Skyways Air Services IPO
LISTEDMAINBOARDSKYWAYSListing Performance
▼ 38.89%
Issue Price
₹138
Listing Price
₹124
Listed On
01 Sep 2026
- Price Band
- ₹131 – ₹138
- Lot Size
- 100
- Lot Value
- ₹13,800
- Open Date
- 24 Aug24 Aug 2026
- Close Date
- 27 Aug27 Aug 2026
- Min Investment
- ₹13,800
About Skyways Air Services
Skyways Air Services is an India-based logistics and freight forwarding company. The company provides a comprehensive suite of services, including air and ocean freight forwarding, warehousing, customs broking, and other value-added services for both domestic and international markets. It has a significant presence in India and a global network to serve a wide range of industries such as medical supplies, pharmaceuticals, electronics, and automotive. The company’s business model is built on an integrated logistics infrastructure, offering end-to-end supply chain support. It has consistently been ranked as a leading air freight forwarder in India based on the number of air waybills generated. The company uses proprietary technology for freight booking, shipment tracking, and providing technology-driven express cargo and parcel delivery services.
Use of IPO Proceeds
Promoters
Yashpal Sharma
Chairman and Managing Director · age 50
Pre-issue: 48.15%
Tarun Sharma
Whole-Time Director · age 41
Pre-issue: 33.82%
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: Equity
Strengths (5)
- •Consistently ranked No. 1 Air Freight Forwarder in India for the last four calendar years.
- •Comprehensive suite of services including air freight, ocean freight, warehousing, and customs broking.
- •Strong pan-India and global network catering to diverse industries.
- •Well-integrated logistics infrastructure offering end-to-end support.
- •Proprietary technology products for freight booking and shipment management.
Risk Factors (5)
- •Heavy reliance on third-party carriers exposes the business to service disruptions and cost volatility.
- •High revenue concentration from a few key customers; the loss of any could negatively impact financials.
- •Profitability is highly sensitive to fluctuations in freight rates and other variable operational costs.
- •Subject to complex and evolving logistics laws, with a risk of significant penalties for non-compliance.
- •Faces intense competition from domestic and global players, which could impact market share and pricing.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 48.52x (QIB 90.06x, NII 68.50x, Retail 16.27x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (14 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹13,800 |
| Retail (max) | 14 | 1,400 | ₹1,93,200 |
| S-HNI (min) | 15 | 1,500 | ₹2,07,000 |
| S-HNI (max) | 72 | 7,200 | ₹9,93,600 |
| B-HNI (min) | 73 | 7,300 | ₹10,07,400 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 4 |
|---|---|---|---|---|
| QIB | 0.01x | 0.01x | 90.06x | 90.06x |
| sNII (S-HNI) | 1.08x | 2.76x | 57.27x | 57.26x |
| bNII (B-HNI) | 0.50x | 1.52x | 74.12x | 74.12x |
| Retail | 1.18x | 2.41x | 16.28x | 16.27x |
| Total | 0.74x | 1.63x | 48.52x | 48.52x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
16.27x
Allotment Ratio
1 lot per 17 applicants
Allotment Probability
~6.1%
Non-Institutional Investors (NII / HNI)
Subscription
68.50x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
90.06x
Allotment Type
Discretionary allotment
Total Subscription
48.52x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
24 Aug 2026 · Mon
Issue Closes
26 Aug 2026 · Wed
UPI Deadline
26 Aug 2026 · Wed
Allotment
27 Aug 2026 · Thu
Refund
28 Aug 2026 · Fri
Share Credit
28 Aug 2026 · Fri
Listing
31 Aug 2026 · Mon
Issue Opens
24 Aug 2026 · Mon
Issue Closes
26 Aug 2026 · Wed
UPI Deadline
26 Aug 2026 · Wed
Allotment
27 Aug 2026 · Thu
Refund
28 Aug 2026 · Fri
Share Credit
28 Aug 2026 · Fri
Listing
31 Aug 2026 · Mon
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹582.80 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Holani Consultants Private Limited, Shannon Advisors Private Limited, Dolat Finserv Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 1,637.22 | 36.84 | 5.84 | — | 17.62% |
| FY24 | 1,289.11 | 34.49 | — | — | — |
| FY23 | 1,484.12 | 37.9 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 58.71 | 48.34 | 63.85 |
| Net Worth | 125.19 | 154.26 | 172.9 |
| Total Borrowings | 175.02 | 357.34 | 422.22 |
| Cash Flow — Operating | 71.59 | -9.04 | -22.02 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
23.6x
Price ÷ EPS
EPS (FY25)
₹6
Earnings per share
RoNW
17.62%
Return on net worth
ROCE
16.96%
as reported in filing
EBITDA margin
3.9%
EBITDA ÷ revenue
Price/NAV
4.17x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
8 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in Skyways Air Services's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Skyways Air Services's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Skyways Air Services's filing.
