Skyways Air Services IPO
Listed -10.1%24–27 Aug 2026
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Our IPO analysis
The five questions
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1How it makes money₹77 of every ₹100 of sales comes from its "Air Cargo Services" segment. ₹91 of every ₹100 comes from Asia and Europe.
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2Is it growing, and is profit turning into cash?Sales grew 2.2x from 2024 to 2026 (₹1,289 cr → ₹2,813 cr). Over 3 years it made ₹146 cr of profit and brought in ₹107 cr of cash from operations.
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3How much cushion does it have?It owes ₹1.88 for every ₹1 of its own money. The line for logistics is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹32 goes to existing shareholders selling. At ₹138 you pay about ₹39 for every ₹1 of last year's profit (two figures in the document don't match; check p.133). The listed peers the document names: ₹182 (middle of 4).
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5Who controls it, and what is on record?Promoters own 79% before the IPO. The document discloses 5 legal matters.
What the document doesn't lead with
Each line pairs what the document leads with and what it also prints, with both pages.
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Latest update:
Listed at ₹124 vs ₹138 issue price (-10.1%) · Day-one close ₹126 · GMP before listing +24.6% implied, 34.7 pp above the actual open · Subscribed 71.25× (QIB 139.7× · NII 87.2× · Retail 25.4×) · Price band ₹131–₹138 · Closed 27 Aug 2026 · Listed 1 Sep 2026 (Confirmed)
How it actually listed
₹124 on open, against a ₹138 issue price -10.1%
It ended its first day at ₹126 (-9.0% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹125 and closed at ₹126, per the BSE's price archive.
Before it listed, the grey market implied +24.6%. The shares opened 34.7 pp below what that implied. It pointed the wrong way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Skyways Air Services does
Skyways Air Services Limited is an Indian logistics company specializing in air freight forwarding, ocean freight forwarding, and express cargo and parcel services, which collectively generated 97.83% of its total revenue in Fiscal 2026.
Skyways Air Services financials
Rs crore · Annual| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 1,289 | 2,248 | 2,813 | |
| Operating Profit | 48 | 86 | 126 | |
| OPM % | 3.8% | 3.9% | 4.5% | |
| Net Profit | 34 | 48 | 64 | |
| Total Debt | 357 | 558 | 624 |
Skyways Air Services IPO offer structure
Total: ₹583 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiary 'Forin Container Line Private Limited': ₹217 cr
- Funding incremental working capital requirements of our Company: ₹130 cr
- General Corporate Purposes
Skyways Air Services promoters and holding
- Mr. Yashpal Sharma: Chairman and Managing Director
- Mr. Tarun Sharma: Whole-Time Director
Skyways Air Services risks and strengths
- Our 100% dependency on carriers for cargo transportation exposes us to risks related to capacity availability, cost fluctuations, and service disruptions. (p.31)
- Geopolitical tensions, conflicts, and global instability may adversely impact the global economy, supply chains, and our business and operations. (p.33)
- Any adverse developments affecting trade volumes and freight rates may have an adverse effect on our business, results of operations, and financial condition. (p.34)
Skyways Air Services peer comparison: DRHP median P/E 182.0x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Delhivery Ltd | — | 260.0x | — | — | DRHP |
| TVS Supply Chain Solutions Ltd | — | 54.0x | — | — | DRHP |
| Mahindra Logistics Limited | — | 1548.0x | — | — | DRHP |
| Shadowfax Technologies Limited | — | 104.0x | — | — | DRHP |
| Delhivery Limited | — | — | — | — | DRHP |
| TVS Supply Chain Solutions Limited | — | — | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Skyways Air Services market and competition
The company has been ranked India's No. 1 Air Freight Forwarder in terms of Airway shipments generated for four consecutive calendar years (2022-2025) according to World ACD Market Data.
Skyways Air Services outlook, as the document states it
The company plans to expand and strengthen the scope of its existing operations, enhance infrastructure development, deepen customer relationships, and improve technological capabilities in both software and hardware. It also aims to explore opportunities in high-growth international markets.
Skyways Air Services IPO: common questions
When does the Skyways Air Services IPO open and close?
The Skyways Air Services IPO is open from 24 Aug 2026 to 27 Aug 2026.
What is the Skyways Air Services IPO price band?
The price band is ₹131–₹138 per share.
What is the lot size and minimum investment for the Skyways Air Services IPO?
One lot is 100 shares, and a retail application must be at least one lot. That is about ₹13,800 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the Skyways Air Services IPO subscribed?
As of 10 Oct 2026 the total subscription is 71.25×.
When does the Skyways Air Services IPO list?
The listing date is 1 Sep 2026.
How do I check the Skyways Air Services IPO allotment status?
On the allotment status page published by Bigshare Services, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Skyways Air Services IPO allotment status
Listed 1 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is Bigshare Services.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →