Skyways Air Services shares debut at 10% discount to IPO price

Shares of Skyways Air Services Ltd. made a disappointing debut on Dalal Street on Tuesday, September 1, falling short of grey market expectations. The stock opened at ₹124 on the NSE, a discount of 10.14% to its issue price of ₹138. On the BSE, it debuted at ₹124.50, a discount of 9.78% to the issue price.

The Delhi-based air freight forwarding and logistics company’s shares were scheduled to list today, after its ₹582.79-crore initial public offering (IPO) was subscribed 71.25 times overall. Investors placed bids for 210.79 crore shares against 2.95 crore shares on offer.

In the unlisted market, Skyways Air Services shares were commanding a grey market premium (GMP) of ₹32, which indicated a potential listing price of around ₹170 per share, or a 23% premium over the IPO price of ₹138.

However, it is important to note that grey market premiums are only an indicator of investor sentiment in the unofficial market and can change rapidly. They are not a reliable indicator of the actual listing price.

Narendra Solanki, Head – Fundamental Research – Investment Services at Anand Rathi Shares and Stock Brokers, said investors who receive an allotment may consider booking partial profits after listing and holding the remaining shares for the long term, citing the company’s strong market position, diversified service portfolio and favourable industry outlook.

The IPO was open for subscription from August 24 to August 27.

Skyways Air Services raised around ₹582.8 crore through the IPO at the upper end of the price band of ₹131-138 per share. At the upper end of the price band, the company is expected to command a post-listing market capitalisation of ₹2,005.74 crore.

The IPO comprised a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.

Ahead of the IPO opening, the company had raised ₹174.5 crore through its anchor book.

Skyways Air Services plans to use ₹216.78 crore from the net fresh issue proceeds to repay debt at 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 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, compared with ₹48.1 crore a year earlier.

Revenue rose 25.1% to ₹2,812.9 crore from ₹2,247.8 crore in the previous financial year.