
India's private jet industry is growing rapidly, fueled by demand from HNWIs, business leaders, and those seeking flexible, secure, and time-efficient travel. Post-pandemic health concerns have further accelerated private jet usage.
The market expanded from $187 million in FY19 to $274 million in FY24, registering a CAGR of 8%. It is projected to grow at 13–15% CAGR over the next five years, driven by:
Wealth creation among HNWIs and UHNIs
Growth of startups and corporate travel
Economic activity in Tier 2 and 3 cities
Government support and innovations like jet-sharing platforms
As of FY24, India has 116 non-scheduled operators (NSOPs) offering customizable charter services. NSOPs—key players in the private jet space—enable bespoke travel with flexibility, privacy, and efficiency.
The number of NSOP permit holders has grown at 3% CAGR (FY19–FY24), reflecting rising demand and increased adoption of private aviation solutions.
Business Landscape and Future Prospects
The private jet industry is evolving with innovative access models—fractional ownership, memberships, and on-demand charters—making private aviation more inclusive. These solutions cater not just to ultra-rich individuals but also to corporates and frequent business travelers, enabling broader market penetration.
With continued infrastructure improvements, supportive regulation, and shifting travel preferences, India’s private aviation sector is poised for strong and sustained growth.
BUSINESS STRENGTHS
Experienced Promoters and Leadership
FlySBS Aviation is led by a seasoned management team with deep domain expertise. Capt. Deepak Parasuraman, a veteran in the aviation sector, has played a pivotal role in securing regulatory approvals and establishing both the company and an international cargo airline. His decades of experience ensure high standards of safety, operational efficiency, and strategic direction. Kannan Ramakrishnan brings over 20 years of leadership experience across industries such as retail and luxury automobiles. His expertise in financial structuring and market strategy has significantly contributed to growth and capital strength.
Strategic Positioning in a High Entry-Barrier Industry
The private air-chartering sector is highly regulated, requiring substantial capital, operational infrastructure, and compliance with stringent aviation norms. Barriers such as airport slot allocations, safety regulations, and licensing processes restrict new entrants. FlySBS Aviation operates with a fully compliant framework, certified personnel, and established infrastructure, enabling a strong market presence and competitive edge.
In-House Fleet and Scalable Operations
Operations are supported by a 13-seater Embraer Legacy 600 under dry lease, and additional access to high-performance aircraft such as Dassault Falcon 2000, Bombardier Challenger 605, and Bombardier Global 6000 on wet lease or quasi charter basis. These aircraft offer non-stop range of 6–16 hours, allowing for flexible, long-haul service. Agreements are in place to acquire two additional 13-seater aircraft on long-term dry lease, further enhancing fleet capacity and scalability.
Operational Efficiency and Aircraft Maintenance
As of March 31, 2025, the company employs 22 full-time personnel, including 8 flight crew, along with 2 professionals on retainership. Maintenance is managed through a contract with a DGCA-approved MRO service provider with facilities in Bangalore, ensuring reliable, efficient fleet upkeep. This arrangement minimizes downtime and maximizes operational performance, enabling delivery of tailored, high-reliability solutions for clients.
BUSINESS STRATEGIES
Fleet Expansion under Dry Lease Model
FlySBS Aviation is focused on scaling operations through dry lease aircraft acquisitions, which offer greater operational control, cost efficiency, and flexibility. Under this model, the company manages all operational expenses, including crew, maintenance, and fuel. A letter of intent and offer to lease two aircraft has been signed with international lessors, with operations commencing post regulatory approvals. Additionally, six more aircraft are planned to be acquired from the proceeds of the public issue to meet rising demand.
Tapping Growth in Private Air Charter Industry
India’s private jet market has expanded from $187 million in FY19 to $274 million in FY24, growing at a CAGR of 8%, driven by the rise in HNWIs, UHNIs, and increasing business travel from Tier 2 and Tier 3 cities. FlySBS Aviation aims to capitalize on this strong industry momentum.
Technology Integration for Seamless Client Experience
To address inefficiencies in the current charter booking process, FlySBS Aviation is integrating tech-enabled solutions, including a proposed air-time subscription model offering flexible, hour-based access. This digital approach will enhance booking convenience, transparency, and operational optimization through data-driven asset deployment.
Sales, Marketing, and Client Acquisition Strategy
The company leverages industry relationships and luxury sector expertise to target high-value clientele. A network of 12 travel agents and brokers supports client acquisition efforts. Plans are in place to expand this network and strengthen direct relationships with UHNIs, HNIs, and corporates, aligning with market demand for exclusivity and personalized service.
