Skyways Air Services IPO GMP today is Rs 32. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
SKYWAYS
Skyways Air Services IPO GMP, Subscription & Allotment Status Today
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.
- Price Band
- ₹131.00 - ₹138.00
- Lot Size
- 100 Shares
- Bidding Closes
- 27 Aug 2026
- Listing Date
- 01 Sept 2026
Current GMP Status
₹32
+23.19% vs upper band
Est. Listing Gain
+0.00%
Last Trend
01 Sept 2026
Listing Price
₹138.00
Retail Entry
₹13,800
IPO Details
Complete IPO information
| Current GMP | ₹32 |
|---|---|
| Estimated Listing Gain | +0.00% |
| Price Band | ₹131.00 - ₹138.00 |
| Issue Price | Approx ₹582.80 Crores |
| Listing Price | ₹138.00 |
| Lot Size | 100 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | NSE, BSE |
| Retail Quota | TBA |
| Overall Subscription | 71.25x |
| Listing Date | 01 Sept 2026 |
| Minimum Investment | ₹13,800 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 84.32 | 11778.54 | 139.69x |
| NII | 63.52 | 5540.86 | 87.24x |
| Retail | 148 | 3759.71 | 25.40x |
| Overall Subscription | 295.84 | 21079.11 | 71.25x |
Head-to-head
Compare Skyways Air Services IPO with similar IPOs
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Skyways Air Services is priced at ₹138 per share. With a minimum lot size of 100 shares, a retail investor applying for one lot would need approximately ₹13,800 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Skyways Air Services stands at ₹32, implying an estimated listing gain of around 23.19% over the issue price if it holds until listing. This is down ₹5 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Skyways Air Services's IPO was subscribed 71.25x overall, with a category-wise breakdown of Retail 25.4x, QIB 139.69x, NII 87.24x.
Among the strengths highlighted in Skyways Air Services's IPO documents: 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..
Investors should also weigh the risk factors Skyways Air Services has disclosed, including: Heavy reliance on third-party carriers exposes the business to service disruptions and cost volatility..
A share of Skyways Air Services's issue proceeds is earmarked for Repayment Of Borrowings: 216.79 (54.36%).
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
24 Aug 2026
✓
Bidding Closes
27 Aug 2026
✓
Allotment
28 Aug 2026
✓
Listing
01 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 01 Sept 2026 | ₹32.00 | -₹5.00 | 23.19% |
| 31 Aug 2026 | ₹37.00 | -₹9.00 | 26.81% |
| 28 Aug 2026 | ₹46.00 | +₹4.00 | 33.33% |
| 27 Aug 2026 | ₹42.00 | +₹12.00 | 30.43% |
| 26 Aug 2026 | ₹30.00 | -₹2.00 | 21.74% |
| 25 Aug 2026 | ₹32.00 | - | 23.19% |
| 24 Aug 2026 | ₹32.00 | -₹8.00 | 23.19% |
| 21 Aug 2026 | ₹40.00 | - | 28.99% |
| 19 Aug 2026 | ₹40.00 | - | 28.99% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 100 | ₹13,800 |
| Retail Maximum | 14 Lot | 1,400 | ₹1,93,200 |
| S-HNI Minimum | 15 Lot | 1,500 | ₹2,07,000 |
| S-HNI Maximum | 72 Lot | 7,200 | ₹9,93,600 |
| B-HNI Minimum | 73 Lot | 7,300 | ₹10,07,400 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 216.79 (54.36%)
- General Corporate Purpose 52.01 (13.04%)
Issue Notes
Important takeaways before applying
Strengths
- 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.
Risks
- 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.
Analysis
Skyways Air Services IPO Details
The Skyways Air Services IPO is a mainboard book-built public issue with a total issue size of approximately ₹582.80 crores. The offer comprises a fresh issue of approximately ₹398.80 crores along with an Offer for Sale (OFS) of up to 1,33,33,300 equity shares.
