CFF Fluid Control IPO Opens July 9 with ₹87.75 Crore Fresh Issue at ₹585 Per Share for BSE SME Listing

CFF Fluid Control Limited, a company specialising in advanced technology and engineering solutions for the defence industry, is launching its Initial Public Offering (IPO) valued at ₹87.75 crore. This is a fixed price issue made up entirely of a fresh issue of 15.00 lakh equity shares.

The IPO opens for subscription on July 9, 2025, and will close on July 11, 2025. Investors should note that the allotment is expected on July 14, and shares are proposed to be listed on the BSE SME platform on July 16, 2025.

IPO Timeline and Key Dates

Investors must keep these important dates in mind:

• Opening Date: July 9, 2025

• Closing Date: July 11, 2025

• Allotment Date: Expected on Monday, July 14, 2025

• Listing Date: Tentatively Wednesday, July 16, 2025 on BSE SME

This clear schedule allows investors to plan their applications and manage their funds in a timely manner.

Price and Market Capitalisation Details

The IPO price is fixed at ₹585 per equity share. At this price, CFF Fluid Control Limited is valued at a market capitalisation of ₹1,226.98 crore.

Lot Size Details:

• 1 lot = 200 shares.

• Minimum Retail Investment: 2 lots (400 shares).

• Minimum Amount: ₹2,34,000.

This reflects the typical higher ticket size of SME IPOs, targeting serious and well-informed investors.

Lead Manager, Registrar, and Market Maker

• Book Running Lead Manager: Aryaman Financial Services Limited

• Registrar: Cameo Corporate Services Limited

• Market Maker: Aryaman Capital Markets Limited

These stakeholders ensure smooth execution, transparent allotment, and market stability post-listing.

Business Overview: Advanced Defence Engineering Solutions

CFF Fluid Control Ltd was established to deliver cutting-edge technology and engineering solutions specifically tailored for the Indian defence sector.

Immediately after its formation, the company signed a Technology Transfer (TOT) agreement with Coyard SAS, France, introducing new-age fluid control and mechanical equipment for India’s submarine programs.

Their solutions have been integrated into the under-construction submarine fleet of the Indian Navy, underlining critical strategic relevance.

Leadership and Promoter Experience

The company is led by a qualified and experienced management team, including Mr. Sunil Menon and Mr. Gautam Makker.

Both promoters have more than three decades of business experience and over two decades in the defence sector. Their vision and expertise have been instrumental in the company’s growth trajectory.

Financial Performance: Consistent and Robust Growth

CFF Fluid Control has demonstrated steady financial growth over the past three fiscal years:

Revenue from Operations:

• FY23: ₹7,109.94 lakh

• FY24: ₹10,697.57 lakh

• FY25: ₹14,609.79 lakh

EBITDA:

• FY23: ₹1,882.82 lakh

• FY24: ₹3,085.38 lakh

• FY25: ₹4,130.94 lakh

Profit After Tax (PAT):

• FY23: ₹1,013.60 lakh

• FY24: ₹1,708.78 lakh

• FY25: ₹2,385.03 lakh

These numbers show strong top-line and bottom-line expansion, indicating efficient operations and growing market share in the defence sector.

Objectives of the IPO

The net proceeds from the IPO will be utilised for:

1. Funding working capital requirements: ₹7,260.00 lakh.

2. General corporate purposes: ₹833.00 lakh.

The large allocation to working capital indicates the company's plan to scale operations, procure materials, and support project execution for critical defence contracts.

Valuation Metrics and Industry Comparison

Based on FY24 earnings:

• Pre-Issue EPS: ₹12.25

• Post-Issue EPS: ₹11.37

• Pre-Issue P/E Ratio: 47.75x

• Post-Issue P/E Ratio: 51.45x

• Industry P/E Ratio: 80x

Profitability Ratios:

• ROCE: 21.84%

• ROE: 17.42%

• RoNW: 16.13%

These numbers suggest that the IPO is fairly priced relative to the defence industry average, though the P/E ratio is on the higher side for SME issues.

