FlySBS Aviation Limited, a pioneer in private jet charter services, is hitting the capital markets with its IPO starting August 1, 2025, on the NSE SME platform. Known for democratizing access to private aviation, FlySBS lets customers choose from a fleet of jets and pay only for the flying hours they use—a disruptive model in Indian aviation.

The ₹102.53 crore IPO is a Book Built Issue, entirely a Fresh Issue of 45.57 lakh shares. The IPO price band is fixed at ₹210 to ₹225 per equity share, and the minimum investment required by retail investors is ₹2,70,000 for 2 lots (1,200 shares).

IPO Objectives

The net proceeds of the issue will be used for:

1. ₹80.47 crore towards acquisition of six pre-owned aircraft on dry lease.

2. ₹7.28 crore for repayment or prepayment of certain borrowings.

3. Remaining for general corporate purposes.

This capital deployment aligns well with FlySBS’s business model and growth trajectory in luxury and time-sensitive air travel.

Grey Market Premium (GMP) and Expected Listing Price

As of July 29, the Grey Market Premium (GMP) stands at a strong ₹103, suggesting a potential listing price of ₹328, which is 45.77% higher than the upper price band of ₹225.

Note: GMP is based on informal market activity and is not a reliable indicator of listing price.

Company Overview and Promoter Experience

FlySBS Aviation is led by an experienced leadership team, including:

• Capt. Deepak Parasuraman, Promoter – Over 26 years in aviation.

• Kannan Ramakrishnan, Promoter – Veteran in luxury auto and retail sectors.

• Ambashankar, CEO – Specialist in sales, marketing and client experience.

The team also manages Afcom Holdings Ltd, an international air cargo firm, offering synergies in aircraft operations and logistics.

Financial Highlights

FlySBS has demonstrated rapid financial growth over the last three years:

Such growth reflects the increasing acceptance of private charter services in India.

Valuation and Ratios

• Pre-Issue EPS (FY24): ₹25.47

• Post-Issue EPS (FY24): ₹16.42

• Pre-Issue P/E: 8.83x

• Post-Issue P/E: 13.71x

• Industry P/E: ~24x

• ROCE: 41.80%

• ROE: 32.25%

• RoNW: 32.25%

Valuation appears attractive relative to the sector, especially considering FlySBS’s growth potential and asset-light model (through dry leasing).

IPO Schedule

IPO Allotment – How to Check

To check your allotment status on or after August 06, follow these steps:

1. Visit the Registrar's website: MUFG Intime India Pvt Ltd.

2. Select FlySBS Aviation Limited IPO from the list.

3. Enter your PAN / Application No. / DP ID-Client ID.

4. Click Submit to view your allotment status.

Should You Apply to FlySBS Aviation IPO?

With:

• Explosive financial growth

• Experienced management

• Strategic use of IPO funds

• And a GMP of ₹103, suggesting strong demand

Our recommendation:
Apply for listing gains with moderate risk appetite, as the aviation sector can be capital-intensive and sensitive to macroeconomic variables.

Disclaimer

The above analysis is for educational and informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Kindly consult your financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are BLT Logistics, Bhadora Industries, Highway Infrastructure, Parth Electricals & Engineering, Jyoti Global Plast, Essex Marine, Aaradhya Disposal Industries.

The Current active IPO are Flysbs Aviation, Cash Ur Drive Marketing, Renol Polychem, B.D. Industries (Pune), NSDL, Takyon Networks, Mehul Colours, M&B Engineering, Sri Lotus Developers & Realty.

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