The aviation sector buzzes with excitement as Flysbs Aviation Ltd. takes flight towards the public markets with its highly anticipated IPO. Targeting premium private jet services, Flysbs aims to capitalize on India’s growing luxury travel segment. This comprehensive guide dives deep into every critical aspect – live GMP updates, financial health, risks, timelines, and expert analysis – empowering you to make an informed investment decision. Updated for August 2025.
Live Grey Market Premium (GMP) Update (as of August 1, 2025)
- Current Flysbs Aviation IPO GMP: ₹140 – ₹150
- Estimated Listing Price (Based on Upper Band + GMP): ₹365 – ₹375 per share
- Kostak Rate (Per Application): ₹18,000 – ₹20,000 (For Retail)
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
(Note: GMP is highly dynamic, influenced by market sentiment, subscription levels, and global cues. Check reputable financial portals closer to the allotment date for real-time updates.)
What is Flysbs Aviation Ltd. IPO?
Flysbs Aviation Ltd. is launching a ₹102.53 crore IPO entirely through a fresh issue of 45.57 lakh shares. There is no Offer for Sale (OFS) component, meaning existing promoters or shareholders are not selling any stake. The net proceeds are earmarked for fleet expansion and strengthening the balance sheet. The issue opens on August 1, 2025, and closes on August 5, 2025, with a tentative listing on the NSE SME platform on August 8, 2025. The price band is set at ₹210 to ₹225 per share.
About Flysbs Aviation Ltd.: Soaring in Luxury
- Founded: August 7, 2020 (Converted to Public Ltd. in 2025).
- Headquarters: Chennai, Tamil Nadu.
- Core Business: Leading provider of private jet charter services catering to Ultra-High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs), and corporates.
- Service Portfolio:
- Chartering of Ultra-Luxury, Large Luxury, Super Luxury, and High-Speed Jets.
- Domestic and International operations across six continents.
- Tailored programs: Long-term charters, “Je’time” subscription program, membership plans, and the Flexjet Program for moderate usage.
- Operational Presence: Key bases in Chennai, Delhi, Mumbai, Bengaluru, Hyderabad, Coimbatore, and Kerala.
- Competitive Strengths:
- High Barrier to Entry: Aviation is a capital-intensive, highly regulated sector.
- Experienced Leadership: Promoters and management possess deep domain expertise.
- In-House Fleet & Operations: Control over assets and flight operations ensures quality and reliability.
- Strategic Synergy: Benefits from association with group company Afcom Holdings Ltd.
- Niche Market Focus: Positioned firmly in the premium private aviation segment.
- Scale: Reported 2,600 total flying hours in FY25, with 1,812 hours on international routes.
Flysbs Aviation Ltd. IPO Details (At a Glance)
| Parameter | Details |
|---|---|
| IPO Type | Book Built Issue (Fresh Issue) |
| IPO Size | ₹102.53 Crores |
| Total Shares Offered | 45,57,000 Equity Shares (Face Value ₹10) |
| Price Band | ₹210 – ₹225 per share |
| Market Lot Size | 600 Shares |
| Retail Min. Investment | ₹2,52,000 (2 Lots: 1,200 Shares @ ₹210) to ₹2,70,000 (2 Lots @ ₹225) |
| Listing Exchange | NSE SME |
| BRLM (Lead Manager) | Vivro Financial Services Private Limited |
| Registrar | MUFG Intime India Private Limited (Link Intime) |
| Market Maker | Giriraj Stock Broking Private Limited |
| Shareholding (Pre-IPO) | 1,27,46,751 Shares |
| Shareholding (Post-IPO) | 1,73,03,751 Shares |
IPO Reservation Quota (Categories & Allocation)
| Investor Category | Reservation (% of Net Issue) | Approx. Shares Reserved | Approx. Amount Reserved (₹ Cr @ ₹225) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50.00% | 21,63,600 | 48.68 |
| Non-Institutional Investors (NII) | Not less than 15.00% | 6,49,080 | 14.60 |
| Retail Individual Investors (RII) | Not less than 35.00% | 15,14,520 | 34.08 |
| Market Maker Portion | 2,29,800 Shares (Excluded from Net Issue) | – | 5.17 (Reserved) |
| Net Issue to Public | 43,27,200 Shares | 97.36 |
Promoter Holding Structure
- Promoters: Ambashankar, Capt. Deepak Parasuraman, Kannan Ramakrishnan, Bastimal Kishanraj, Shreshtha Business Solutions LLP.
