Flysbs Aviation IPO 2025: ₹102 Crore Issue Subscribed 32×; GMP Near 95%

Flysbs Aviation’s ₹102.53 crore IPO—priced ₹210–₹225—received overwhelming response, subscribed over 32× overall with a blistering grey market premium of ~86–95%, reflecting high investor excitement.

Introduction – A Veteran Observer’s Insight

With over 20 years covering India’s IPO markets, Flysbs Aviation’s recent SME‐IPO impressed from the outset. A niche charter airline backing ultra‑luxury travel saw its issue subscribed over 32×, buoyed by a striking 86–95% grey market premium (GMP) and strong retail demand. Its initial public offering (IPO) opened August 1 and closed August 5, drawing attention from wealth managers and retail investors alike.

Flysbs Aviation at a Glance

Who Is Flysbs Aviation?

A DGCA‑approved non‑scheduled airline based in Chennai, Flysbs Aviation specializes in private jet charter services focused on corporate leaders, celebrities, diplomats, and high‑net‑worth individuals. The company operates a fleet including Cessna, Embraer, Falcon, and Bombardier aircraft, servicing over 340 destinations across six continents .

Business Evolution & Market Positioning

The company’s FY2025 figures showed:

Revenue: ₹195.4 Cr (83% YoY growth)
Profit After Tax: ₹28.41 Cr (153% YoY growth)
Aircraft utilization: Jumped from 522 hours in FY23 to 2,600 hours in FY25

IPO Structure & Subscription Details

Key Offer Details

Issue Period: August 1–5, 2025
Issue Size: ₹102.53 Cr (45.57 lakh shares)
Price Band: ₹210–₹225 per share
Lot Size: 600 shares (₹1.35 lakh per lot); retail min. two lots = ₹2.52 lakh.

Category-wise Subscription Status

By August 4 evening:

Total subscription: ~32.6×
Retail Category: ~50.8×
NII: ~44.5×
QIB: ~0.59× .

Grey Market Premium (GMP) Insights

Initial GMP ~₹195 (Aug 4), soared to ~₹215 (Aug 5), indicating expected listing debut at ~₹420–₹440 per share (86–95% premium over upper band) .

Financial Health and Growth Drivers

Revenue & Profit Trajectory

From FY22 to FY25:

Revenue rose from ₹27.2 Cr to ₹195.4 Cr
PAT grew from ₹1 Cr to ₹28.4 Cr
EBIT margins expanded; RoE stood at ~18.9% in FY25

Use of IPO Proceeds

Funds will be deployed for:

Acquiring six dry‑leased premium jets (~78.5% of proceeds)
Repaying debt (~7%), and corporate purposes

Competitive Strengths

High‑entry barrier sector with elite client base
Expanding fleet and increasing flight utilization
Synergy with affiliate Afcom Holdings for logistics and global access
Experienced promoters and operational maturity

Market Sentiment & Listing Potential

Retail Buzz vs Institutional Demand

While retail demand surged (50×), QIB subscriptions were tepid (<1×), suggesting retail-led interest with institutional caution.

Expected Listing Gains

Given GMP and investor enthusiasm, listing could offer 80–100% gains post-listing—but investors should weigh fundamentals, not just speculative pre-listing sentiment.

SME IPO Platform & Liquidity

Listing on the NSE‑SME platform likely means lower liquidity initially. Long-term interest depends on the stock’s performance post-listing.

Investment Highlights & Risks

Investment Case Strengths

High growth track record
Niche positioning in luxury segment
Strong margins and international operations
Scalability via new aircraft and debt reduction

Notable Risks

Small company risk and low liquidity
Industry sensitivity to economic downturns
Dependence on elite clientele
Capital intensity and high leverage if debt increases
Flysbs Aviation IPO: issue size ₹102.53 Cr, price ₹210–₹225, lot size 600
flysbs aviation: private jet charters, Chennai base, selective high‑end clients
IPO subscription: total 32×, retail ~50×, NII ~44×, QIB ~0.6×
grey market premium flysbs aviation ipo: surged to 95%, indicating listing potential ~₹420–₹440
financials: PAT ₹28.41 Cr, revenue ₹195 Cr, growth rates, utilization hours

Frequently Asked Questions (FAQ)

Q1: When did Flysbs Aviation’s IPO open and close?

A: Offer ran from August 1 to August 5, 2025, with allotment finalised on August 6 and listing on NSE‑SME scheduled August 8, 2025

Q2: What is the price band and lot size?

A: IPO priced at ₹210–₹225 per share. Minimum lot size is 600 shares (₹1.35 lakh) with retail minimum of two lots (₹2.52 lakh)

Q3: How much was the IPO subscribed?

A: Subscribed ~32.6× on aggregate: Retail ~50.8×, NII ~44.5×, QIB ~0.59× by the second day (Aug 4)

Q4: What does the high GMP indicate?

A: Grey Market Premium of ~86–95% suggests sharp listing optimism. However, GMP is speculative and should be weighed against company fundamentals.

Q5: What will IPO proceeds be used for?

A: Primarily for acquiring six dry-leased jets (~78%), followed by debt repayment (~7%) and general corporate purposes (Chittorgarh, Chittorgarh).

Helpful Resources

Conclusion

Flysbs Aviation’s IPO combines luxury aviation with aggressive growth, as evident from sky‑high subscription rates and GMP. For long‑term investors seeking niche exposure to the luxury charter segment, Flysbs presents potential—but one must consider SME liquidity and execution risk. With listing soon on August 8, retail investors should balance speculative zeal with sober assessment of fundamentals.