FlySBS Aviation Limited is aiming to disrupt and lead India’s premium private aviation market. The company is offering its services to a growing segment of customers who aspire to fly private, but without owning an aircraft. Their unique value proposition allows customers to pay only for the hours they fly, giving access to a variety of jets on demand — a concept that mirrors western models but is still emerging in India.

The IPO is a Book Built Issue of ₹102.53 Crores, made entirely of a fresh issue of 45.57 lakh equity shares. The company has set the price band at ₹210 to ₹225 per equity share, with the lot size fixed at 600 shares. The minimum investment by retail investors is two lots i.e., ₹2,70,000.

IPO Timeline and Key Dates

• IPO Open Date: 01 August 2025

• IPO Close Date: 05 August 2025

• Allotment Date: 06 August 2025

• Listing Date (Tentative): 08 August 2025

• Exchange: NSE SME Platform

The lead manager to the issue is Vivro Financial Services Private Limited, and MUFG Intime India Private Limited is the registrar. Giriraj Stock Broking Private Limited acts as the market maker.

Grey Market Premium (GMP) Signals Strong Sentiment

Despite no real trading in grey markets being officially acknowledged, the GMP of ₹103 ahead of listing suggests potential listing gains of 45.77%.

Here is the latest GMP trend:

• IPO Price: ₹225

• Expected Listing Price: ₹328

• GMP: ₹103

• Last Updated: 29 July 2025, 09:00 AM

GMP trends, while unofficial, serve as sentiment indicators in the investor community and help gauge speculative listing expectations.

Live Subscription Status (As of 11:30 AM, 04 August 2025)

The FlySBS IPO received an overwhelming response in the first two days of its offering:

• Overall Subscription: 9.43x

This momentum reflects investor confidence in the business model and future growth potential.

Anchor Investment Allotment

FlySBS Aviation secured ₹29.16 Crores from anchor investors by allocating 12,96,000 shares at ₹225 each. This early investment adds credibility and indicates institutional trust in the company’s business fundamentals.

Use of IPO Proceeds

The company intends to utilize the IPO proceeds in the following manner:

1. ₹8,047.24 Lakhs to fund capital expenditure for acquiring six pre-owned aircraft on long-term dry lease.

2. ₹727.60 Lakhs towards repayment/prepayment of borrowings.

3. Balance funds for general corporate purposes, including brand building, team expansion, and operational efficiency.

Promoters and Management Team

FlySBS Aviation is backed by a seasoned and visionary team:

• Capt. Deepak Parasuraman – Over 26 years of aviation experience

• Kannan Ramakrishnan – Decades of leadership in luxury automobiles and air cargo

• Ambashankar (CEO) – Expert in sales, marketing, and customer relations

The leadership team also manages Afcom Holdings Ltd, an international air cargo firm. This cross-sector exposure helps them blend luxury aviation and cargo business know-how.

Company Financials: Strong Growth Momentum

The company’s financials paint a promising picture:

• Revenue

  • FY23: ₹3,468.25 Lakh

  • FY24: ₹10,672.11 Lakh

  • FY25: ₹19,538.38 Lakh

• EBITDA

  • FY23: ₹522.83 Lakh

  • FY24: ₹1,498.86 Lakh

  • FY25: ₹4,141.22 Lakh

• Profit After Tax (PAT)

  • FY23: ₹344.06 Lakh

  • FY24: ₹1,124.92 Lakh

  • FY25: ₹2,840.61 Lakh

These figures clearly showcase robust year-on-year growth in revenue, profit, and operational margins.

Valuation Metrics (Post and Pre IPO)

• Pre-Issue EPS (FY24): ₹25.47

• Post-Issue EPS (FY24): ₹16.42

• Pre-Issue P/E: 8.83x

• Post-Issue P/E: 13.71x

• ROCE (FY24): 41.80%

• ROE (FY24): 32.25%

• RoNW: 32.25%

These metrics suggest that the IPO is fairly priced considering the company’s high returns on capital and equity.

IPO Allotment Process – How to Check

Investors can check their allotment status from 06 August 2025 onwards using these steps:

1. Visit the registrar’s website

2. Choose FlySBS Aviation IPO from the dropdown

3. Enter PAN, application number or DP Client ID

4. Click submit to view your status

This transparent system ensures quick updates on allotments to all applicants.

Key Highlights at a Glance

• IPO Size: ₹102.53 Crores

• Price Band: ₹210 – ₹225

• Lot Size: 600 shares (Min 2 lots for retail = ₹2,70,000)

• Listing Date: 08 August 2025

• GMP: ₹103 (Approx. 45.77% listing gain expected)

• Revenue Growth: Over 5x in 2 years

• Anchor Investment: ₹29.16 Cr raised before IPO

• Subscription Rate: 9.43x on Day 2

Should You Apply to FlySBS Aviation IPO?

Given the:

• Strong financial performance,

• Promoter background,

• Strategic use of funds,

• High GMP, and

• Positive investor sentiment,

FlySBS Aviation IPO is positioned for a successful listing. For investors looking for listing gains, this issue looks promising. For long-term investors, the growing demand in India’s luxury aviation sector and FlySBS’s early mover advantage adds to the investment appeal.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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