Indian Aviation Training Group Files for IPO in 2025

India - Flywings Simulator Training Centre Ltd., a Gurgaon-based aviation training company, is launching its Initial Public Offering (IPO) on 5 December 2025 — a book-built issue totalling ₹57.05 crore (approximately US$ 6.9 million), combining a fresh share issue and existing-share sale. The proceeds are set to fund expansion of training infrastructure and simulator capacity as India’s demand for pilot training continues to grow.

• The IPO comprises a fresh issue of ₹47.99 crore (~US$ 5.8 million) and an offer for sale of ₹9.05 crore (~US$ 1.1 million).

• Subscription is open 5–9 December 2025, with allotment expected on 10 December and tentative listing on NSE SME on 12 December 2025.

• The price band is set at ₹181–₹191 per share (≈ US$ 2.18–US$ 2.30), with a lot size of 600 shares. The minimum retail application (1,200 shares) requires ₹229,200 (~US$ 2,761) and the high-net-worth investor minimum (1,800 shares) is ₹343,800 (~US$ 4,142).

• Up to 50% of the offer is reserved for Qualified Institutional Buyers (QIBs), up to 35% for retail investors, and up to 15% for Non-Institutional Investors (NIIs).

Use of Proceeds & Financial Snapshot

• About ₹35.34 crore (~US$ 4.3 million) will be used to acquire new pilot-training and simulator equipment; the remainder supports general corporate purposes.

• Flywings’ audited consolidated balance sheet (30 June 2025) shows assets of ₹59.40 crore (~US$ 7.2 million), with total income of ₹4.24 crore (~US$ 0.5 million) and a net profit of ₹1.38 crore (~US$ 0.17 million).

• For the year ended March 2025, consolidated revenue rose to ₹23.64 crore (~US$ 2.85 million), with profit after tax of ₹10.92 crore (~US$ 1.32 million) and EBITDA of ₹13.51 crore (~US$ 1.63 million). Net worth stood at ₹39.02 crore (~US$ 4.7 million).

• On a standalone basis, assets increased from ₹16.38 crore (2023) to ₹44.95 crore (2024) (~US$ 5.4 million), with PAT rising from ₹4.16 crore to ₹10.74 crore (~US$ 1.3 million).

Company Profile and Business Model

Flywings, incorporated in 2011 and led by Chairperson & Managing Director Ms. Rupal Mandavia, offers aviation training services targeting both airlines (B2B) and individuals (B2C). Its core competencies include:

• Safety & Emergency Procedures (SEP) training for cabin and cockpit crew covering door operations, emergency evacuation, firefighting, ditching drills and more

• Simulator-based training and ground-school support for commercial aircraft operations

• Ancillary modules such as in-flight services, first aid, passenger handling, grooming, communication skills and personality development

• Infrastructure supporting emergency evacuation drills, door operation training, firefighting exercises, and ditching simulations

Source: Flywings Company disclosures, IPO documents