Skyways Air Services IPO Jumps Ahead as Retail Investors Fuel Over 1.5x Subscription
The initial public offering (IPO) of Delhi-based air freight forwarder, Skyways Air Services, continues to attract robust investor interest on Day 2 of bidding. As of 11:00 am on August 25, the issue reported more than 1.5 times subscription, indicating significant market appetite for the logistics company's shares.The Rs 582.8 crore public issue is being offered through a combination of fresh and existing share sales. It comprises a fresh issue of 2.88 crore equity shares alongside an offer for sale (OFS) of 1.33 crore shares. The price band has been fixed by the company at Rs 131-138 per equity share.
Investor Demand Drives Subscription Figures
Subscription figures reveal strong domestic participation in the IPO. Retail individual investors (RIIs) led the demand, subscribing to their portion of the issue at 2.27 times. The segment dedicated to non-institutional investors (NIIs) also performed strongly, receiving a subscription rate of 1.28 times.The company is planning to raise up to Rs 582.8 crore from this public offering alone. This capital infusion comes as the company aims to strengthen its financial stability and operational capabilities moving forward.
Grey Market Premium Points Towards Listing Gains
In the grey market, Skyways Air Services shares are commanding a healthy premium. The current Grey Market Premium (GMP) is reported at Rs 30, according to InvestorGain.At the upper limit of the IPO price band (Rs 138), the GMP suggests an estimated listing price of Rs 168. This translates to a potential listing gain for investors of around 21.74 percent.
It is important to note that the GMP is an unofficial market indicator and does not guarantee any actual listing price or future returns. The IPO remains open for subscription until August 27, offering investors time to participate.
Strategic Use of Proceeds and Anchor Backing
Prior to the general public opening, Skyways Air Services successfully completed its anchor book, raising Rs 174.5 crore. This allocation was made to 17 anchor investors at a premium price of Rs 138 per share.The list of participating anchor investors includes blue-chip names such as Nomura Singapore and Citigroup. Additionally, funds like Holani Venture Capital Fund and Pranitya India Opportunities Fund were part of the initial backing.
The company has clearly outlined the planned utilization of proceeds. A substantial amount of Rs 216.8 crore from the net fresh issue proceeds is earmarked for debt repayment. This is significant as Skyways Air Services reported total outstanding borrowings of Rs 586.2 crore as of June 2026.
Financial Health Highlights Operational Growth
The IPO filing provides insights into the underlying financial strength of Skyways Air Services. The company demonstrated solid performance, reporting a 32 percent year-on-year increase in profit for the financial year ended March 2026. This was achieved with a net profit reaching Rs 63.5 crore, up from Rs 48.1 crore in the previous year.Revenue also showed substantial growth, increasing by 25.1 percent to Rs 2,812.9 crore in FY26, compared to Rs 2,247.8 crore in FY25. The company's commitment to growth is supported by the planned use of another Rs 130 crore for incremental working capital requirements.
About Skyways Air Services Limited (SASL)
Skyways Air Services Limited operates as a comprehensive logistics and freight forwarding company, serving both domestic and international markets. Its diverse service offerings include air freight forwarding and ocean freight forwarding, road transportation, warehousing, and customs brokerage.The company also provides technology-enabled express cargo and parcel delivery services, positioning it firmly within the dynamic supply chain sector.
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