Skyways Air Services shares list at 10% discount on IPO price

Shares of Skyways Air Services tumbled on debut on Tuesday, September 1, listing at 10% discount on IPO price. The stock opened at Rs 124.50 and Rs 124 on the BSE and NSE, respectively, as compared to its issue price of Rs 138.

The IPO, which opened for subscription on August 24 and closed on August 27, drew a massive response across investor categories. The issue was subscribed 71.25 times overall, reflecting robust demand ahead of the listing. Qualified Institutional Buyers (QIBs) emerged as the biggest bidders, with their portion subscribed 139.69 times. The Non-Institutional Investors (NIIs) quota was subscribed 87.24 times, while the retail portion saw 25.40 times subscription.

Skyways Air Services had set the IPO price band at Rs 131–138 per equity share. The Rs 582.8 crore IPO consists of 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 Rs 184 crore.


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

Investor interest was also evident ahead of the IPO, with Skyways Air Services raising Rs 174.5 crore from anchor investors. The company informed the stock exchanges that it had allotted 1,26,48,000 equity shares to anchor investors at Rs 138 per share, underscoring strong institutional appetite for the issue even before it opened for public subscription.

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.

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 mainly comprises 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 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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