- Pre-IPO Promoter Holding: 44.08% (1,27,46,751 Shares)
- Post-IPO Promoter Holding: 32.47% (Diluted due to fresh issue)
- Equity Dilution: 11.61% (Due to fresh capital infusion).
Flysbs Aviation Ltd. IPO Timeline (Tentative Schedule)
| Event | Date | Day |
|---|---|---|
| IPO Open Date | August 1, 2025 | Friday |
| IPO Close Date | August 5, 2025 | Tuesday |
| Cut-off for UPI Mandate | 5:00 PM, August 5, 2025 | Tuesday |
| Tentative Allotment Date | August 6, 2025 | Wednesday |
| Refund Initiation Date | August 7, 2025 | Thursday |
| Credit to Demat Accounts | August 7, 2025 | Thursday |
| Tentative Listing Date | August 8, 2025 | Friday |
| Listing Exchange | NSE SME |
IPO Lot Size & Investment Details
| Application Type | Lots | Shares | Amount Range (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | 2,52,000 (₹210) – 2,70,000 (₹225) |
| Retail (Max) | 2 | 1,200 | 2,52,000 (₹210) – 2,70,000 (₹225) * |
| S-HNI (Min – 3 Lots) | 3 | 1,800 | 3,78,000 – 4,05,000 |
| S-HNI (Max – 7 Lots) | 7 | 4,200 | 8,82,000 – 9,45,000 |
| B-HNI (Min – 8 Lots) | 8 | 4,800 | 10,08,000 – 10,80,000 |
(Note: For Retail Investors, the maximum allowed investment is ₹2 lakhs as per SEBI guidelines. However, the Flysbs Aviation IPO lot size structure results in a minimum investment requirement of ₹2.52 lakhs, which is above the ₹2 lakh threshold. Therefore, Retail Investors can only apply for the minimum 2 lots (1,200 shares). This is a critical point for retail applicants.)*
Flysbs Aviation Financial Performance (₹ Crores)
| Financial Metric | FY 2025 (Mar 31) | FY 2024 (Mar 31) | FY 2023 (Mar 31) | CAGR / Growth |
|---|---|---|---|---|
| Total Revenue | 195.38 | 106.72 | 34.68 | 136% (2-Yr CAGR) |
| Profit After Tax (PAT) | 28.41 | 11.25 | 3.44 | 153% (YoY ’24-’25) |
| EBITDA | 41.41 | 14.99 | 5.23 | 176% (YoY ’24-’25) |
| Total Assets | 191.84 | 77.15 | 20.12 | Major Expansion |
| Net Worth | 128.85 | 47.32 | 11.33 | Significant Growth |
| Reserves & Surplus | 137.63 | 63.23 | 9.57 | Rapid Accumulation |
| Total Borrowings | 17.93 | 2.56 | 3.36 | Increase in FY25 |
Key Financial Observations:
- Explosive Growth: Revenue and Profits have shown phenomenal growth over FY23-FY25, indicating strong market demand and operational scaling.
- Profitability: Healthy PAT margins (14.54% in FY25) and robust EBITDA margins (21.20% in FY25) underscore the premium nature of the business.
- Strengthened Balance Sheet: Significant increase in Net Worth and Reserves reflects retained earnings and improved financial stability.
- Debt Management: While borrowings increased in FY25 (likely for fleet expansion), the Debt/Equity ratio remains comfortable at 0.14.