BUSINESS RISK FACTORS & CONCERNS
1. Dependence on Niche, High-Profile Clientele
FlySBS Aviation operates in a niche market, catering to entrepreneurs, corporate leaders, diplomats, politicians, celebrities, and other VIPs who demand customized, high-quality services. Any failure to meet their expectations in terms of flexibility, luxury, security, or travel efficiency could significantly impact business performance and reputation.
2. Volatility in Aviation Turbine Fuel (ATF) Prices ATF cost forms a major part of operational expenses for aircraft under dry lease arrangements. Fuel expenses constituted 14.54% of dry lease revenue in FY25. Any increase in ATF prices, which are already high in India compared to global levels, may adversely affect profitability.
3. Potential Conflict with Group and Promoter Group Companies Group Company Afcom Holding Ltd is active in air cargo services, and Promoter Group entities like Flyaeon Aviation Pvt Ltd and Flyaster Aviation Pvt Ltd have business objects aligned with FlySBS Aviation. If any of these entities begin similar operations, it may create a conflict of interest and affect the company’s market share and profitability.
4. Dependence on Limited Suppliers for Aircraft Maintenance
The company relies on a limited pool of external vendors for aircraft spare parts and consumables, without long-term contracts. Any delay or disruption in supply could have a material adverse impact on operations and service continuity.
Summary:
FlySBS Aviation faces key risks including its reliance on elite clientele, exposure to fluctuating ATF prices, potential competition from related group entities, and supplier concentration without secured contracts. These factors could impact operational stability, financial performance, and future scalability.
FlySBS Aviation Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
13,762.99
6,323.14
957.47
Total Assets
19,183.58
7,715.38
2,011.55
Total Borrowings
1,792.67
255.58
336.31
Fixed Assets
542.53
520.31
7.16
Cash
4,982.50
833.42
253.47
Net Borrowing
-3,189.83
-577.84
82.24
Revenue
19,538.38
10,672.11
3,468.25
EBITDA
4.141.22
1,498.86
522.83
PAT
2,840.61
1,124.92
344.06
EPS
25.47
14.41
5.64
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue, given in FINANCIAL EXPRESS.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 25.47
EPS Post IPO (Rs.)
₹ 16.42
P/E Pre IPO
8.83
P/E Post IPO
13.71
ROE
32.25 %
ROCE
41.80 %
P/BV
1.68
Debt/Equity
0.14
RoNW
32.25 %
FlySBS Aviation Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
FlySBS Aviation Limited
₹ 16.42
41.80 %
32.25 %
13.71
1.68
0.14
32.25 %
There are no Listed Peer Companies in India which can be compared with FlySBS Aviation Limited.
₹
%
%
-
-
-
%
FlySBS Aviation Limited Contact Details
FLYSBS AVIATION LIMITED
Plot no. 16 (NP), 3rd Floor, Indiqube Palmyra, SIDCO Industrial Estate, Ekkatuthangal, Guindy Industrial Estate, Chennai, Chennai City Corporation, Tamil Nadu – 600032, India. Contact Person : N Saptharishi Telephone : +91-44 2260 4444 Email : corporate@sbsaviation.in Website : https://sbsaviation.in/
FlySBS Aviation pioneering in the space of fulfilling the dream of owning the private jet aircraft, giving their customers the choice to experience the wide variety of Private Jets of their choice while paying only for the hours they need. FlySBS Aviation is driven by experienced Industry Professionals and professionals with cross-functional experience with a vision to become the No.1 Private Jet Chartering Company in India.
The company is led by an experienced management team, including promoters Capt. Deepak Parasuraman, Kannan Ramakrishnan, and Ambashankar, who have been with the company since inception. Capt. Parasuraman, with 26+ years in aviation, and Ramakrishnan, with over two decades in retail and luxury automobiles, also lead Afcom Holdings Ltd, an international air cargo company. CEO Ambashankar brings strong expertise in sales, marketing, and client relations. The Board combines executive and independent members with strengths in marketing, finance, and governance.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 19,538.38 Lakh, ₹ 10,672.11 Lakh and ₹ 3,468.25 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,141.22 Lakh, ₹ 1,498.86 Lakh and ₹ 522.83 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 2,840.61 Lakh, ₹ 1,124.92 Lakh and ₹ 344.06 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹25.47and post-issue EPS of ₹ 16.42 for FY24.The pre-issue P/E ratio is 8.83x, while the post-issue P/E ratio is 13.71x. The company's ROCE for FY24 is 41.80%, ROE for FY24 is 32.25% and RoNW is 32.25%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of FlySBS Aviation showing listing gains of 45.77 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the FlySBS Aviation Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
