FlySBS Aviation, a pioneer in private jet charter services in India, has made headlines with its massively oversubscribed IPO—garnering 294.73 times subscription on its final day. With a price band of ₹210–₹225 per share and market capitalisation touching ₹389.33 Crores at the upper band, the issue has created major excitement, especially among High Net-worth Individuals (HNIs) and Qualified Institutional Buyers (QIBs).

The IPO comprised a fresh issue of 45.57 lakh equity shares, amounting to ₹102.53 crore. The offering opened on August 1, 2025, and closed on August 5, 2025. Shares are slated to be listed on NSE SME on August 8, 2025.

Company Profile: FlySBS Aviation

FlySBS Aviation is revolutionising the way Indians approach private jet ownership. Their model allows customers to experience premium aircrafts while paying only for flying hours, offering flexibility without the financial burden of owning an aircraft outright. The company’s unique value proposition and luxury positioning makes it a standout in the Indian aviation space.

Founded by Capt. Deepak Parasuraman, Kannan Ramakrishnan, and Ambashankar, the leadership team brings over two decades of cross-functional experience across aviation, retail, and cargo logistics.

IPO Structure and Key Details

• Total Issue Size: ₹102.53 Cr (All Fresh Issue)

• Price Band: ₹210–₹225 per share

• Market Capitalisation at upper band: ₹389.33 Cr

• IPO Lot Size: 600 shares

• Minimum Investment for Retail: 1,200 shares (2 lots) = ₹2,70,000

• Anchor Investment Raised: ₹29.16 Cr from anchor investors

• Registrar: MUFG Intime India Private Limited

• Lead Manager: Vivro Financial Services Pvt. Ltd.

• Market Maker: Giriraj Stock Broking Pvt. Ltd.

The Anchor Book was fully subscribed at ₹225, demonstrating high confidence among institutional investors. 12.96 lakh shares were allocated to them.

Grey Market Premium and Listing Expectations

The Grey Market Premium (GMP) stood at ₹103, suggesting a possible listing price of ₹328, which is 45.77% higher than the IPO price. However, investors should note that GMP is speculative, not officially regulated, and should not be the sole criteria for investment decisions.

FlySBS Aviation IPO Subscription Status

As of 7:00 PM on August 5, 2025, the IPO saw an extraordinary 294.73x overall subscription, with all categories showing robust demand:

• Retail Investors: Subscribed heavily despite high ticket size.

• NII (HNI) Segment: Recorded record oversubscription.

• QIBs: Showed strong institutional interest, supported by anchor round.

Such overwhelming response indicates high investor confidence in the company’s business model, management, and growth potential.

Use of IPO Proceeds

FlySBS plans to deploy the net proceeds of ₹102.53 crore in the following manner:

1. ₹8,047.24 Lakh: Acquisition of six pre-owned aircrafts on long-term dry lease basis.

2. ₹727.60 Lakh: Repayment/prepayment of outstanding borrowings.

3. Balance: To be used for general corporate purposes.

This strategic fund allocation signals the company’s aim to scale operations rapidly while managing debt.

Financial Performance Snapshot

Revenue Growth

• FY25: ₹19,538.38 Lakh

• FY24: ₹10,672.11 Lakh

• FY23: ₹3,468.25 Lakh

EBITDA

• FY25: ₹4,141.22 Lakh

• FY24: ₹1,498.86 Lakh

• FY23: ₹522.83 Lakh

Net Profit (PAT)

• FY25: ₹2,840.61 Lakh

• FY24: ₹1,124.92 Lakh

• FY23: ₹344.06 Lakh

These numbers represent a sharp rise in operational performance, driven by increased charter bookings and expanding fleet capacity.

Valuation and Financial Ratios

• Pre-Issue EPS: ₹25.47

• Post-Issue EPS: ₹16.42

• Pre-Issue P/E: 8.83x

• Post-Issue P/E: 13.71x

• Return on Capital Employed (ROCE): 41.80%

• Return on Equity (ROE): 32.25%

• Return on Net Worth (RoNW): 32.25%

These metrics reflect a healthy and sustainable financial base, indicating that the company is well-placed for future expansion.

IPO Allotment and Listing Date

• Allotment Date: August 6, 2025 (Wednesday)

• Listing Date on NSE SME: August 8, 2025 (Friday)

How to Check IPO Allotment Status:

1. Visit the Registrar’s Website (MUFG Intime India).

2. Select “FlySBS Aviation IPO” from the dropdown.

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

4. Submit the details to check allotment status.

Investors should check their email/SMS for allotment confirmations and ensure funds are maintained in their linked bank accounts.

Management Team and Vision

FlySBS is led by a visionary leadership team with rich industry experience:

• Capt. Deepak Parasuraman: Aviation veteran with over 26 years in the cockpit and operations.

• Kannan Ramakrishnan: Expert in luxury automobile and retail, co-founder of Afcom Holdings Ltd.

• Ambashankar: CEO with strong marketing and client relationship experience.

The company’s leadership, along with independent directors, brings strong governance, domain knowledge, and strategic foresight.

Recommendation: Should You Invest?

Considering:

• Strong financial performance and high revenue CAGR

• Robust demand indicated by 294x subscription

• Reasonable valuation with high ROCE and ROE

• Premium branding and growing demand for luxury aviation

…we recommend applying to the FlySBS Aviation IPO for listing gains, while long-term investors may also consider holding based on performance post-listing.

Conclusion

FlySBS Aviation has managed to position itself as a premium private jet chartering brand in India, successfully capitalising on the growing interest among HNIs and corporates for on-demand air travel. Its IPO journey, backed by strong fundamentals and enthusiastic market response, has only validated its future growth story.

With listing expected on August 8 and a GMP of ₹103 suggesting solid debut gains, FlySBS Aviation is all set to take off with flying colours in the SME market.

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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