Ahead of the IPO opening, the company has raised ₹174.5 crore through its anchor book.
Skyways Air Services is looking to raise around ₹582.8 crore through the IPO at the upper end of the price band by issuing a total of 4.22 crore equity shares.
The company has allocated 1.26 crore equity shares to 17 anchor investors at ₹138 per share. The anchor investors include Nomura Singapore, Citigroup, LC Pharos Multi Strategy Fund, Holani Venture Capital Fund, Pranitya India Opportunities Fund and IndusInd General Insurance.
Of the total anchor allocation, 50.5 lakh shares worth ₹69.69 crore were allotted to two domestic mutual funds – Bank of India Mutual Fund and Taurus Asset Management – across six schemes.
Skyways Air Services IPO: Should you apply or avoid?
SBI Securities: Neutral
SBI Securities said Skyways Air Services is an integrated logistics and freight-forwarding company with a strong presence in India’s air freight forwarding market.
The company delivered a Revenue/EBITDA/PAT CAGR of 47.7%/61.8%/35.8% during FY24-FY26, while its EBITDA margin improved to 4.5%.
However, profitability remains modest, with PAT margin at 2.3% in FY26. At the upper price band of ₹138, the IPO is valued at 31.2 times FY26 earnings on a post-issue basis, which the brokerage considers reasonable compared with listed peers.
SBI Securities highlighted the company’s integrated service offerings, extensive partner network and asset-light operating model as positives. However, its high dependence on third-party carriers, elevated borrowings, supplier concentration and the ongoing EOW investigation remain key monitorables.
While debt repayment through the IPO proceeds is expected to strengthen the balance sheet, the brokerage said the sustainability of growth and margin expansion remains to be seen.
SBI Securities has therefore assigned a ‘Neutral’ rating to the IPO and said it would prefer to track the company’s performance for a few quarters after listing.
Swastika Investmart: Subscribe
Swastika Investmart has recommended investors ‘Subscribe’ to the issue, particularly those looking to play the structural expansion of India’s air cargo exports and supply-chain infrastructure over the long term.
The brokerage highlighted that Skyways Air Services has maintained the No. 1 position in air freight forwarding by AWB generation for the past four calendar years.
However, it also flagged the company’s thin PAT margin of 2.26% in FY26, which makes net profitability sensitive to air cargo rates, jet fuel surcharges and international trade volumes.
Swastika Investmart said the allocation of ₹216.79 crore from the fresh issue towards debt reduction should directly lower interest costs and support margin expansion in FY27-FY28.
Skyways Air Services IPO details
The company has fixed the IPO price band at ₹131-138 per equity share. Investors can bid for a minimum of 100 shares and in multiples thereafter.
At the upper end of the price band, Skyways Air Services is expected to command a post-listing market capitalisation of ₹2,005.74 crore.
The IPO comprises a fresh issue and an offer for sale (OFS).
The company will issue 2.88 crore equity shares through the fresh issue, while existing shareholders, including promoters Yashpal Sharma and his brother Tarun Sharma, will sell up to 1.33 crore shares through the OFS.
The fresh issue size has been reduced from the 3.29 crore equity shares proposed in the company’s draft red herring prospectus (DRHP) filed with SEBI in June 2025, following the pre-IPO fundraise. SEBI cleared the company’s IPO papers in November 2025.
Skyways Air Services has already raised ₹48.23 crore through a pre-IPO placement of 40.19 lakh equity shares at ₹120 apiece.
Of the total issue size, 50% is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors.
How will Skyways Air Services use the IPO proceeds?
The company will use ₹216.78 crore from the net fresh issue proceeds to repay debt of the company and its subsidiary, Forin Container Line.
As of June 2026, Skyways Air Services had total outstanding borrowings of ₹504.65 crore on a standalone basis, while Forin Container Line had outstanding borrowings of ₹81.58 crore.
Another ₹130 crore will be used to meet incremental working capital requirements, while the remaining proceeds will be utilised for general corporate purposes. Proceeds from the OFS will accrue to the selling shareholders.
Skyways Air Services reported a 32% increase in net profit to ₹63.5 crore in FY26, from ₹48.1 crore a year earlier.
Revenue increased 25.1% to ₹2,812.9 crore, compared with ₹2,247.8 crore in the previous year.
Holani Consultants, Shannon Advisors and Dolat Finserv are the merchant bankers to the IPO.
The company is expected to finalise the IPO allotment by August 28, with the shares likely to list on the stock exchanges on September 1, 2026.
