Skyways Air IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 139.69x |
| NII | 87.24x |
| sNII (₹2L–₹10L) | 79.04x |
| bNII (above ₹10L) | 91.33x |
| Retail (RII) | 25.4x |
| Total | 71.25x |
Bidding day 4 · final figures at close of bidding: 1 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 24 Aug 2026
- Close Date
- 27 Aug 2026
- Listing Date
- 1 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹398.8 Cr
- OFS
- ₹184 Cr
- Listing On
- NSE, BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹13,800 |
| Retail (Max) | 15 | 1,500 | ₹2,07,000 |
| B-HNI (Min) | 73 | 7,300 | ₹10,07,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 1,26,48,000 | 29.95% |
| QIB (ex-anchor) | 84,32,000 | 19.97% |
| NII | 63,51,600 | 15.04% |
| — sNII (< ₹10L) | 21,17,200 | 5.01% |
| — bNII (> ₹10L) | 42,34,400 | 10.03% |
| Retail | 1,48,00,000 | 35.04% |
| Total | 4,22,31,600 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,316.81 | 34.49 | 48.34 | 154.26 | 790.35 | 357.34 | — |
| FY 2025 | 2,270.99 | 48.14 | 86.49 | 247.14 | 1,321.64 | 558.43 | — |
| FY 2026 | 2,839.67 | 63.52 | 125.65 | 332.64 | 1,508.24 | 624.06 | 5.46 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 25.27x
- P/E (post-issue)
- 31.58x
- RoNW
- 12.33%
- RoE
- 14.15%
- RoCE
- 18.11%
- Debt / Equity
- 1.26
- EPS (pre-issue)
- ₹5.46
- EPS (post-issue)
- ₹4.37
- EBITDA Margin
- 4.47%
- PAT Margin
- 2.26%
- P/BV
- 4.77x
- NAV / share
- ₹28.91
- Market Cap
- ₹2,005.74 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and Subsidiary Forin Container Line Pvt.Ltd.. | ₹216.79 Cr |
| Funding incremental working capital requirements of the Company. | ₹130 Cr |
| General Corporate Purposes | ₹13.97 Cr |
| Issue Expenses | ₹55.06 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the Book Running Lead Managers (including Underwriting commission | ₹38.87 Cr |
| Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs and brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their Sub-Syndicate Members), Registered Brokers, RTAs and CDPs | ₹1.18 Cr |
| Fees payable to the Registrar to the Offer | ₹1.1 Cr |
| Fees payable to the Legal Advisors | ₹0.4 Cr |
| Advertising and marketing expenses | ₹6.01 Cr |
| Fees payable to the regulators including Stock Exchanges | ₹6.11 Cr |
| Printing and Distribution of Offer Stationary | ₹0.37 Cr |
| Fees payable to Others | ₹1.01 Cr |
Promoters & Shareholding
Promoters: <p>Yashpal Sharma, Tarun Sharma</p>
- Holding (pre-issue)
- 79.14%
- Holding (post-issue)
- 56.82%
- Dilution
- 22.32%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| BANK OF INDIA SMALL CAP FUND | Bank | 18,70,000 | ₹138 | 25.81 | 14.78% |
| BANK OF INDIA FLEXI CAP FUND | Bank | 17,30,000 | ₹138 | 23.87 | 13.68% |
| PRANITYA INDIA OPPORTUNITIES FUND | Other | 12,02,000 | ₹138 | 16.59 | 9.5% |
| HOLANI VENTURE CAPITAL FUND-HOLANI VENTURE CAPITAL FUND I | Other | 10,40,600 | ₹138 | 14.36 | 8.23% |
| TAURUS FLEXI CAP FUND | Other | 9,50,000 | ₹138 | 13.11 | 7.51% |
| INDUSIND GENERAL INSURANCE CO.LTD. | Insurance | 9,40,000 | ₹138 | 12.97 | 7.43% |
| VISTA AXIS VCC-QUANT FUND | Other | 7,40,000 | ₹138 | 10.21 | 5.85% |
| LRSD SECURITIES PVT.LTD. | Other | 7,24,700 | ₹138 | 10 | 5.73% |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | Other | 7,24,700 | ₹138 | 10 | 5.73% |
| MERU INVESTMENT FUND PCC-CELL 1 | Other | 6,96,000 | ₹138 | 9.6 | 5.5% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | FII/FPI | 4,00,000 | ₹138 | 5.52 | 3.16% |
| SHINE STAR BUILD-CAP PVT.LTD. | Other | 4,00,000 | ₹138 | 5.52 | 3.16% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 3,65,000 | ₹138 | 5.04 | 2.89% |
| NOMURA SINGAPORE LTD. | Other | 3,65,000 | ₹138 | 5.04 | 2.89% |
| TAURUS MID CAP FUND | Other | 3,50,000 | ₹138 | 4.83 | 2.77% |
| TAURUS LARGE CAP FUND | Other | 1,20,000 | ₹138 | 1.66 | 0.95% |
| TAURUS INFRASTRUCTURE FUND | Other | 30,000 | ₹138 | 0.41 | 0.24% |
Anchor bidding took place on 21 Aug 2026. Anchor lock-in: 50% of shares unlock on 26 Sept 2026, the remainder on 25 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Skyways Air | 3.56 | 28.91 | — | 12.33% | Consolidated |
| Delhivery Ltd | 2.04 | 129.4 | 260x | 1.58% | Consolidated |
| Mahindra Logistics Ltd | 0.25 | 130.57 | 1,548x | 0.19% | Consolidated |
| Shadowfax Technologies Ltd | 2.22 | 34.04 | 104x | 6.4% | Consolidated |
| Tvs Supply Chain Solutions Ltd | 2.59 | 46.09 | 54x | 5.62% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Skyways Air IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Skyways Air IPO
The Skyways Air mainboard IPO opens for subscription on 24 Aug 2026 and closes on 27 Aug 2026, offered at a price band of ₹131–138 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹582.8 crore. Retail investors bid in lots of 100 shares, a minimum application of ₹13,800.
