Mukka Proteins Limited IPO...
09 Jul, 2025
CFF Fluid Control Limited FPO
CFF Fluid Control Limited is launching an FPO between July 9, 2025 and July 11, 2025, to raise approximately ₹87.75 crores by issuing 15.0 Lakh fresh equity shares at ₹585 per share. The lot size investment for HNI (High Net-Worth Individuals) is for 3 lots, i.e., 600 shares, which amounts to ₹3,51,000 in order to participate in the FPO. The FPO opens for subscription on 9th July through 11th July and it should be allotted on 14th July, 2025 (Monday). The CFF FPO is scheduled to be listed on 16th July on the BSE SME.
Company Background
CFF Fluid Control LTD. was established on February 16th, 2012 and is headquartered in Mumbai. The company produces equipment to help support the defense and energy industry of India through its skilled technological expertise and advanced engineering solutions, as well as to empower the Make in India Movement. CFF Fluid Control Limited was established to serve India’s growing defense sector, focusing on the manufacture and servicing of submarine machinery and critical component systems, primarily for Indian Defence PSU Shipyards and the Indian Navy. The company has over two decades of experience in the defense manufacturing ecosystem.
Operations & Product Range
Facility & Production
The CFF Fluid Control Unit is located in Khopoli, India, spanning 6,000 sq. meters, equipped with fluid control systems, distributed air panels, weapons and control systems, steering gear, propulsion systems, high-pressure air system, hydraulic system and integrated platform management system. The company has an upcoming unit to be located in Chakan, Pune.
Brands & Market Presence
CFF Fluid Control Limited has emerged as a key engineering solutions provider in the Indian defense sector, backed by a strong order book worth ₹513.97 crore as of May 31, 2025. Notably, over 90% of these orders originate from Indian Defence PSU shipyards and their associated OEMs, highlighting the company's deep integration within the national defense ecosystem. Strengthening its global collaborations, CFF Fluid Control has entered into a strategic partnership with Germany's Atlas Elektronik GmbH for the production of 12 Low-Frequency Variable Depth Sonar (LFVDS) systems. These systems are being developed specifically for the Indian Navy’s Anti-Submarine Warfare (ASW) Shallow Water Craft program, showcasing the company’s role in enhancing indigenous naval capabilities.
Revenue Channels
- The company’s primary revenue comes from the Indian defense sector, particularly from PSU Shipyards and OEMs related to the Indian Navy.
- As of May 2025, over 90% of the order book is defense-related, reflecting a strong focus on government and strategic contracts.
- Revenue has demonstrated strong growth, with a CAGR of 43.52% from FY 2023 to FY 2025.
Management & Shareholding
Promoters & Shareholding
CFF Fluid Control is led by its promoters, Sunil Menon and Gautam Makkar, who have played a pivotal role in the company’s growth and strategic direction. Before the FPO, the promoters held a significant stake of 73.31% in the company. Following the FPO, their combined shareholding stands at 68.06%, reflecting continued strong promoter confidence and long-term commitment to the business.
Board Members
As of 2025, the Board of Directors of CFF Fluid Control Limited comprises experienced professionals with expertise in defense manufacturing and corporate governance. The company is led by experienced promoters and a management team with significant expertise in defense manufacturing.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
CFF Fluid Control Limited FPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
CFF Fluid Control Limited FPO Details
| Detail | Description |
|---|---|
| IPO Date | July 9, 2025 to July 11, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price | ₹585 per share |
| Lot Size | 200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 15,00,000 shares (aggregating up to ₹87.75 Cr) |
| Reserved for Market Maker | 78,000 shares (aggregating up to ₹4.56 Cr) |
| Net Offered to Public | 14,22,000 shares (aggregating up to ₹83.19 Cr) |
| Issue Type | Fixed Price FPO |
| Listing At | BSE SME |
| BSE SME | 1,94,74,100 shares |
| Share Holding Post Issue | 2,09,74,100 shares |
CFF Fluid Control Limited FPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Jul 9, 2025 |
| IPO Close Date | Fri, Jul 11, 2025 |
| Tentative Allotment | Mon, Jul 14, 2025 |
| Initiation of Refunds | Tue, Jul 15, 2025 |
| Credit of Shares to Demat | Tue, Jul 15, 2025 |
| Tentative Listing Date | Wed, Jul 16, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 11, 2025 |
CFF Fluid Control Limited FPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 400 | ₹2,34,000 |
| Individual investors (Retail) (Max) | 2 | 400 | ₹2,34,000 |
| S-HNI (Min) | 3 | 600 | ₹3,51,000 |
| S-HNI (Max) | 8 | 1,600 | ₹9,36,000 |
| B-HNI (Min) | 9 | 1,800 | ₹10,53,000 |
CFF Fluid Control Limited FPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 73.31% |
| Share Holding Post Issue | 68.06% |
Competitive Strength:
- ● Robust Order Book: ₹513.97 crore, ensuring revenue visibility7.
- ● Strong Financial Growth: Revenue CAGR of 43.52%, EBITDA CAGR of 49.19% and PAT CAGR of 53.40% from FY 2023 to FY 20257.
- ● High Entry Barriers: Operating in the defense sector, which has strict regulatory and technological requirements.
- ● Strategic Partnerships: Collaboration with Atlas Elektronik GmbH for advanced sonar systems.
- ● Experienced Management: Over two decades in defense manufacturing.
- ● Focus on Indigenous Defense: Contributing to India’s self-reliance in defense technology.
CFF Fluid Control Limited FPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 199.03 | 146.1 | 23.85 | 147.84 | 21.11 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 161.16 | 106.98 | 17.09 | 126 | 23.48 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 88.68 | 71.1 | 10.14 | 24.99 | 45.9 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.42% |
| ROCE | 21.84% |
| RoNW | 16.13% |
| PAT Margin | 16.39% |
| EBITDA Margin | 28.38% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
IPO Objectives
The net proceeds from the FPO will be used for:
- Funding working capital requirements: ₹72.60 crore
- General corporate purposes: ₹8.34 crore
Conclusion
CFF Fluid Control Limited FPO offers investors an opportunity to participate in a company with a strong order book, robust financial growth and a strategic position in India’s defense manufacturing sector. The company’s focus on indigenous technology, high entry barriers and experienced management make it a notable player in a niche, high-growth industry.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. What is the CFF Fluid Control Limited FPO issue size and price?
The FPO aims to raise ₹87.75 crore via a fresh issue of 15,00,000 shares at ₹585 per share.
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2. What are the FPO opening and closing dates?
The FPO opens on July 9, 2025 and closes on July 11, 2025.
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3. What is the minimum investment required for retail investors?
The minimum application is 400 shares (2 lots), requiring an investment of ₹2,34,000.
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4. Where will the shares be listed?
Shares will be listed on the BSE SME platform.
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5. What are the main business activities of CFF Fluid Control Limited?
The company manufactures and services submarine machinery, critical component systems and test facilities for the Indian defense sector, especially for PSU Shipyards and the Indian Navy.
