Flywings Simulators Training Center Limited IPO – SME Board
About the Company :
Flywings Simulators Training Center Limited, founded in 2011 and based in Gurugram, operates as an aviation training hub. Think of them as a “flight school for airline crew.” They provide simulators (fake cockpits/cabins that feel real) for training pilots and cabin crew in safety and emergency procedures. Their clients include major airlines like Air India, IndiGo, Vistara, and others.
They operate in two main areas:
- B2B (Business-to-Business): Renting out their simulators and training infrastructure to airlines for their mandatory crew training.
- B2C (Business-to-Consumer): Offering vocational training courses to individuals who want to become cabin crew or ground staff.
What They Do: Provide the high-tech equipment and facility where airline staff practice emergency landings, fire drills, and door operations without using a real plane.
READ FULL DRHP HERE:| SEBI FLYWINGS SIMULATORS|
IPO Details Table
| Detail | Explanation | Data |
|---|---|---|
| IPO Opening Date | Buy shares from | 5 Dec 2025 |
| IPO Closing Date | Last date to apply | 9 Dec 2025 |
| Price Band | Price range for shares | ₹181 – ₹191 per share |
| Lot Size | Min. shares to buy | 600 shares (~₹1,14,600 at upper band) |
| Total Issue Size | Max money raised | ₹57.05 Crore |
| Fresh Issue | New shares, money goes to company | ₹47.99 Crore (25.11 lakh shares) |
| Offer for Sale (OFS) | Old owners sell shares | ₹9.05 Crore (4.74 lakh shares) |
| Listing Date | Shares start trading | 12 Dec 2025 (Tentative) |
| Listing Exchange | Where it trades | NSE SME (Small & Medium Enterprise) |
| Face Value | Company unit value | ₹10 per share |
| Registrar | Share allocation handler | Bigshare Services Pvt Ltd |
| Book Manager | IPO arranger | Gretex Corporate Services, Sobhagya Capital Options |
FIND THE LINK TO CHECK THE ALLOTMENT STATUS: BIGSHARE
What Will the IPO Money Be Used For?
The company is raising ₹47.99 Crore (Fresh Issue) to use for:
- Buying Pilot Training Equipment: ₹35.34 Cr to buy advanced simulators (like Full Flight Simulators).
- General Corporate Purposes: Remaining amount for other business needs.
Note: The remaining ₹9.05 Crore (OFS) goes to the selling shareholders, not the company.
IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | 5 Dec 2025 |
| IPO Closes | 9 Dec 2025 (5 PM) |
| Allotment Date | 10 Dec 2025 |
| Refunds Issued | 11 Dec 2025 |
| Shares to Demat | 11 Dec 2025 |
| Listing Date | 12 Dec 2025 |
Business Model & Revenue Structure
How They Make Money:
- Infrastructure Rental: Airlines pay them to use their simulators for crew training (Mandatory by DGCA).
- Training Fees: Students pay fees for aviation courses (cabin crew, hospitality).
- Consultancy: One-time income from developing training software/content.
Key Financial Metrics
| Metric | FY23 | FY24 | FY25 | H1 FY26 (Sep '25) | Trend |
|---|---|---|---|---|---|
| Revenue | ₹10.37 Cr | ₹22.20 Cr | ₹20.21 Cr | ₹4.24 Cr | Revenue dipped in FY25 |
| Net Profit (PAT) | ₹4.16 Cr | ₹10.74 Cr | ₹10.92 Cr | ₹1.38 Cr | Profit maintained despite lower sales |
| PAT Margin | 39.83% | 48.78% | 53.98% | 33.74% | Extremely high profit margins |
| EBITDA Margin | 55.64% | 68.56% | 83.67% | 60.84% | High operational efficiency |
| Debt-to-Equity | - | - | 0.46 | 0.36 | Debt is manageable |
| ROE | - | - | 27.98% | - | Good return on equity |
- Valuation: The P/E ratio is around 35.22x (Post-IPO). This is a bit premium but reflects their niche monopoly-like status with high margins.
- Market Cap: The company will be valued at approx ₹194.38 Crore after listing.
Cost of Acquisition – For Promoters
- Promoter Holding: Pre-IPO holding is 85.69%.
- Acquisition Cost: Not explicitly detailed, but typically nominal (face value) for founders.
- Promoter Selling: Yes, promoters are selling shares worth ₹9.05 Cr via OFS.
Industry Outlook
- Aviation Boom: With Air India and IndiGo ordering 1000+ new planes, the demand for pilots and cabin crew is exploding. Every new crew member must be trained on simulators.
- Regulatory Moat: You can’t just open a simulator center. It requires DGCA (aviation regulator) approvals, creating a high barrier to entry for competitors.
Key Risks & Concerns (Read Carefully)
- Revenue Dip: Revenue fell from ₹22.20 Cr (FY24) to ₹20.21 Cr (FY25). A shrinking top line is a concern for a growth company.
- Client Concentration: Top 10 customers contribute ~90-96% of revenue. Losing one big airline contract could hurt them bad.
- Regulatory Risk: Their business depends 100% on DGCA approvals. If a license is cancelled, business stops overnight.
- SME Liquidity: This is an SME IPO. You must trade in lots of 600 shares. It is harder to exit quickly compared to mainboard stocks.
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your broker’s app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the company’s IPO you want to apply for.
- Enter how many shares (or ‘lots’) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you don’t get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ₹100 and GMP is ₹20, people are unofficially ready to pay ₹120. It hints at the IPO’s popularity but isn’t a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the “Upcoming IPO” section.
What are IPO listing gains?
- If the share’s price rises on the first trading day, you can make instant profit.
- Example: You buy at ₹150, and it opens at ₹200, you gain ₹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the company’s background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesn’t guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrar’s site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, don’t try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ₹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone else’s account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Don’t wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success.