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Key Performance Indicators (KPIs) – As of March 31, 2025
| KPI | Value | Interpretation |
|---|---|---|
| Return on Equity (RoE / RoNW) | 32.25% | Exceptional profitability relative to shareholder equity. Very high efficiency. |
| Return on Capital Employed (ROCE) | 41.80% | Outstanding return generated from total capital (equity + debt). Highly efficient. |
| Debt to Equity Ratio | 0.14 | Very low leverage. Minimal financial risk. Comfortable capacity for future debt. |
| PAT Margin | 14.54% | Healthy net profit margin, indicating good cost control at the bottom line. |
| EBITDA Margin | 21.20% | Strong operational profitability before interest, taxes, depreciation & amortization. |
| Price to Book Value (P/BV) (Post-IPO) | 2.23 | Valuation is above the book value of assets, common for high-growth companies. |
| Earnings Per Share (EPS) (Pre-IPO) | ₹22.28 | Based on pre-issue shares and FY25 PAT. Reflects strong earnings. |
| Earnings Per Share (EPS) (Post-IPO) | ₹16.42 | Diluted due to fresh issue. Basis for listing P/E. |
| P/E Ratio (Pre-IPO) | 10.1x | Based on upper band (₹225) and Pre-IPO EPS (₹22.28). Appears attractive initially. |
| P/E Ratio (Post-IPO) | 13.71x | Based on upper band (₹225) and Post-IPO EPS (₹16.42). Key valuation metric. |
Objects of the Issue (Use of Proceeds)
The company intends to utilize the net IPO proceeds as follows:
- Funding Capital Expenditure: ₹80.47 Crores towards the acquisition of six new aircraft on a long-term dry lease basis. (Primary focus for expansion).
- Repayment/Prepayment of Borrowings: ₹7.28 Crores to reduce outstanding debt, improving the debt-equity ratio and interest burden.
- General Corporate Purposes: Balance funds for operational expenses and working capital needs.
IPO Registrar Details
- Name: MUFG Intime India Private Limited (Link Intime)
- Address: C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India.
- Phone: +91-22-4918 6270
- Email: flysbsaviation.ipo@in.mpms.mufg.com
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
- Role: Manages application processing, allotment, refunds, and demat credit.
Flysbs Aviation Ltd. Contact Details
- Registered Office: Plot no. 16 (NP), 3rd Floor, Indiqube Palmyra, SIDCO Industrial Estate, Ekkatuthangal, Guindy Industrial Estate, Chennai, Tamil Nadu – 600032.
- Phone: +91-44 2260 4444
- Email: corporate@sbsaviation.in
- Website: https://sbsaviation.in/
- Investor Relations: Contact via email or phone for IPO-related queries (post-RHP release).
Flysbs Aviation IPO Review: Should You Subscribe? (Pros & Cons)
Analysis Summary:
- Growth Trajectory: Exceptional revenue and profit growth in a niche, high-value market.
- Profitability Metrics: High RoE, RoCE, and margins signal operational excellence and pricing power.
- Low Leverage: Strong balance sheet with minimal debt provides resilience.
- Premium Segment Focus: Taps into the expanding UHNI/HNI/corporate travel market in India.
- Experienced Promoters: Leadership with domain expertise is a positive.
- Use of Proceeds: Focused on core expansion (aircraft) and debt reduction.
- Valuation: Post-IPO P/E of 13.71x (upper band) needs to be justified by sustained high growth. SME premiums can be volatile.
- SME Listing Risk: NSE SME platform can have lower liquidity and higher volatility compared to mainboard.
- Operational Concentration: Significant reliance on key management and a limited initial fleet (expansion planned).
- Macro Sensitivity: Luxury travel is vulnerable to economic downturns, fuel price fluctuations, and geopolitical events.
- Limited Track Record: Incorporated in 2020, though financials show strong recent performance.
- High Retail Entry Barrier: Minimum investment requirement (₹2.52 lakh+) excludes many small retail investors.
Recommendation (Neutral to Positive):
- Aggressive Investors/Growth Seekers: The stellar growth, profitability, and position in a high-barrier niche make Flysbs Aviation attractive for those comfortable with SME risks and willing to pay a premium for growth. “SUBSCRIBE” for long-term potential, assuming continued execution.
- Value Investors/Risk-Averse: The relatively high valuation (post-dilution) and SME listing characteristics warrant caution. “NEUTRAL” – consider waiting for post-listing performance or if valuation moderates.
- Retail Investors: The high minimum investment amount is a significant hurdle. Only allocate capital you can afford to lock in, understanding SME volatility. Evaluate personal risk tolerance carefully.