Issue structure
The offer combines a fresh issue of ₹398.8 crore with an offer for sale (OFS) of ₹184 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and subsidiary forin container line pvt.ltd.. (₹216.79 crore), alongside funding incremental working capital requirements of the company. (₹130 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Skyways Air reported revenue of ₹2,839.67 crore and a net profit of ₹63.52 crore. Revenue grew from ₹1,316.81 crore in FY2024 to ₹2,839.67 crore in FY2026 (+116.0%). Net worth stood at ₹332.64 crore at the end of FY2026. At the upper band, that puts the issue at roughly 25.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 31.58× post-issue earnings and 4.77× book value, against a return on net worth of 12.33% and a debt-to-equity ratio of 1.26. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Delhivery Ltd and Mahindra Logistics Ltd, with a median peer P/E of about 182×. The issue's own post-issue P/E works out to 31.58×.
Promoters
The promoters of the company are <p>Yashpal Sharma, Tarun Sharma</p>. Promoter holding stands at 79.14% before the issue and comes down to 56.82% after listing.
Grey market premium (GMP)
In the unofficial grey market, Skyways Air shares are quoted at a premium of ₹32 implying an expected listing around ₹170, about +23.2% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Skyways Air IPO was subscribed 71.25 times overall. The strongest demand came from qualified institutional buyers (QIB) at 139.69 times, with non-institutional investors (NII) at 87.24× and retail investors at 25.4×.
Listing performance
Skyways Air listed on 1 Sept 2026 at ₹124.5, a discount of -9.8% over the issue price of ₹138.
What to weigh
When evaluating the Skyways Air IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Skyways Air
Incorporated in 1984, Skyways Air Services Limited (SASL) is a leading air freight forwarding and logistics company in India. The company provides a range of logistics solutions, including air freight forwarding, ocean freight forwarding, trucking, warehousing, customs broking, and technology-driven express cargo and parcel delivery services. Skyways Air Services Limited offers value-added services such as logistics planning and management, cargo handling operations, warehousing and inventory management, documentation and customs clearance, and end-to-end distribution. The company operates a robust IT-enabled platform to support these services and maintains a strong global network through international alliances and affiliations with organizations such as the World Cargo Alliance (WCA), Air & Ocean Partners (AOP), Combined Logistics Networks (CLN), Multi Group Logistics Network (MGLN), Global Freight Alliance (GFA), and the Transport Worldwide International Group (TWIG). The company has performance-based agreements with leading international airlines, including Saudi Cargo, Air India Cargo, Turkish Airlines, and Lufthansa, ensuring strong connectivity and service coverage across major markets. Skyways Air Services Limited has evolved into a multi-modal logistics provider, offering cold storage facilities near Indira Gandhi International Airport for pharmaceuticals and temperature-sensitive cargo, and an integrated platform combining air, ocean, road, and express delivery services. As of December 31, 2024, and for the periods ending March 31, 2024, 2023, and 2022, the company and its subsidiaries had an employee base of 1,035, 950, 840, and 712, respectively.
Skyways Air — Contact Details
- Registered office
- RZ 128-129A,, Mahipalpur Extension, NH-8,, Delhi, New Delhi, 110037
- Phone
- 9910791501
- cs@skyways-group.com
- Website
- www.skyways-air.in/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Skyways Air IPO price band?
- The Skyways Air IPO price band is ₹131 to ₹138 per share, with a lot size of 100 shares.
- What was the Skyways Air IPO GMP before listing?
- The final grey market premium recorded before the Skyways Air IPO listed was ₹32. The IPO listed on 1 Sept 2026 at ₹124.5, -9.8% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Skyways Air IPO open and close?
- The Skyways Air IPO opens on 24 Aug 2026 and closes on 27 Aug 2026.
- When is the Skyways Air IPO allotment and listing date?
- Allotment is expected on 28 Aug 2026. The shares are scheduled to list on 1 Sept 2026 on NSE and BSE.
- How many times was the Skyways Air IPO subscribed?
- The Skyways Air IPO was subscribed 71.25 times in total across all investor categories.
- What is the reservation split in the Skyways Air IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.97% (plus 29.95% anchor), non-institutional investors 15.04%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Skyways Air and what is their holding?
- The promoters are <p>Yashpal Sharma, Tarun Sharma</p>. Promoter holding is 79.14% before the issue and 56.82% after listing.
- What is the P/E ratio of the Skyways Air IPO?
- At the upper price band, the Skyways Air IPO is valued at 25.27× pre-issue earnings and 31.58× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Skyways Air IPO?
- The net proceeds go primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and subsidiary forin container line pvt.ltd.., among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Skyways Air IPO?
- The book-running lead managers are Holani Consultants Pvt.Ltd., Shannon Advisors Pvt.Ltd., Dolat Finserv Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Skyways Air a Mainboard or SME IPO?
- Skyways Air is a Mainboard IPO, listing on NSE and BSE.