Skyways Air sets price band for Rs 582.8 crore IPO; issue to open on Aug 24

Skyways Air Services Ltd., one of India’s prominent air freight forwarding and logistics companies, is set to launch its initial public offering (IPO) on August 24, 2026, with the price band fixed at Rs 131 to Rs 138 per equity share.

The Rs 582.8 crore IPO will remain open for subscription until August 27, 2026, allowing investors to participate in the company’s next phase of growth. The 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 is expected to attract attention as Skyways Air Services looks to strengthen its balance sheet, reduce debt and fund its growing working capital requirements.

Skyways Air IPO: Key Details

The IPO has been priced between Rs 131 and Rs 138. The floor price represents 13.10 times the face value, while the cap price represents 13.80 times the face value.

Investors can bid for a minimum of 100 equity shares, with subsequent bids required in multiples of 100 shares.

At the IPO price band, the company’s price-to-earnings (P/E) ratio based on diluted FY2026 EPS works out to 36.80 times at the floor price of Rs 131 and 38.76 times at the cap price of Rs 138. This compares with an average P/E of 491 times for the industry peer group, according to the company’s IPO disclosures.

Skyways Air Services has reported a weighted average return on net worth (RoNW) of 14.83% over the last three financial years.

The Skyways Air IPO will open for subscription on August 24, 2026, and close on August 27, 2026.

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.

The anchor investor bidding process is scheduled ahead of the public issue.

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

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.

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