December 2, 2025
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Flywings Simulator Training IPO
Flywings Simulator Training Centre Ltd. is launching a book-built SME IPO of Rs. 57.05 crore, comprising a fresh issue of 23,63,400 equity shares aggregating to Rs. 45.14 crore and an Offer for Sale of 4,74,000 equity shares aggregating to Rs. 9.05 crore.
The IPO opens on December 5, 2025, and closes on December 9, 2025. The allotment is expected on December 10, 2025, and the listing is tentatively scheduled for December 12, 2025 on NSE SME.
The price band is Rs. 181 to Rs. 191 per share, and the lot size is 600 shares.
As the lot value exceeds Rs. 2.50 lakh, the minimum investment for retail investors is Rs. 2,29,200 (1,200 shares – 2 lots), and for HNI investors, Rs. 3,43,800 (1,800 shares – 3 lots).
Lead Manager: Gretex Corporate Services Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Gretex Share Broking Pvt. Ltd.
🕗 Last Update: 2 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 5, 2025 |
| IPO Close Date | December 9, 2025 |
| Allotment Date | December 10, 2025 |
| Refunds Initiation | December 11, 2025 |
| Credit to Demat | December 11, 2025 |
| Listing Date | December 12, 2025 |
Final Subscription Status
Size Rs. 57.05 Crore (Subscription data to be updated after closing)
QIB | NII x | RII x | Total x | Applications
-
| – | – | – | –
Subscription Review:
To be updated on closing day.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 181 to Rs. 191 per share |
| Lot Size | 600 shares |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | 29,86,800 shares (Rs. 57.05 Cr) |
| Market Maker Portion | 1,49,400 shares (Rs. 2.85 Cr) – Gretex Share Broking Pvt. Ltd. |
| Net Offer to Public | 28,37,400 shares (Rs. 54.19 Cr) |
| Issue Type | Book-Built Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 76,64,328 shares |
| Shareholding Post-Issue | 1,01,77,128 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,49,400 | 5.00% |
| NII (HNI) | Not less than 15% | – |
| Retail Individual Investors | Not less than 35% | – |
| Total | 29,86,800 | 100% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 1,200 | 2,29,200 |
| HNI (Min) | 3 | 1,800 | 3,43,800 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 85.69% |
| Promoter Holding Post-Issue | To be updated |
Promoter: Ms. Rupal Sanjay Mandavia
About Flywings Simulator Training Centre Ltd.
Incorporated in 2011, Flywings Simulator Training Centre Ltd. is engaged in aviation training services, offering aircraft-specific safety, evacuation, first-aid, fire safety, water survival and cabin crew training programs.
The company provides advanced simulator-based training using A-320 CEET, Boeing 787 door trainers, fire trainers and other safety modules.
Flywings caters to leading Indian airlines including Vistara, Indigo, Air India, SpiceJet as well as international clients.
The company has delivered more than 20,000 aviation training modules in the last three years across B2B and B2C segments.
Its training infrastructure supports recurring revenues and high switching costs.
Competitive Strengths
Machine-based aviation simulator infrastructure.
Recurring B2B training contracts with airline clients.
Strong compliance-driven operational model.
High-entry-barrier industry with limited competition.
Strategic Gurgaon location supporting major airlines.
Financial Snapshot (Rs. crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 59.40 | 64.65 | 44.95 | 16.38 |
| Total Income | 4.24 | 23.64 | 22.60 | 10.44 |
| Profit After Tax | 1.38 | 10.92 | 10.74 | 4.16 |
| EBITDA | 2.30 | 13.51 | 15.29 | 5.78 |
| Net Worth | 40.40 | 39.02 | 23.80 | 1.08 |
| Total Borrowing | 14.78 | 18.09 | 10.70 | 7.67 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 34.75% |
| ROCE | 28.62% |
| RoNW | 34.75% |
| PAT Margin | 54.02% |
| EBITDA Margin | 66.85% |
| P/E (Post-Issue) | 35.22x |
| Price to Book Value | 3.75 |
| Market Capitalization | Rs. 194.38 Cr |
Objects of the Issue (Rs. in crores)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Capital expenditure for pilot training equipment | 35.34 |
| 2 | General corporate purposes | Balance |
Company Contact
Flywings Simulator Training Centre Ltd.
Ground Floor, Killa No. 13, Begampur,
Khatula, Sector 35, Sadar Bazar,
Gurgaon, Haryana – 122001
📞 01244957945
✉ info@fwstc.co.in
🌐 http://www.fwstc.co.in/
Lead Manager
Gretex Corporate Services Ltd.
Registrar
Bigshare Services Pvt. Ltd.
📞 +91-22-6263 8200
✉ ipo@bigshareonline.com
🌐 https://ipo.bigshareonline.com/IPO_Status.html
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Flywings operates in a niche, high-entry-barrier aviation training ecosystem with strong profitability metrics—PAT margin of 54% and EBITDA margin close to 67%. ROE and ROCE are also robust at 34% and 28% respectively.
The company has long-standing training relationships with major Indian airlines, ensuring recurring revenue.
However, valuations at post-issue P/E of 35x appear on the higher side compared to traditional training or service companies.
Chanakya View: Strong fundamentals and niche positioning make this IPO interesting for aggressive investors. Conservative investors may monitor valuations before applying.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