The IPO is scheduled to open for subscription on August 24, 2026 and close on August 27, 2026. The company has fixed the IPO price band at ₹131 to ₹138 per equity share, while the face value is ₹10 per share. The equity shares are proposed to be listed on both BSE and NSE.
| Particular | Details |
|---|---|
| IPO Open Date | August 24, 2026 |
| IPO Close Date | August 27, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹131 to ₹138 Per Share |
| Issue Size | Approx ₹582.80 Crores |
| Fresh Issue | Approx ₹398.80 Crores |
| Offer for Sale | Approx 1,33,33,300 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
Note: Skyways Air Services operates in the air freight forwarding and logistics sector. Investors should evaluate the company's financial performance, debt position, use of IPO proceeds, industry outlook, risk factors and valuation before considering an investment in the IPO.
Analysis
Skyways Air Services IPO Reservation
The Skyways Air Services IPO reservation is divided among Anchor Investors, Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.
Anchor Investors are allocated 1,26,48,000 shares, representing approximately 29.95% of the issue. QIBs excluding anchor investors are offered 84,32,000 shares, or approximately 19.97%. The NII category receives 63,51,600 shares, representing 15.04%, while Retail investors are offered 1,48,00,000 shares, accounting for approximately 35.04%.
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 1,26,48,000 Shares | 29.95% |
| QIB (Ex. Anchor) | 84,32,000 Shares | 19.97% |
| NII Shares Offered | 63,51,600 Shares | 15.04% |
| Retail Shares Offered | 1,48,00,000 Shares | 35.04% |
Note: The above table summarizes the provided category-wise allocation for the Skyways Air Services IPO. The allocations total approximately 100% of the offered shares.
Analysis
Skyways Air Services IPO Anchor Investors
The Skyways Air Services IPO anchor bidding is scheduled for August 21, 2026, ahead of the public issue opening on August 24, 2026. A total of 1,26,48,000 equity shares have been earmarked for the anchor investor category.
Based on the upper IPO price of ₹138 per share, the maximum value of the stated anchor allocation works out to approximately ₹174.54 crores. The final anchor investor names and confirmed allocation details can be updated following completion of the anchor bidding process.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 21, 2026 |
| Anchor Investors List | – |
| Shares Offered | 1,26,48,000 Shares |
| Anchor Size | Approx ₹174.54 Cr.* |
| Lock-in Period End Date – 50% Shares (30 Days) | September 20, 2026* |
| Lock-in Period End Date – Remaining 50% Shares (90 Days) | November 19, 2026* |
Note: *The ₹174.54 crore anchor size is calculated using 1,26,48,000 shares at the upper price band of ₹138 per share. The lock-in dates shown above are calculated as 30 and 90 days from the stated anchor allotment date of August 21, 2026 and should be updated if the company's final anchor allocation announcement specifies different dates.
Analysis
Skyways Air Services IPO Dates
The Skyways Air Services IPO will open for subscription on August 24, 2026 and close on August 27, 2026. Investors can submit their applications during the IPO subscription period.
The Skyways Air Services IPO allotment is expected to be finalized on August 28, 2026. Refunds for unsuccessful applicants and credit of shares to successful investors' demat accounts are scheduled for August 31, 2026. The shares are scheduled to list on BSE and NSE on September 1, 2026.
| IPO Event | Date |
|---|---|
| IPO Open Date | August 24, 2026 |
| IPO Close Date | August 27, 2026 |
| Basis of Allotment | August 28, 2026 |
| Refunds | August 31, 2026 |
| Credit to Demat Account | August 31, 2026 |
| IPO Listing Date | September 1, 2026 |
Note: The above table summarizes the Skyways Air Services IPO timeline, including the opening date, closing date, basis of allotment, refund initiation, demat credit and proposed BSE and NSE listing date.
Analysis
Skyways Air Services IPO Promoters and Holding Pattern
The promoters of Skyways Air Services are Mr. Yashpal Sharma and Mr. Tarun Sharma. Before the IPO, the promoter and promoter group collectively hold a majority stake in the company.