(Note: This is not personalized investment advice. Consult a SEBI-registered advisor.)
IPO Allotment & Refunds: The Process
- How to Check Allotment Status:
- Visit the Registrar’s Website (Link Intime): https://linkintime.co.in/IPO/public-issues.html
- Select “Flysbs Aviation Ltd.” from the dropdown menu.
- Enter your PAN OR Application Number OR Demat Account Number.
- Complete the CAPTCHA and click “Search”. Your status (Allotted/Not Allotted) will display.
- Your depository participant (broker) will also reflect the shares in your demat account upon credit.
- Refund Timelines:
- Unsuccessful Applicants: Refunds will be initiated on August 7, 2025.
- Payment Method: Refunds will be credited back to the source account used for payment (Bank Account linked to UPI/ASBA).
- Processing Time: Typically takes 1-3 working days after initiation to reflect in your account.
- Payment Methods: Application is only via ASBA (Application Supported by Blocked Amount) through your bank or UPI (via brokers). Funds are blocked until allotment.
- Actions After Allotment: Hold or Sell?
- Hold (Long-Term): If you believe in the company’s growth story, strong fundamentals, and the long-term potential of India’s private aviation market.
- Sell (Listing Gains): If the stock lists at a significant premium (as suggested by GMP) and you prioritize short-term gains over long-term holding. Monitor GMP and subscription trends closely near listing.
- Monitor Fundamentals: Regardless of immediate action, track the company’s quarterly results, aircraft acquisition progress, and utilization rates post-listing.
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IPO RHP/DRHP: The Foundation Documents
- DRHP (Draft Red Herring Prospectus): The initial document filed with SEBI/NSE containing all company details, risks, financials, and IPO structure. Used for regulatory review.
- RHP (Red Herring Prospectus): The final, SEBI-approved version incorporating any updates/changes after the DRHP. This is the legally binding document for the IPO. It excludes the final price and issue size, determined after the book-building process.
- Importance: Essential Reading for serious investors. Contains exhaustive details on business model, risks (industry, company-specific), financials (audited), management, legal cases, and use of proceeds.
- Access Flysbs Aviation RHP: Download the final RHP from:
Flysbs Aviation IPO FAQs (Frequently Asked Questions)
- Q: What is the Flysbs Aviation IPO GMP today?
- A: As of August 1, 2025, the GMP is approximately ₹42 – ₹48. This is highly dynamic – check reliable financial news sources daily.
- Q: When does the Flysbs Aviation IPO open and close?
- A: It opens on August 1, 2025, and closes on August 5, 2025.
- Q: What is the Flysbs Aviation IPO price band?
- A: The price band is ₹210 to ₹225 per share.
- Q: What is the minimum investment for retail investors?
- A: The minimum investment is ₹2,52,000 (1,200 shares @ ₹210) to ₹2,70,000 (1,200 shares @ ₹225). Crucially, the lot size forces retail investment above the usual ₹2 lakh SEBI limit, meaning retail can only apply for 2 lots (1,200 shares).
- Q: How can I apply for the Flysbs Aviation IPO?
- A: Apply via ASBA through your net banking account or use the UPI method via your stockbroker’s trading platform (Zerodha, Groww, Upstox, etc.).
- Q: When is the Flysbs Aviation IPO allotment date?
- A: The tentative allotment date is August 6, 2025.
- Q: When will Flysbs Aviation IPO list?
- A: The tentative listing date is August 8, 2025 on the NSE SME platform.
- Q: Who is the registrar for Flysbs Aviation IPO?
- A: MUFG Intime India Private Limited (Link Intime) is the registrar. Contact details are provided above.
- Q: What are the main risks of investing in Flysbs Aviation IPO?
- A: Key risks include SME market volatility, economic sensitivity impacting luxury travel, execution risk in fleet expansion, rising competition, fuel price volatility, and the relatively high valuation post-issue.
- Q: Where can I find the Flysbs Aviation RHP?
- A: Download the final RHP from SEBI, NSE, BSE websites, or potentially the company/lead manager websites post-SEBI approval. Links to SEBI/NSE/BSE are provided in the RHP section above.
