In 2025, India’s IPO market has continued to attract strong investor interest, with multiple companies across manufacturing, technology, and services tapping the capital markets. With the aviation sector experiencing rapid growth, pilot training and simulator-based programs are witnessing increased demand. Airlines are expanding fleets and focusing on safety, which has created a favourable environment for aviation training providers.
Amid this trend, Flywings Simulator Training Centre Limited is set to open its IPO on December 5, 2025. Here is an in-depth look at the company, its IPO details, and the overall sector outlook.
About Flywings Simulator Training Centre Ltd.
Incorporated in 2011 and headquartered in Gurgaon, Flywings Simulator Training Centre Limited is engaged in offering comprehensive aviation training services. The company operates advanced simulator-based training programs for airline crew, covering safety, emergency procedures, in-flight operations, first aid, evacuation drills, and more.
Flywings serves leading domestic airlines like Air India, Vistara, Indigo, and SpiceJet, along with international clients including WOW Air and Himalaya Airlines. The company provides both B2B and B2C training, offering structured courses for cabin crew aspirants and ground personnel.
Its infrastructure includes A-320 CEET simulators, Boeing 787 door trainers, fire trainers, and water survival equipment. Over the last three years, Flywings has delivered more than 20,000 aviation training modules, showcasing its strong operational capability.
Flywings Simulator Training IPO Details
The Flywings Simulator Training IPO aims to raise ₹57.05 crore through a mix of fresh issue and offer for sale. The proceeds will be utilised for capital expenditure and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | December 5, 2025 |
| IPO Close Date | December 9, 2025 |
| Allotment Date (Tentative) | December 10, 2025 |
| Initiation of Refunds | December 11, 2025 |
| Credit of Shares to Demat | December 11, 2025 |
| Listing Date (Tentative) | December 12, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on December 9, 2025 |
Key IPO Details
| IPO Date | December 5, 2025 to December 9, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹181 to ₹191 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 29,86,800 shares (aggregating up to ₹57.05 Cr) |
| Reserved for Market Maker | 1,49,400 shares (aggregating up to ₹2.85 Cr)Gretex Share Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) |
23,63,400 shares (aggregating up to ₹45.14 Cr) |
| Offer for Sale | 4,74,000 shares of ₹10 (aggregating up to ₹9.05 Cr) |
| Net Offered to Public | 28,37,400 shares (aggregating up to ₹54.19 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre-Issue | 76,64,328 shares |
| Share Holding Post Issue | 1,01,77,128 shares |
Gretex Corporate Services Ltd. is the book-running lead manager, and Bigshare Services Pvt. Ltd. is the registrar of the issue. The Market Maker of the company is Gretex Share Broking Pvt. Ltd.
Flywings Simulator Training IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Issue |
| Retail | Not less than 35% of Net Issue |
| NII | Not less than 15% of Net Issue |
Flywings Simulator Training IPO Lot Size
| Application Category | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,29,200 |
| Retail (Max) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,43,800 |
| S-HNI (Max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,31,400 |
Flywings Simulator Training Centre Ltd. Financials
The Flywings Simulator Training IPO is valued at a market capitalisation of ₹194.38 crore. The company reports strong profitability, high margins, and low leverage.
Consolidated Financials (₹ Crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 |
| Assets | 59.40 | 64.65 |
| Total Income | 4.24 | 23.64 |
| Profit After Tax | 1.38 | 10.92 |
| EBITDA | 2.30 | 13.51 |
| Net Worth | 40.40 | 39.02 |
| Reserves & Surplus | 32.74 | 31.36 |
| Total Borrowing | 14.78 | 18.09 |
Standalone Financials (₹ Crore)
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 44.95 | 16.38 |
| Total Income | 22.60 | 10.44 |
| Profit After Tax | 10.74 | 4.16 |
| EBITDA | 15.29 | 5.78 |
| Net Worth | 23.80 | 1.08 |
| Reserves & Surplus | 23.74 | 1.07 |
| Total Borrowing | 10.70 | 7.67 |
Key Performance Indicators (KPI)
| KPI | Values |
| ROE | 34.75% |
| ROCE | 28.62% |
| Debt Equity | 0.37 |
| RoNW | 34.75% |
| PAT Margin | 54.02% |
| EBITDA Margin | 66.85% |
| Price to Book Value | 3.75 |
| Market Cap | ₹194.38 Cr |
| Pre IPO EPS | ₹14.24 |
| Post IPO EPS | ₹5.42 |
| Pre IPO P/E | 13.41 |
| Post IPO P/E | 35.22 |
Objects of the Issue
| S.No. | Objective | Amount (₹ Cr) |
| 1 | Capital expenditure towards pilot training equipment | 35.34 |
| 2 | General corporate purposes | Balance |
Flywings Simulator Training Centre Ltd.: Industry Outlook
- India is witnessing significant growth in aviation with increased fleet expansion by major airlines.
- The demand for trained pilots and cabin crew is rising sharply.
- Simulator training offers high safety compliance and is now integral to regulatory frameworks.
- As the aviation sector targets exponential expansion by 2030, training infrastructure providers like Flywings are well-positioned for stable, recurring business.
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Conclusion
Flywings Simulator Training Centre Limited presents a compelling investment opportunity owing to its specialised aviation training services, strong client base, and high-quality training infrastructure. The company has maintained strong profitability, robust margins, and a scalable business model supported by recurring revenues from airline clients.
However, investors should also consider sector-specific risks like regulatory changes, high capital expenditure requirements, and sensitivity to airline industry cycles.
Well-informed investors may evaluate this IPO for long-term prospects in the aviation training segment.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