The promoter and promoter group hold 9,21,59,452 equity shares, representing approximately 79.14% of the pre-IPO share capital. Other shareholders collectively hold 2,42,85,792 equity shares, representing the remaining 20.86%.
The company's total outstanding equity shares are expected to increase from 11,64,45,244 shares before the IPO to approximately 14,53,43,544 shares after the IPO.
Promoters of Skyways Air Services
- Mr. Yashpal Sharma
- Mr. Tarun Sharma
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 9,21,59,452 | 79.14% | – | -% |
| Others* | 2,42,85,792 | 20.86% | – | -% |
| Total | 11,64,45,244 | 100% | 14,53,43,544 | 100% |
Note: Post-IPO promoter and public shareholding percentages are not available in the provided data. The total post-issue share capital is expected to increase to 14,53,43,544 equity shares following completion of the fresh issue.
Analysis
Skyways Air Services IPO Objects of the Issue & Utilisation of Proceeds
Skyways Air Services proposes to utilise the proceeds from the fresh issue primarily towards repayment or pre-payment of outstanding borrowings and funding its incremental working capital requirements. A portion of the net proceeds will also be used for general corporate purposes.
The company intends to utilise approximately ₹216.79 crores towards repayment or pre-payment of certain outstanding borrowings availed by the company and its subsidiary, Forin Container Line Private Limited. Another ₹130 crores is proposed to be utilised towards incremental working capital requirements to support the company's business operations.
| Purpose | Amount |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and its subsidiary “Forin Container Line Private Limited” | ₹216.79 Cr. |
| Funding incremental working capital requirements of the Company | ₹130.00 Cr. |
| General Corporate Purpose | ₹- |
Note: The specified utilisation towards repayment of borrowings and incremental working capital requirements totals approximately ₹346.79 crores. The remaining net proceeds may be utilised towards general corporate purposes in accordance with the offer document.
Analysis
Skyways Air Services About IPO
Since its establishment in 1984, Skyways Air Services Limited (SASL) has been engaged in air freight forwarding and the logistics sector in India. It offers a wide range of logistics solutions, such as air freight forwarding, ocean freight forwarding, trucking, warehousing, customs broking, and technology-driven express cargo and parcel delivery services to serve the diverse needs of clients across domestic as well as international markets.
Started its operations as a Custom House Agent (CHA) and now a Custom Broker License holder, over the years, it gradually expanded its services to match market needs and global trends. Logistics planning, cargo handling, warehousing and inventory management, documentation, customs clearance, and complete end-to-end distribution are the company’s Value-added services. Saudi Cargo, Air India Cargo, Turkish Airlines, and Lufthansa are some of the well-known global airlines in partnerships with Skyways air services. The constant global presence and continued expansion of its services enable the business to grow consistently.
Analysis
Skyways Air Services IPO Company Financial Report
Skyways Air Services reported consistent growth in its financial performance between FY2024 and FY2026. Revenue increased from ₹1,316.81 crores in FY2024 to ₹2,270.99 crores in FY2025 and further reached ₹2,839.67 crores in FY2026.
Profit After Tax (PAT) also improved during the period, rising from ₹34.49 crores in FY2024 to ₹48.14 crores in FY2025 and ₹63.52 crores in FY2026. Meanwhile, the company's asset base expanded from ₹790.35 crores to ₹1,508.24 crores over the same three-year period.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹1,316.81 Cr. | ₹1,268.43 Cr. | ₹34.49 Cr. | ₹790.35 Cr. |
| 2025 | ₹2,270.99 Cr. | ₹2,204.16 Cr. | ₹48.14 Cr. | ₹1,321.64 Cr. |
| 2026 | ₹2,839.67 Cr. | ₹2,751.10 Cr. | ₹63.52 Cr. | ₹1,508.24 Cr. |
Amount in ₹ Crores: The above table summarizes Skyways Air Services' revenue, expenses, Profit After Tax (PAT) and total assets from FY2024 to FY2026. The reported figures indicate growth in revenue, profitability and the company's asset base over the three-year period.
