The Flywings Simulator Training IPO opens on 5 December 2025 and closes on 9 December 2025. The price band for this SME IPO is ₹181 to ₹191 per share. The allotment will be declared on 10 December 2025, and the listing is scheduled on the NSE SME platform on 12 December 2025.
The company aims to raise about ₹57.05 crore through a mix of fresh issue (₹48 crore) and an offer for sale of 4,74,000 shares.
Contents
Flywings Simulator Training IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | 5 December 2025 |
| IPO Close Date | 9 December 2025 |
| Face Value | ₹10 per share |
| IPO Price Band | ₹181 to ₹191 |
| Issue Size | Approx ₹57.05 crore |
| Fresh Issue | Approx ₹48 crore |
| Offer for Sale | Approx 4,74,000 shares |
| Issue Type | Book Built Issue |
| Listing | NSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
| Anchor Investors List | View PDF |
Flywings Simulator IPO
Open: 5-9 Dec
Issue Size: ₹57.05 Cr.
Objective: Fund pilot-training equipment, set up a foreign subsidiary and corporate use now.
Exchange: NSE SME
Flywings Simulator Training IPO GMP
As per the latest market discussions, the Flywings Simulator Training IPO is seeing active interest in the grey market. Although GMP values can fluctuate daily, early signals suggest moderate listing expectations driven by the company’s strong financials, high margins, and the increasing demand for aviation training infrastructure in India.
Investors should note that GMP is an unofficial indicator and not a reliable tool for investment decisions. It generally depends on market liquidity, subscription levels, and overall sentiment in SME IPOs.
While the current buzz appears positive, subscribers are advised to consider fundamentals, valuations, and risk appetite before relying on grey market trends.
Flywings Simulator Training IPO Review
Flywings operates in a niche sector with high entry barriers, and the company has strong relationships with major airlines. The margins are strong, and the revenue stability from B2B contracts adds confidence.
The financials show healthy profitability and decent return ratios for FY2025. However, investors should also consider the SME nature of the issue and inherent risks related to the aviation sector. Long-term investors may find this IPO suitable based on the company’s growth potential and specialised business model.
IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1,200 | ₹2,29,200 |
| Retail Maximum | 2 | 1,200 | ₹2,29,200 |
| S-HNI Minimum | 3 | 1,800 | ₹3,43,800 |
| S-HNI Maximum | 8 | 4,800 | ₹9,16,800 |
| B-HNI Minimum | 9 | 5,400 | ₹10,31,400 |
IPO Reservation
| Investor Category | % Shares |
|---|---|
| QIB | 50% |
| NII | 15% |
| Retail | 35% |
- Also Read: K. V. Toys India IPO, Wakefit Innovations IPO
Flywings Simulator Training IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | 4 December 2025 |
| Shares Offered | To be announced |
| Anchor Size | To be announced |
| Lock-in (50% shares – 30 days) | 9 January 2026 |
| Lock-in (50% shares – 90 days) | 10 March 2026 |
Flywings Simulator Training IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | 5 December 2025 |
| IPO Close Date | 9 December 2025 |
| Basis of Allotment | 10 December 2025 |
| Refunds | 11 December 2025 |
| Credit to Demat | 11 December 2025 |
| Listing Date | 12 December 2025 |
| Bidding Cut-off Time | 9 December 2025 – 5 PM |
Promoters and Shareholding
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 76,64,328 | 85.69% |
| Promoter Holding Post-Issue | 1,01,77,128 | To be updated |
Promoter:
Ms. Rupal Sanjay Mandavia
Objects of the Issue
The company plans to utilise the fresh issue proceeds towards the purchase and installation of pilot training equipment and simulators to enhance its aviation training infrastructure.
A part of the funds will also support general corporate purposes, helping the company strengthen its operational capabilities and expand its service offerings in both B2B and B2C segments.
About Flywings Simulator Training Centre Ltd.
Founded in 2011 in Gurgaon, Flywings Simulator Training Centre Ltd. provides specialised aviation training services, including Safety and Emergency Procedures (SEP), in-flight service, first aid, water survival drills, and evacuation training.
The company operates on both B2B and B2C models, serving major domestic airlines like Vistara, IndiGo, SpiceJet, Air India, and international clients such as Himalaya Airlines and WOW Air. The training infrastructure includes state-of-the-art equipment such as A-320 CEET, Boeing 787 door trainers, fire simulators, and water survival setups.
Company Financials (₹ in Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2025 | 23.64 | 8.74 | 3.24 | 64.65 |
| June 2025 | 4.24 | 2.35 | 0.40 | 59.40 |
Flywings Simulator Training IPO Valuation (FY2025)
| KPI | Value |
|---|---|
| ROE | 34.75% |
| ROCE | 28.62% |
| EBITDA Margin | 66.85% |
| PAT Margin | 54.02% |
| Debt-to-Equity | 0.37 |
| EPS (Basic) | ₹14.27 |
| P/E Ratio | NA |
| RoNW | 34.75% |
| NAV | ₹50.92 |
Peer Comparison
The company does not have any listed peers in the aviation training domain.
IPO Lead Managers
- Gretex Corporate Services Ltd.
- Sobhagya Capital Options Pvt. Ltd.
Company Address
| Details | Information |
|---|---|
| Company Name | Flywings Simulator Training Centre Ltd. |
| Address | Ground Floor, Killa No. 13, Begampur, Khatula, Sector 35, Sadar Bazar, Gurgaon, Haryana – 122001 |
| Phone | 01244957945 |
| info@fwstc.co.in | |
| Website | fwstc.co.in |
IPO Registrar
Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: ipo.bigshareonline.com/IPO_Status.html
Flywings Simulator Training IPO FAQs
What is Flywings Simulator Training IPO?
Flywings Simulator Training IPO is an SME IPO raising ₹57.05 crore at a price band of ₹181 to ₹191 per share. It will list on NSE SME.
When does the IPO open?
The IPO opens on 5 December 2025 and closes on 9 December 2025.
What is the investor allocation?
QIB: 50%, NII: 15%, Retail: 35%.
How to apply?
You can apply through ASBA via your bank or UPI-based applications through your stockbroker.
What is the issue size?
₹57.05 crore.
What is the lot size?
Minimum 1,200 shares.
When is the allotment date?
10 December 2025.
When is listing?
12 December 2025 on NSE SME.
Expert Comment
Flywings Simulator Training Centre operates in a high-demand niche that is crucial for India’s fast-growing aviation industry. The company’s robust margins, consistent client base, and advanced simulator infrastructure provide a strong foundation for future expansion.
The valuations seem reasonable for an SME IPO, and long-term investors seeking exposure to aviation ancillaries may consider this issue. Risk-averse investors should weigh SME volatility, but overall, the fundamentals look promising.
