Skyways Air Services IPO
Skyways Air Services Limitedskyways-air.in
- Price band
- ₹131 – ₹138
- Issue size
- ₹583 Cr
- Lot size
- 100 sh
- Bidding
- 24 – 27 Aug
- Grey market
- —
Face value ₹10.00
68% fresh capital
Lists 1 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Skyways Air Services is a New Delhi air and ocean freight forwarder incorporated on 21 December 1984, which the record describes as owning no aircraft or ships and as securing space from carriers back-to-back only after a customer confirms. Operating revenue was Rs 1,289.11 crore in FY24, Rs 2,247.82 crore in FY25 and Rs 2,812.90 crore in FY26, with profit after tax of Rs 34.49 crore, Rs 48.14 crore and Rs 63.52 crore across the same three years. The Rs 582.80 crore issue — Rs 398.80 crore fresh and Rs 184.00 crore offer for sale, priced at Rs 131 to Rs 138 — was subscribed 71.25 times overall on its final day, 27 August 2026. It listed on 1 September 2026 at Rs 124 against the band top of Rs 138, and was quoted at Rs 95.43 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Balance sheet is the open question
63% of the scoring model was backed by disclosed data for Skyways Air Services, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 1.9× leaves limited headroom if demand softens or rates rise.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1984 · RZ 128-129A, Mahipalpur Extension, NH-8, New Delhi 110037, India · 1,193 employees
Skyways Air Services is a New Delhi freight forwarder that books cargo space on other companies' aircraft and ships and handles the paperwork around it. It began in 1984 as a customs house agent and now sells air freight forwarding, ocean freight forwarding, express cargo and parcel delivery, trucking, warehousing and customs broking. Customers are Indian exporters and importers — 9,504 of them in FY2026. That year it moved 83,923.81 tonnes of air cargo and 28,275 ocean containers (TEU), and held relationships with 56 airlines. It owns no aircraft or ships — it buys space from carriers including Lufthansa Cargo, Qatar Airways, Air India and Turkish Airlines. Seventeen Indian and six overseas subsidiaries — in Germany, Hong Kong, Dubai, Vietnam, Cambodia and the UK — handle specialist lanes, and a technology arm builds its booking and tracking platforms.
Revenue is gross freight billed to shippers, not a net commission, so FY2026 operating revenue of ₹2,812.90 crore carries the carriers' charges inside it. Cost of services — freight, handling and servicing paid to airlines, shipping lines and truckers — was ₹2,506.91 crore, 88.28% of total revenue, leaving a 4.47% EBITDA margin and a 2.26% PAT margin on operating revenue. Air cargo was 77.02% of FY2026 revenue, ocean 15.02%, express cargo 5.79%. The structural constraint: the company charters no capacity, securing space back-to-back only after a customer confirms, so earnings are the spread between bought and sold freight. Average air realisation fell from ₹280/kg in FY2025 to ₹258/kg in FY2026. Working-capital growth pushed borrowings to ₹624.06 crore against ₹332.64 crore net worth.
The company on paper
- Legal name
- Skyways Air Services Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 21 Dec 1984
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74899DL1984PLC019666
- Sector
- Industrials · Air freight forwarding and multimodal logistics services
- Employees
- 1,193
- Registered office
- RZ 128-129A, Mahipalpur Extension, NH-8, New Delhi 110037, India
- Promoters
- Yashpal Sharma, Tarun Sharma
- Promoter holding, pre-issue
- 79.1%
- Promoter holding, post-issue
- 56.8%
- Website
- skyways-air.in
The numbers
Financial performance
Revenue has compounded at 47.7% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
68% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹399 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹184 Cr
- Total issue size
- ₹583 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 22.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹138.00
- Listed at
- ₹124.00
- Listing gain
- down 10.1%
- Since listing
- down 25.4%
- Against the issue price
- down 33.0%
Trading at ₹92.45 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 100
- At cut-off price
- ₹138.00
- Amount blocked
- ₹13,800
One lot is 100 shares at ₹13,800. Retail applications are capped at ₹2,00,000, which allows up to 14 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~4%
chance of one lot, per application
- Retail subscription
- 25.40×
- Applicants per share available
- 25.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹124.00
listed at, −10.1% against the issue price
- Issue price
- ₹138.00
- Premium said
- —
- If allotted 100 shares
- −₹1,400
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Operating revenue was Rs 1,289.11 crore in FY24 and higher in each later year on record: Rs 2,247.82 crore in FY25, up 74.37%, and Rs 2,812.90 crore in FY26, up 25.14%. Profit after tax was Rs 34.49 crore in FY24, Rs 48.14 crore in FY25 (up 39.58%) and Rs 63.52 crore in FY26 (up 31.95%).
- EBITDA margin on operating revenue was 3.75% in FY24 (Rs 48.34 crore on Rs 1,289.11 crore) and was higher in each later year on record: 3.85% in FY25 (Rs 86.49 crore on Rs 2,247.82 crore) and 4.47% in FY26 (Rs 125.65 crore on Rs 2,812.90 crore).
- Borrowings measured against net worth were 2.32 times in FY24 (Rs 357.34 crore against Rs 154.26 crore) and lower in each later year on record: 2.26 times in FY25 (Rs 558.43 crore against Rs 247.14 crore) and 1.88 times in FY26 (Rs 624.06 crore against Rs 332.64 crore).
- On the final day of the book, 27 August 2026, the issue was subscribed 71.25 times overall, with the qualified institutional portion at 139.69 times, the non-institutional portion at 87.24 times and retail at 25.40 times.
What to weigh against it
- In absolute terms borrowings were Rs 357.34 crore in FY24 and higher in each later year on record: Rs 558.43 crore in FY25 and Rs 624.06 crore in FY26. The FY26 figure of Rs 624.06 crore is 1.88 times the FY26 net worth of Rs 332.64 crore.
- Profit after tax sat between 2.14% and 2.68% of operating revenue in every year on record, and did not move in one direction: 2.68% in FY24 (Rs 34.49 crore on Rs 1,289.11 crore), 2.14% in FY25 (Rs 48.14 crore on Rs 2,247.82 crore) and 2.26% in FY26 (Rs 63.52 crore on Rs 2,812.90 crore).
- The record's own business description puts FY2026 cost of services — freight, handling and servicing paid to airlines, shipping lines and truckers — at Rs 2,506.91 crore, which it states as 88.28% of total revenue, and gives average air realisation as Rs 280 per kg in FY2025 against Rs 258 per kg in FY2026, a fall of 7.86%.
- The stock listed at Rs 124 against the band top of Rs 138, a listing gain of -10.14%, closed its first day at Rs 125.56, and was quoted at Rs 95.43 on 23 October 2026 — 30.85% below the band top of Rs 138 and 23.04% below the Rs 124 listing price.
Easy to miss in the prospectus
- On the record's own business description, air freight forwarding was 77.02% of FY2026 revenue, ocean freight 15.02% and express cargo 5.79%.
- Promoter holding is given as 79.14% before the issue and 56.82% after, a fall of 22.32 percentage points. Rs 184.00 crore of the Rs 582.80 crore issue was an offer for sale, 31.57% of the total, the remaining Rs 398.80 crore (68.43%) being fresh.
- The record carries no valuation block, no allocation split, no anchor book, and no total-assets or operating-cash-flow figure for any of the three years; subscription is a single final-day snapshot dated 27 August 2026, with no day-wise build-up.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Holani Consultants Private Limited, Shannon Advisors Private Limited, Dolat Finserv Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Skyways Air Services's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Skyways Air Services Limited — Prospectus dated 27 August 2026 (company investor page) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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