Analysis
Skyways Air Services IPO Valuation – FY2026<
The Skyways Air Services IPO valuation can be assessed using key financial indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, PAT Margin, debt-to-equity ratio, Return on Net Worth (RoNW) and Net Asset Value (NAV).
For FY2026, Skyways Air Services reported an ROE of 14.15% and ROCE of 18.11%. The EBITDA margin stood at 4.47%, while the PAT margin was 2.26%. The company reported a debt-to-equity ratio of 1.88.
The company's basic Earnings Per Share (EPS) stood at ₹3.56, while Return on Net Worth (RoNW) was 12.33%. The Net Asset Value (NAV) was reported at ₹28.91 per share.
| KPI | Values |
|---|---|
| ROE | 14.15% |
| ROCE | 18.11% |
| EBITDA Margin | 4.47% |
| PAT Margin | 2.26% |
| Debt to Equity Ratio | 1.88 |
| Earning Per Share (EPS) | ₹3.56 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 12.33% |
| Net Asset Value (NAV) | ₹28.91 |
Note: Based on the IPO price band of ₹131 to ₹138 and FY2026 EPS of ₹3.56, the implied P/E works out to approximately 36.80x to 38.76x. Investors should compare this valuation with relevant listed logistics peers while also considering the company's margins, return ratios, leverage and growth prospects.
Analysis
Skyways Air Services IPO Peer Group Comparison
The Skyways Air Services IPO peer group comparison provides a benchmark for evaluating the company's financial and valuation profile against listed companies operating in the logistics and supply chain industry. Key parameters include Earnings Per Share (EPS), Price-to-Earnings (P/E) ratio, Return on Net Worth (RoNW), Net Asset Value (NAV) and income.
The peer group includes Delhivery Ltd, TVS Supply Chain Solutions Ltd, Mahindra Logistics Limited and Shadowfax Technologies Limited. These companies differ in their business mix, scale and profitability, so investors should consider multiple financial parameters rather than relying only on the P/E ratio.
| Company | EPS | P/E Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Delhivery Ltd | 2.04 | 260 | 1.58% | 129.40 | 10,508.31 Cr. |
| TVS Supply Chain Solutions Ltd | 2.59 | 54 | 5.62% | 46.09 | 11,002.97 Cr. |
| Mahindra Logistics Limited | 0.25 | 1,548 | 0.19% | 130.57 | 6,999.30 Cr. |
| Shadowfax Technologies Limited | 2.22 | 104 | 6.40% | 34.04 | 4,202.44 Cr. |
Note: Based on the previously provided FY2026 EPS of ₹3.56 and IPO price band of ₹131–₹138, Skyways Air Services' implied P/E is approximately 36.80x–38.76x. This is below the P/E multiples shown above for the listed peers; however, differences in business scale, margins, leverage, growth and operating segments should also be considered when making a valuation comparison.
Analysis
IPO Lead Managers aka Merchant Bankers
- Holani Consultants Pvt. Ltd.
- Shannon Advisors Pvt. Ltd.
- Dolat Finserv Pvt. Ltd.
FAQ
Skyways Air Services IPO FAQs
Skyways Air Services IPO price band is Rs 131.00 to Rs 138.00. Check the latest issue price, lot size and GMP together before applying.
Skyways Air Services IPO open date is 24 Aug 2026, close date is 27 Aug 2026, and listing date is 01 Sept 2026.
Skyways Air Services IPO lot size is 100 shares. The minimum retail investment is Rs 13,800.
Skyways Air Services is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Skyways Air Services IPO subscription status currently shows Retail 25.4x, QIB 139.69x, NII 87.24x, Overall 71.25x.
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.
Skyways Air Services IPO issue size is 582.8 and the expected allotment date is 28 Aug 2026.
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