Skyways Air Services Limited IPO
ListedMainboardLogistics
71.25×
Subscribed
Price band
₹138 – ₹138
Lot size
100
1 lot = ₹13,800
Issue size
₹582.8 Cr
Open – close
24 Aug 2026
to 27 Aug 2026
Listing
01 Sept 2026
Listing gain
-10.14%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength79/100
- Priced below its peers38.8× earnings against a peer median of 182.0× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 12.3% against a peer median of 3.6%
- Adequate return on equityROE of 12.3%
- Conservative balance sheetDebt/equity of 0.90×
- Proceeds mostly repay debt₹217 Cr of the ₹399 Cr raised repays borrowings — deleveraging rather than expansion
- Institutions bid heavilyQIB portion subscribed 139.69×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens24 Aug 2026
- Closes27 Aug 2026
- Allotment28 Aug 2026
- Listing01 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB139.69x
Non-institutionalNII / HNI87.24x
Big NIIabove ₹10L91.33x
Small NII₹2L – ₹10L79.04x
Retail individualRII25.40x
34,34,228 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 27 Aug 2026.
Chance of allotment
Retail25.40× subscribed
~1 in 25.4
Minimum 1 lot · 100 shares · ₹13,800 blocked
Retail is 25.4× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 25.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII87.24× subscribed
~1 in 87.2
Minimum 15 lots · 1,500 shares · ₹2,07,000 blocked
HNI is 87.24× subscribed. This category is allotted proportionately, so a bid receives roughly 1/87.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹138 – ₹138
Face value₹10
Lot size100shares
Minimum application₹13,800at cut-off
Total issue size₹582.8 Cr
Fresh issue₹398.8 Cr
Offer for sale₹184 Cr
Listing atMainboard
Company & valuation
P/E at upper band38.76×
EPS₹3.52pre-issue
NAV per share₹28.91
Return on equity12.33%
Debt / equity0.90×
ROCE18.11%
RoNW12.33%
PAT Margin2.26%
EBITDA Margin4.47%
NAV28.91
Price to Book Value4.77
ISININE0PX301025
RegistrarBIGSHARE
31.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 2,10,80,000 | — |
| Anchor Investor | 1,26,48,000 | — |
| QIB (Ex. Anchor) | 84,32,000 | — |
| NII (HNI) | 63,51,600 | — |
| bNII > ₹10L | 42,34,400 | 2822.00% |
| sNII < ₹10L | 21,17,200 | 1411.00% |
| Retail | 1,48,00,000 | 148000.00% |
Total issue 4,22,31,600 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹13,8001 lot · 100 sh
Retail (Max)₹1,93,20014 lots · 1,400 sh
S-HNI (Min)₹2,07,00015 lots · 1,500 sh
S-HNI (Max)₹9,93,60072 lots · 7,200 sh
B-HNI (Min)₹10,07,40073 lots · 7,300 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,26,48,000
Anchor portion₹174.54 Cr
Bid date21 Aug 2026
Lock-in ends (50%)26 Sept 2026
Lock-in ends (rest)25 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiary "Forin Container Line Private Limited"₹216.79 Cr
- 02Funding incremental working capital requirements of our Company₹130 Cr
- 03General Corporate Purposes₹13.97 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Skyways Air Services Limitedthis issue | 3.56 | 38.76 | 28.91 | 12.33% |
| Delhivery Ltd | 2.00 | 260.00 | 129.40 | 1.58% |
| TVS Supply Chain Solutions Ltd | 2.59 | 54.00 | 46.09 | 5.62% |
| Mahindra Logistics Limited | 0.25 | 1548.00 | 130.57 | 0.19% |
| Shadowfax Technologies Limited | 2.18 | 104.00 | 34.04 | 6.40% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Criminal proceedings disclosedmedium
A FIR No. 0172 of 2025 dated December 12, 2025, has been registered with the Police Station - Economic Offences Wing, Delhi and the Police Station - 521.
mediumThe Company is 100% dependent on third-party carriers for cargo transportation and does not operate its own aircraft or shipping lines, exposing it to risks related to capacity availability, cost fluctuations, and service disruptions.
mediumThe Company's revenue is highly dependent on the continued performance of its freight forwarding operations, and any disruption in these primary services may adversely impact overall operational results.
mediumThe Company's business is closely linked to trade volumes and broader economic conditions, and a slowdown driven by weaker global demand, geopolitical uncertainties, or sector-specific declines can reduce cargo movement and negatively affect revenues.
Litigation across 2 matters
A FIR No. 0172 of 2025 dated December 12, 2025, has been registered with the Police Station - Economic Offences Wing, Delhi and the Police Station - 521.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Skyways Air Services Limited
Skyways Air Services Limited, established in 1984, is engaged in the air freight forwarding and logistics business. Its services include air and ocean freight forwarding, trucking, warehousing, customs broking, express cargo and parcel delivery, cargo handling, logistics planning and management, and documentation and customs clearance. The company also provides technology-enabled logistics services through platforms supporting freight quotations, booking management, shipment tracking, workflow management, documentation and operational reporting. Its subsidiaries operate across areas including road transportation, warehousing, ocean logistics, cross-border freight forwarding, express cargo delivery and information technology services. The company also has international subsidiaries and operations in markets including Germany, Hong Kong, the UAE, Vietnam, Cambodia, the United Kingdom, the United States, Canada and Saudi Arabia. It operates through a network across 28 cities in 12 states and one Union Territory in India. The company has also expanded its activities into logistics and cargo-related infrastructure, including cargo terminals, container freight stations, logistics parks, warehousing complexes and related facilities.
Founded 1984MD Mr Yashpal SharmaSector Logistics
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Skyways Air Services Limited IPO subscribed?
Skyways Air Services Limited is subscribed 71.25× overall (QIB 139.69×, NII 87.24×, retail 25.40×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the Skyways Air Services Limited IPO?
One lot is 100 shares, so a retail application at the ₹138 cut-off price blocks ₹13,800. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Skyways Air Services Limited IPO?
The retail portion is subscribed 25.40×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 25. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Skyways Air Services Limited IPO allotment date?
Allotment is scheduled for 2026-08-28, with listing on 2026-09-01. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.