Grey Market Premium (GMP) and Investor Sentiment

As of 04 July 2025, the GMP for CFF Fluid Control IPO was ₹50, implying an expected listing price of ₹635.

This translates to an estimated listing gain of 8.54%.

However, it is essential to note that Grey Market Premium is an unregulated, unofficial indicator and can be highly volatile. It should not be the sole basis for investment decisions.

Live Subscription Status

The IPO opens for public subscription on July 9, 2025. Investors can check real-time subscription data on the BSE SME website once the offer is live.

How to Check Allotment Status

Investors can check their allotment status on or after July 14, 2025:

1. Visit the Registrar’s website (Cameo Corporate Services Limited).

2. Select CFF Fluid Control Limited IPO from the list.

3. Enter Application Number, PAN, or DP Client ID.

4. Submit to see allotment details.

This ensures transparent and easy access to results for all applicants.

Investment Strengths and Risks

Strengths:

• Strategic relevance to Indian defence modernisation.

• Technology partnership with Coyard SAS, France.

• Steady financial growth with robust EBITDA and PAT.

• Experienced management team with deep defence sector expertise.

Risks:

• High reliance on government contracts and defence budget cycles.

• Niche customer base with long sales cycles.

• SME IPOs can face lower post-listing liquidity.

• Higher minimum investment may deter small retail investors.

Conclusion: Recommendation for Invest

CFF Fluid Control IPO Opens July 9 with ₹87.75 Crore Fresh Issue at ₹585 Per Share for BSE SME Listing

CFF Fluid Control Limited, a company specialising in advanced technology and engineering solutions for the defence industry, is launching its Initial Public Offering (IPO) valued at ₹87.75 crore. This is a fixed price issue made up entirely of a fresh issue of 15.00 lakh equity shares.

The IPO opens for subscription on July 9, 2025, and will close on July 11, 2025. Investors should note that the allotment is expected on July 14, and shares are proposed to be listed on the BSE SME platform on July 16, 2025.

IPO Timeline and Key Dates

Investors must keep these important dates in mind:

• Opening Date: July 9, 2025

• Closing Date: July 11, 2025

• Allotment Date: Expected on Monday, July 14, 2025

• Listing Date: Tentatively Wednesday, July 16, 2025 on BSE SME

This clear schedule allows investors to plan their applications and manage their funds in a timely manner.

Price and Market Capitalisation Details

The IPO price is fixed at ₹585 per equity share. At this price, CFF Fluid Control Limited is valued at a market capitalisation of ₹1,226.98 crore.

Lot Size Details:

• 1 lot = 200 shares.

• Minimum Retail Investment: 2 lots (400 shares).

• Minimum Amount: ₹2,34,000.

This reflects the typical higher ticket size of SME IPOs, targeting serious and well-informed investors.

Lead Manager, Registrar, and Market Maker

• Book Running Lead Manager: Aryaman Financial Services Limited

• Registrar: Cameo Corporate Services Limited

• Market Maker: Aryaman Capital Markets Limited

These stakeholders ensure smooth execution, transparent allotment, and market stability post-listing.

Business Overview: Advanced Defence Engineering Solutions

CFF Fluid Control Ltd was established to deliver cutting-edge technology and engineering solutions specifically tailored for the Indian defence sector.

Immediately after its formation, the company signed a Technology Transfer (TOT) agreement with Coyard SAS, France, introducing new-age fluid control and mechanical equipment for India’s submarine programs.

Their solutions have been integrated into the under-construction submarine fleet of the Indian Navy, underlining critical strategic relevance.

Leadership and Promoter Experience

The company is led by a qualified and experienced management team, including Mr. Sunil Menon and Mr. Gautam Makker.

Both promoters have more than three decades of business experience and over two decades in the defence sector. Their vision and expertise have been instrumental in the company’s growth trajectory.

