Skyways Air IPO opens today; GMP at 23%: Key details. Should you subscribe?

The Rs 582.8 crore IPO of Skyways Air Services Ltd. opens for subscription today, August 24, 2026. The issue will remain open for three days, with bidding closing on August 27.

In the grey market, the IPO is currently commanding a 23% premium over its issue price, signalling expectations of a strong listing gain. But does the GMP alone make the issue worth subscribing to?

Skyways Air Services, a prominent player in India’s air freight forwarding and logistics sector, has fixed the IPO price band at Rs 131–Rs 138 per equity share. The Rs 582.8 crore public issue comprises a fresh issue of 2.89 crore shares worth Rs 398.8 crore and an offer for sale (OFS) of 1.33 crore shares aggregating to Rs 184 crore.


The IPO allotment is expected to be finalised on August 28, 2026. The company’s shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 1, 2026.

Holani Consultants Pvt. Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is acting as the registrar.

Rs 174.5 Crore Raised From Anchor Investors

Ahead of the IPO opening, Skyways Air Services raised Rs 174.5 crore from anchor investors. The company informed the stock exchanges that it allotted 1,26,48,000 equity shares at Rs 138 per share to anchor investors.

The anchor book included institutional investors such as Nomura Singapore, Citi Group Global Markets Mauritius, Holani Venture Capital Fund-I, IndusInd General Insurance Company, and ASAS Global Fund Incorporated VCC Sub Fund.

Skyways Air IPO GMP Today

The Skyways Air IPO is currently commanding a grey market premium (GMP) of Rs 32, or around 23%, over its upper price band of Rs 138 per share. Based on the latest GMP, the IPO’s estimated listing price is around Rs 170 per share, suggesting a potential listing gain of about 23% over the issue price.

GMP note: The grey market premium is an unofficial indicator of market sentiment and is not a guarantee of the IPO’s actual listing price or returns. GMP can also fluctuate before listing.

Also Read: Tempsens Instruments IPO Day 3: GMP at 105%, subscription hits 21.66x. Should you subscribe?

IPO Objects of the Issue

A key objective of the IPO is to strengthen Skyways Air Services’ financial position and provide additional resources to support its future expansion. Of the net proceeds, Rs 216.79 crore is proposed to be used for the full or partial repayment or prepayment of certain outstanding borrowings taken by the company and its subsidiary, Forin Container Line Pvt. Ltd.

Reducing debt is expected to help the company improve its financial structure and potentially lower its financing burden.

Another Rs 130 crore has been earmarked to meet the company’s incremental working capital requirements. The funds will provide greater flexibility to manage day-to-day operations while supporting business growth. The remaining proceeds will be utilised for general corporate purposes. Overall, the estimated utilisation of net proceeds stands at Rs 346.79 crore.

Skyways Air Services Financial Performance

Skyways Air Services reported a strong financial performance in FY2026, with both revenue and profitability registering healthy growth. The company’s total income increased 25% to Rs 2,839.67 crore in FY26, compared with Rs 2,270.99 crore in FY25. More notably, profit after tax (PAT) jumped 32% to Rs 63.52 crore, from Rs 48.14 crore a year earlier.

The faster growth in profit compared with income indicates an improvement in the company’s earnings performance and profitability during the year.

About Skyways Air Services

Skyways Air Services Limited, or SASL, was incorporated in 1984 and is one of the leading air freight forwarding and logistics companies in India. The range of its logistics solutions comprises mainly air freight forwarding, ocean freight forwarding, trucking, warehousing, customs broking, and technology-driven express cargo and parcel delivery services. The value-added services of Skyways Air Services Limited include logistics planning and management, cargo handling operations, warehousing and inventory management, documentation and customs clearance, and end-to-end distribution.

The company similarly operates a robust, IT-enabled platform to support these services, and it sustains 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).It has performance-based agreements with leading international airlines such as Saudi Cargo, Air India Cargo, Turkish Airlines, and Lufthansa that ensure strong connectivity and service coverage across major markets.

Skyways Air Services Limited has grown to become a multi-modal logistics player with cold storage facilities around Indira Gandhi International Airport for pharmaceuticals and temperature-sensitive cargo, and an integrated platform to offer air and ocean, road, and express delivery services.

As of December 31, 2024, and for the periods ended March 31, 2024, 2023, and 2022, the company and its subsidiaries had 1,035, 950, 840, and 712 employees, respectively.

Should You Subscribe?

Master Capital Services on Skyways Air Services, "India’s air cargo and logistics sector is witnessing strong growth, driven by rising exports, the rapid expansion of e-commerce, organised supply chains and increasing demand for faster and more reliable cargo movement. Government-led infrastructure development and digital initiatives are also supporting the sector’s expansion.

The Indian logistics industry has grown significantly in recent years, supported by rapid industrialisation and urbanisation, rising domestic consumption and the continued growth of e-commerce. The sector was valued at around USD 215 billion in 2021 and is projected to grow at a CAGR of 10.7% to reach approximately USD 357 billion by FY2026. Meanwhile, the domestic express logistics segment is expected to grow at a 14% CAGR between FY2023 and FY2028.

India’s air freight movement has also maintained a steady long-term growth trajectory, rising from 3.33 million tonnes in FY2020 to 3.96 million tonnes in FY2026, representing a CAGR of approximately 2.9%. The development of dedicated cargo terminals and perishable-cargo centres at major airports, along with connectivity initiatives such as UDAN and Bharatmala, is expected to further strengthen the country’s logistics infrastructure.

Against this backdrop, Skyways Air Services, with nearly four decades of operating experience, holds a strong position in the market. Its No. 1 ranking in terms of AWBs generated, integrated air, ocean, road, warehousing and customs solutions, and long-standing relationships with international airlines provide it with a diversified logistics platform. Given the favourable industry outlook and the company’s established presence across the air freight and logistics value chain, Master Capital Services believes investors may consider the Skyways Air Services IPO as a potential long-term investment opportunity.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)