Minerva Capital Research Solutions

Skyways Air Services

ListedListed 1 Sep 2026MainboardNSE: SKYWAYSCheck allotment
Current price₹ 95.69−30.66% since issue
Listing day−10.14%
Issue price
₹ 138
Issue size
₹ 582.8 Cr.
Min. investment
₹ 13,800
Listing price
₹ 124
Subscribed
71.25x
Lot size
100 shares
P/E
31.58
RoNW
12.33%
RoCE
18.11%
Debt / Equity
1.26
PAT margin
2.26%
EBITDA margin
4.47%
RoE
14.15%
EPS
₹ 4.37
NAV
₹ 28.91
Promoter stake
56.82%

About

Skyways Air Services Limited is an Indian logistics and air freight forwarding company that was founded in 1984 by S. L. Sharma. The company initially started its operations as a Custom House Agent (CHA) and gradually expanded into the international cargo and logistics sector. Over the years, it has developed into a well-known player in India’s air freight forwarding industry, with headquarters in New Delhi and operations connected to several international logistics networks. The company provides a wide range of logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, and express cargo delivery. Its business model is largely asset-light, where it coordinates cargo transportation through airline partners and logistics networks instead of owning aircraft. The company is currently led by Yashpal Sharma, Chairman and Managing Director, who has helped expand the business into multiple logistics segments and international markets.

Timeline

  1. Opens
    24 Aug
    done
  2. Closes
    27 Aug
    done
  3. Allotment
    28 Aug
    done
  4. Refunds
    31 Aug
    done
  5. Demat credit
    31 Aug
    done
  6. Listing
    1 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 50 on 20 Aug 2026
Lowest
₹ 0 on 5 Mar 2026
First quoted
₹ 0 on 5 Mar 2026

Subscription

How many times each investor group bid for its share, as of 01 Sep 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1100₹ 13,800
Retail (Max)141,400₹ 1,93,200
S-HNI (Min)151,500₹ 2,07,000
B-HNI (Min)737,300₹ 10,07,400

Company overview

Financials

Financials by year
Assets1,508.241,321.64790.35
Total Income2,839.672,270.991,316.81
Profit After Tax63.5248.1434.49
EBITDA125.6586.4948.34
NET Worth332.64247.14154.26
Total Borrowing624.06558.43357.34

Strengths

  • Sales have more than doubled in two years. Total income went from Rs 1,316.81 crore in FY2024 to Rs 2,270.99 crore in FY2025 and Rs 2,839.67 crore in FY2026.
  • Profit after tax has grown every year, from Rs 34.49 crore in FY2024 to Rs 48.14 crore in FY2025 and Rs 63.52 crore in FY2026.
  • EBITDA has grown even faster, from Rs 48.34 crore in FY2024 to Rs 86.49 crore in FY2025 and Rs 125.65 crore in FY2026.
  • Net worth more than doubled in two years, from Rs 154.26 crore in FY2024 to Rs 332.64 crore in FY2026.
  • The company has a long record in this business, having started in 1984 as a Custom House Agent and grown into air and ocean freight forwarding.
  • It follows an asset light model. Cargo moves through airline and shipping partners instead of an owned fleet, so it does not carry the heavy fixed cost of aircraft.
  • The service range is wide, covering air freight, ocean freight, trucking, warehousing, custom broking and express cargo, so a customer can be served end to end.
  • Rs 216.79 crore of the issue money will repay borrowings of the company and its subsidiary Forin Container Line, which will bring down interest cost.
  • Retail investors get a reasonable share of this issue at 1,48,00,000 shares, which is 35.04% of the offer.

Risks

  • Debt is high and has kept rising, from Rs 357.34 crore in FY2024 to Rs 558.43 crore in FY2025 and Rs 624.06 crore in FY2026. That is close to twice the net worth of Rs 332.64 crore, and a large loan will remain even after the Rs 216.79 crore repayment.
  • The profit margin is very thin. PAT margin was 2.14%, which is normal for freight forwarding but leaves almost no cushion when costs rise.
  • The issue looks expensive for a thin margin business. The offer document data does not state a P/E, but on an EPS of Rs 4.37 the upper band of Rs 138 works out to roughly 31 times earnings.
  • Return ratios are only moderate, with RoCE of 14.61% and RoNW of 15.85%.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Freight rates move with global trade volumes, fuel prices and shipping capacity, none of which the company controls, and a weak trade cycle hits both volume and rate together.
  • Rs 130 crore of the money is for working capital, which shows how much cash stays blocked in receivables from exporters and importers.
  • The business depends on airline and shipping partners for cargo space. If capacity gets tight or a partner changes terms, cost goes up immediately.
  • Promoter holding falls sharply from 79.14% to 56.82% after the issue.

What the money is for

Objects of the issue
Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and Subsidiary Forin Container Line Pvt.Ltd..216.79
Funding incremental working capital requirements of the Company.130
General Corporate Purposes—

Promoters

  • Yashpal Sharma
  • Tarun Sharma
Promoter holding79.14%→56.82%before → after the issue · down 22.32 points

Anchor investors

17 anchors put in ₹ 174.54 Cr., including 6 mutual funds.

Anchor investors
BANK OF INDIA SMALL CAP FUND18,70,00025.8114.78%
BANK OF INDIA FLEXI CAP FUND17,30,00023.8713.68%
TAURUS FLEXI CAP FUND9,50,00013.117.51%
TAURUS MID CAP FUND3,50,0004.832.77%
TAURUS LARGE CAP FUND1,20,0001.660.95%
TAURUS INFRASTRUCTURE FUND30,0000.410.24%
INDUSIND GENERAL INSURANCE CO.LTD.9,40,00012.977.43%
NOMURA SINGAPORE LTD.3,65,0005.042.89%
CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD.3,65,0005.042.89%
LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF17,24,700105.73%
ASAS GLOBAL FUND INCORPORATED VCC SUB FUND4,00,0005.523.16%
HOLANI VENTURE CAPITAL FUND-HOLANI VENTURE CAPITAL FUND I10,40,60014.368.23%
PRANITYA INDIA OPPORTUNITIES FUND12,02,00016.599.5%
VISTA AXIS VCC-QUANT FUND7,40,00010.215.85%
LRSD SECURITIES PVT.LTD.7,24,700105.73%
SHINE STAR BUILD-CAP PVT.LTD.4,00,0005.523.16%
MERU INVESTMENT FUND PCC-CELL 16,96,0009.65.5%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Holani Consultants Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.