Bookbuilding IPO | ₹[.] Cr | Listing at NSE SME |
Vardhman Airport Solutions Ltd. has filed a Draft Red Herring Prospectus (DRHP) with the exchange on June 30, 2026 to raise funds through Initial Public Offer (IPO).
Vardhman Airport Solutions Ltd. IPO is a Book Build Issue of 0.62 crore equity shares consisting of a fresh issue of upto 0.51 crore equity shares and an offer for sale (OFS) of upto 0.11 crore equity shares.
The equity shares are proposed to be listed on the NSE SME. Holani Consultants Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Vardhman Airport Solutions IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 62,48,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | 3,14,000 shares Holani Consultants Pvt.Ltd. (agg. up to ₹[.] Cr) |
| Fresh Issue (Ex Market Maker) | 47,96,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 11,38,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Net Offered to Public | 59,34,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,70,33,952 shares |
| Share Holding Post Issue | 2,21,43,952 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Tue, Jun 30, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Incorporated in January 2014, Vardhman Airport Solutions Limited is an engineering-driven aviation infrastructure company engaged in the design, development, engineering, assembly, system integration, supply, installation, testing, commissioning, and maintenance of airfield ground lighting systems, navigational aids, aircraft docking systems, smart metering solutions, and allied aviation infrastructure. The company serves civil airports, heliports, and defense airbases, providing mission-critical systems that support safe and efficient aircraft operations during landing, take-off, and ground movement.
The company operates on a Supply, Installation, Testing and Commissioning (SITC) and turnkey project execution model, offering integrated airport infrastructure solutions across three key business segments: Airport Lighting & Airside Infrastructure Solutions, Defense Aviation Infrastructure Solutions, and Smart Metering Solutions for Military Engineer Services (MES). Its product portfolio includes Automatic Weather Observation Systems (AWOS), Air Traffic Management (ATM) Systems, Instrument Landing Systems (ILS), Distance Measuring Equipment (DME), Voice Communication and Control Systems (VCCS), Aircraft Monitoring Systems, and other advanced aviation technologies. As of May 31, 2026, the company's products and solutions had been deployed across 93 airports and defense locations.
Supported by an experienced management team and strong in-house engineering capabilities, the company focuses on indigenous product development under the Make in India initiative and delivers customized solutions that comply with aviation, defense, and airport regulatory standards.
As of May 31, 2026, Vardhman Airport Solutions had 254 permanent employees across engineering, production, operations, services, quality, sales, supply chain, finance, administration, and management functions.
Strengths
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 73.86 | 43.47 | 27.76 | 22.19 |
| Total Income | 60.24 | 54.89 | 66.40 | 35.60 |
| Profit After Tax | 4.43 | 3.50 | 4.47 | 1.69 |
| EBITDA | 7.43 | 6.56 | 7.85 | 3.74 |
| NET Worth | 27.22 | 22.76 | 10.17 | 5.73 |
| Reserves and Surplus | 25.91 | 21.45 | 8.98 | 4.54 |
| Total Borrowing | 27.16 | 9.44 | 10.48 | 11.15 |
| Amount in ₹ Crore | ||||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Apsis Aerocom Ltd. | SME | ₹35.77 Cr | ₹110 | 14.58 | ₹160.65 | +46.05% | ₹385.95 (+1.97%) |
| Digilogic Systems Ltd. | SME | ₹81.00 Cr | ₹104 | 28.52 | ₹79.05 | -23.99% | ₹119.55 (-0.38%) |
| Shree Refrigerations Ltd. | SME | ₹117.33 Cr | ₹125 | 23.81 | ₹175.40 | +40.32% | ₹343.20 (-0.94%) |
| Aequs Ltd. | Mainboard | ₹921.81 Cr | ₹124 | -74.71 | ₹151.29 | +22.01% | ₹228.38 (-2.62%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the incremental working capital requirements of the Company | 23.40 |
| 2 | Repayment/pre-Payment, in full or in part, of certain outstanding borrowings availed by the company | 2.60 |
| 3 | General Corporate Purposes | |
| Total | 26.00 |
| KPI | Dec 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 17.74% | 21.28% |
| ROCE | 12.36% | 18.49% |
| Debt/Equity | 1.01 | 0.44 |
| RoNW | 16.29% | 15.40% |
| PAT Margin | 7.41% | 6.45% |
| EBITDA Margin | 12.43% | 12.08% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 2.06 | 2.67 |
| Promoter Holding | 90.63% |
Lead Manager Reports
Vardhman Airport Solutions IPO is a SME IPO of 62,48,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Vardhman Airport Solutions IPO open and close dates are not available as of now.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Vardhman Airport Solutions IPO using UPI as a payment gateway. Zerodha customers can apply in Vardhman Airport Solutions IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vardhman Airport Solutions IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vardhman Airport Solutions IPO dates are not announced. Please check back again after some time.
Vardhman Airport Solutions IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Vardhman Airport Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vardhman Airport Solutions IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Vardhman Airport Solutions IPO allotment status.
The Vardhman Airport Solutions IPO listing date is not yet announced. The tentative date of listing is .
