Listing Day Approaches
Skyways Air Services is set to make its stock market debut on the BSE and NSE on Tuesday, September 1, following a strong response from investors. The company's shares are currently commanding a 23% grey market premium (GMP), signalling expectations of a healthy listing gain, as reported by The Economic Times.
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, according to exchange data cited by Livemint. Qualified institutional buyers (QIBs) drove demand, subscribing to their reserved portion 140 times, while the non-institutional investor (NII) category was subscribed 87 times, as per Livemint's report.
Grey Market Premium and Expert Predictions
Shares of Skyways Air Services are commanding a premium of ₹32 in the grey market, indicating an estimated listing price of ₹170, which is 23.19% higher than the IPO price of ₹138, reported Livemint. The GMP indicates the potential difference between an IPO's issue price and its expected listing price in the unofficial market, though it is merely an early market indicator and should not be used as the sole basis for making investment decisions.
Mahesh M. Ojha, Vice President Research & Business Development at Kantilal Chhaganlal Securities Pvt. Ltd, estimates a listing gain of 22% to 26%. Ojha recommended short-term investors to book profits, while suggesting long-term investors to hold the stock. He also noted the company's expansion through technology platforms and a consortium with Swissport International AG for a proposed Kolkata cargo terminal, which he said provides an additional long-term growth opportunity.
IPO Details
The ₹582.5-crore mainboard IPO was open for subscription from August 24 to August 27, at a fixed price band of Rs 131–138 per equity share, according to The Economic Times. The issue comprised a fresh issue of 2.89 crore shares and an offer for sale of 1.33 crore shares, raising a total of Rs 582.8 crore, as reported by The Economic Times.
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 public subscription, 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.
Financial Performance and Company Profile
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, as per The Economic Times. Profit after tax jumped 32% to Rs 63.52 crore, from Rs 48.14 crore a year earlier.
Skyways Air Services Limited, or SASL, was incorporated in 1984 and is one of the leading air freight forwarding and logistics companies in India, according to The Economic Times. Its logistics solutions include air freight forwarding, ocean freight forwarding, trucking, warehousing, customs broking, and technology-driven express cargo and parcel delivery services. The company also operates cold storage facilities around Indira Gandhi International Airport for pharmaceuticals and temperature-sensitive cargo.
The company has performance-based agreements with international airlines including Saudi Cargo, Air India Cargo, Turkish Airlines, and Lufthansa, and maintains global alliances with organizations such as the World Cargo Alliance, Air & Ocean Partners, Combined Logistics Networks, Multi Group Logistics Network, Global Freight Alliance, and the Transport Worldwide International Group. As of December 31, 2024, the company and its subsidiaries employed 1,035 people, up from 950 in 2023 and 840 in 2022.