Source: Skyways Air Services offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB50.00%
- NII / HNI15.00%
- Retail35.00%
OFS Selling Shareholders
- Yashpal Sharma71,20,690 sh
- Tarun Sharma24,60,000 sh
- Himanshu Chhabra18,66,000 sh
- Rohit Sehgal18,86,610 sh
Source: Skyways Air Services offer document (DRHP/RHP).
Board & Management
Board of Directors (10)
- Yashpal Sharma
Chairman and Managing Director
- Tarun Sharma
Whole-Time Director
- Himanshu Chhabra
Whole-Time Director
- Rohit Sehgal
Whole-Time Director
- Rajiv Gul Hariramani
Whole-Time Director
- Rajni
Independent Director
Bachelor of Commerce from University of Delhi, Associate member of Institute of Company Secretaries of India
13 years as Company Secretary
- Ranjit Kumar Pachnanda
Independent Director
Bachelor of Arts in Economics from Delhi University, LLB from Punjab University
34 years in Indian Police Services, retired IPS, served as Security Advisor, DG ITBP, DG NDRF, Commissioner of Police Kolkata
- Rupinder Kaur
Independent Director
- Santosh Ramanuj Tiwari
Independent Director
- Subir Bikas Mitra
Independent Director
Key Managerial Personnel (2)
- Hitesh Kumar
Company Secretary and Compliance Officer
Bachelor of Commerce from University of Delhi, Associate member of Institute of Company Secretaries of India
- Himanshu Chhabra
Chief Financial Officer
Source: Skyways Air Services offer document (DRHP/RHP).
Industry & Market
specialized air freight forwarder focusing primarily on air freight and international cargo movement
Per Industry Report of Logistics in India by Dun and Bradstreet Information Services India Private Limited, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Skyways Air Services Limited | — | 5.99 | 20.26 | 29.56 |
Material Litigation
The company faces material civil litigation including a suit by subsidiary Hubload SLS Services against former employees and a competitor seeking permanent injunction and ₹40 lakh damages for business diversion, and an appeal before the Delhi High Court challenging an arbitral interim order in favor of subsidiary SurgePort Logistics. Additionally, tax proceedings involving aggregate disputed demands of approximately ₹3,650 lakhs are pending before appellate authorities.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Skyways Air Services IPO opening?
The Skyways Air Services IPO opens on 24 Aug 2026 and closes on 27 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Skyways Air Services IPO?
The price band for the Skyways Air Services IPO is ₹131 to ₹138. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Skyways Air Services IPO?
The minimum lot size is 100 shares with a minimum investment of ₹13,800. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Skyways Air Services IPO today?
The latest Grey Market Premium for Skyways Air Services is ₹44 (+31.88%). GMP is unofficial data and is not a guarantee of listing price.
When will the Skyways Air Services IPO list on NSE and BSE?
The Skyways Air Services IPO is expected to list on 01 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the Skyways Air Services IPO allotment status?
The registrar for this IPO is Bigshare Services Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Skyways Air Services IPO a mainboard or SME issue?
Skyways Air Services is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Skyways Air Services IPO?
You can apply for the Skyways Air Services IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Skyways Air Services IPO?
The GMP-implied price (unofficial, not a forecast) is ₹182: the upper price band of ₹138 plus the latest grey market premium of ₹44, as of 28 Sep 2026, 01:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Skyways Air Services IPO?
Based on the retail subscription of 16.27x, the estimated allotment ratio is 1 lot per 17 applicants (approximately 6.1% chance of allotment). This is an estimate and actual allotment may vary.
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