CFF Fluid Control IPO Opens July 9: Fixed Price ₹585, BSE SME Listing July 16

NOOR MOHMMED

    09/Jul/2025

  • CFF Fluid Control IPO opens on July 9, 2025, with ₹87.75 crore issue at ₹585, closes on July 11 with BSE SME listing set for July 16.

  • Entirely fresh issue of 15 lakh shares; minimum retail bid ₹2.34 lakh (2 lots of 400 shares) with ₹50 GMP indicating 8.54% premium.

  • IPO funds to meet ₹72.60 crore working capital and ₹8.33 crore for corporate use; strong defence sector growth supports investor interest.

CFF Fluid Control Limited launches a fixed-price BSE SME IPO of ₹87.75 crore at ₹585 per share. The issue runs from July 9–11, 2025.

This guide covers the company’s business, IPO structure, price, lot size, objectives, GMP, financials, and our recommendation.


Company Overview

CFF Fluid Control offers cutting-edge technology and engineering solutions for India’s defence sector.

Key product and capability highlights:

  • Mechanical and fluid control equipment for submarines.

  • Technology Transfer (TOT) with Coyard SAS France for advanced fluid control systems on Indian Navy submarine projects.

⚙️ Clients include major defence programs in India, ensuring strategic sector positioning.


Promoter & Management

The company is led by Mr. Sunil Menon and Mr. Gautam Makker, who bring:
✔️ 30+ years of business experience each
✔️ 20+ years of dedicated defence sector expertise

✅ This leadership has driven CFF Fluid Control’s consistent growth.


IPO Structure & Details

Detail Info
IPO Type Fixed Price Issue
Total Issue Size ₹87.75 Crores
Fresh Issue 15.00 lakh shares
Offer for Sale NIL
Price per Share ₹585
Face Value ₹10 per share
Market Capitalisation ₹1,226.98 Crores (at ₹585)
Lot Size 200 shares
Retail Minimum Investment ₹2,34,000 (2 lots = 400 shares)


Important IPO Dates

Event Date
IPO Opens July 9, 2025
IPO Closes July 11, 2025
Allotment Finalisation July 14, 2025 (Monday)
Tentative Listing Date July 16, 2025 (Wednesday)
Exchange BSE SME
Registrar CAMEO CORPORATE SERVICES LTD


Grey Market Premium (GMP)

✅ As of July 9, 2025, the GMP is ₹50, suggesting 8.54% premium over the IPO price.

Date IPO Price Expected Listing Price GMP (%) Last Updated
04 July 2025 ₹585 ₹635 ₹50 (8.54%) 08:00 PM; 04 July 2025

Note: GMP is purely indicative, unregulated, and may change before listing.


IPO Subscription Status (Live Update)

✅ As of 11:30 AM on July 9, 2025 (First Day):

  • Overall Subscription: 0.24 times

Investors can check live updates on the BSE SME platform.


Objectives of the IPO

CFF Fluid Control will utilise net proceeds as follows:

1️⃣ ₹72.60 crore – Funding working capital requirements
2️⃣ ₹8.33 crore – General corporate purposes

⭐ The funds aim to strengthen operational scale and production capacity for India's growing defence needs.


Lead Manager & Market Maker

  • Book Running Lead Manager: ARYAMAN FINANCIAL SERVICES LIMITED

  • Registrar: CAMEO CORPORATE SERVICES LIMITED

  • Market Maker: Aryaman Capital Markets Limited

Their participation ensures smooth execution on the SME platform.


Financial Performance

CFF Fluid Control has delivered strong, consistent growth:

Fiscal Year Revenue (₹ Lakh) EBITDA (₹ Lakh) Profit After Tax (₹ Lakh)
FY23 7,109.94 1,882.82 1,013.60
FY24 10,697.57 3,085.38 1,708.78
FY25 14,609.79 4,130.94 2,385.03

✅ Revenue more than doubled in two years
✅ Steady EBITDA and PAT growth


Valuation Metrics

Metric FY24 (Post-Issue)
Post-Issue EPS ₹11.37
Post-Issue P/E Ratio 51.45x
Industry P/E Benchmark ~80x
ROCE 21.84%
ROE 17.42%
RoNW 16.13%

✅ Fairly priced vs. Industry P/E.
✅ Good returns on capital employed and equity.


Strengths

⭐ Strategic alignment with India’s defence modernisation
⭐ Proven partnership with Coyard SAS France
⭐ Robust revenue and profit growth
⭐ Experienced promoter team
⭐ Essential role in submarine and naval programs


Risks

⚠️ High ticket size for SME (₹2.34 lakh minimum retail investment)
⚠️ SME board liquidity can be limited
⚠️ High dependency on defence orders and government budgets
⚠️ Working capital intensity in the defence supply chain


Allotment & Listing

Allotment Date: July 14, 2025
Listing Date: July 16, 2025 on BSE SME

How to check allotment:
1️⃣ Go to Registrar’s website (CAMEO Corporate Services)
2️⃣ Select "CFF Fluid Control Limited IPO" from dropdown
3️⃣ Enter Application Number, PAN, or DP Client ID
4️⃣ Submit to view allotment status


Analyst View: Should You Subscribe?

✅ GMP of ₹50 suggests ~8.5% listing gain potential
✅ Defence sector tailwinds and growth prospects
✅ Strong order book and French technology partnership
✅ Financials showing solid, steady growth

Our recommendation:
✔️ Apply for listing gains, especially for Risk-Tolerant Investors.
✔️ Medium-term investors may also see upside as defence spending rises.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.


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The Current active IPO are CFF Fluid ControlAnthem BiosciencesGlen IndustriesSmarten Power SystemsTravel Food ServicesChemkart India.


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