Financial Performance: Consistent and Robust Growth

CFF Fluid Control has demonstrated steady financial growth over the past three fiscal years:

Revenue from Operations:

• FY23: ₹7,109.94 lakh

• FY24: ₹10,697.57 lakh

• FY25: ₹14,609.79 lakh

EBITDA:

• FY23: ₹1,882.82 lakh

• FY24: ₹3,085.38 lakh

• FY25: ₹4,130.94 lakh

Profit After Tax (PAT):

• FY23: ₹1,013.60 lakh

• FY24: ₹1,708.78 lakh

• FY25: ₹2,385.03 lakh

These numbers show strong top-line and bottom-line expansion, indicating efficient operations and growing market share in the defence sector.

Objectives of the IPO

The net proceeds from the IPO will be utilised for:

1. Funding working capital requirements: ₹7,260.00 lakh.

2. General corporate purposes: ₹833.00 lakh.

The large allocation to working capital indicates the company's plan to scale operations, procure materials, and support project execution for critical defence contracts.

Valuation Metrics and Industry Comparison

Based on FY24 earnings:

• Pre-Issue EPS: ₹12.25

• Post-Issue EPS: ₹11.37

• Pre-Issue P/E Ratio: 47.75x

• Post-Issue P/E Ratio: 51.45x

• Industry P/E Ratio: 80x

Profitability Ratios:

• ROCE: 21.84%

• ROE: 17.42%

• RoNW: 16.13%

These numbers suggest that the IPO is fairly priced relative to the defence industry average, though the P/E ratio is on the higher side for SME issues.

Grey Market Premium (GMP) and Investor Sentiment

As of 04 July 2025, the GMP for CFF Fluid Control IPO was ₹50, implying an expected listing price of ₹635.

This translates to an estimated listing gain of 8.54%.

However, it is essential to note that Grey Market Premium is an unregulated, unofficial indicator and can be highly volatile. It should not be the sole basis for investment decisions.

Live Subscription Status

The IPO opens for public subscription on July 9, 2025. Investors can check real-time subscription data on the BSE SME website once the offer is live.

How to Check Allotment Status

Investors can check their allotment status on or after July 14, 2025:

1. Visit the Registrar’s website (Cameo Corporate Services Limited).

2. Select CFF Fluid Control Limited IPO from the list.

3. Enter Application Number, PAN, or DP Client ID.

4. Submit to see allotment details.

This ensures transparent and easy access to results for all applicants.

Investment Strengths and Risks

Strengths:

• Strategic relevance to Indian defence modernisation.

• Technology partnership with Coyard SAS, France.

• Steady financial growth with robust EBITDA and PAT.

• Experienced management team with deep defence sector expertise.

Risks:

• High reliance on government contracts and defence budget cycles.

• Niche customer base with long sales cycles.

• SME IPOs can face lower post-listing liquidity.

• Higher minimum investment may deter small retail investors.

Conclusion: Recommendation for Investors

Considering the company’s strong financial performance, strategic defence sector positioning, technology transfer advantage, and reasonable GMP indicating listing gains, analysts recommend “Risky Investors to Apply” to the CFF Fluid Control Limited IPO for listing gains.

That said, investors must evaluate their risk appetite, given the niche sector exposure, high P/E ratio, and SME market dynamics. Long-term commitment should be based on post-listing performance and order book visibility.

ors

Considering the company’s strong financial performance, strategic defence sector positioning, technology transfer advantage, and reasonable GMP indicating listing gains, analysts recommend “Risky Investors to Apply” to the CFF Fluid Control Limited IPO for listing gains.

That said, investors must evaluate their risk appetite, given the niche sector exposure, high P/E ratio, and SME market dynamics. Long-term commitment should be based on post-listing performance and order book visibility.

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.

The Upcoming IPOs in this week and coming weeks are NSDL, Spunweb Nonwoven, Smartworks Coworking, Asston Pharmaceuticals, CFF Fluid Control,  Anthem Biosciences.

The Current active IPO are Glen Industries, Smarten Power Systems, Travel Food Services, Chemkart India, Meta Infotech.

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