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Skyways Air

 

 

Skyways Air Services Ltd. IPO Details Bookbuilding IPO

Skyways Air Services IPO ek Book Built Issue hai jiski total value ₹582.80 Cr hai. Isme 2.89 Cr shares ka Fresh Issue (₹398.80 Cr) aur 1.33 Cr shares ka Offer for Sale (₹184.00 Cr) shamil hai.

IPO Summary & Key Dates

IPO Open Date Monday, Aug 24, 2026 IPO Close Date Thursday, Aug 27, 2026
Price Band ₹131 to ₹138 per share Face Value ₹10 per share
Issue Size 4,22,31,600 shares (₹583 Cr) Lot Size 100 Shares
Allotment Date Friday, Aug 28, 2026 Refunds & Credit Monday, Aug 31, 2026
Listing Date Tuesday, Sep 1, 2026 Listing At BSE, NSE
Pre-Issue Shareholding 11,64,45,244 shares Post-Issue Shareholding 14,53,43,544 shares
Market Cap (at Upper Price) ₹2,005.74 Cr

Investor Category Allocation (Issue Reservation)

Investor Category Shares Offered % of Total Issue Max Allottees
QIB Total 2,10,80,000 49.92% N/A
— Anchor Investor 1,26,48,000 29.95% N/A
— QIB (Excl. Anchor) 84,32,000 19.97% N/A
NII (HNI) Total 63,51,600 15.04% N/A
— bNII (> ₹10L) 42,34,400 10.03% 2,822
— sNII (< ₹10L) 21,17,200 5.01% 1,411
Retail Individual (RII) 1,48,00,000 35.04% 1,48,000
Total 4,22,31,600 100.00%

Lot Size & Minimum Investment Application

Application Type Lots Shares Minimum Amount (at ₹138)
Retail (Min) 1 100 ₹13,800
Retail (Max) 14 1,400 ₹1,93,200
S-HNI (Min) 15 1,500 ₹2,07,000
S-HNI (Max) 72 7,200 ₹9,93,600
B-HNI (Min) 73 7,300 ₹10,07,400

About Skyways Air Services Limited

December 1984 me incorporate hui Skyways Air Services Limited (SASL) India ki logistics aur freight forwarding sector me 4 dasak se zyada experience rakhne wali company hai. Yeh air & ocean freight forwarding, trucking, warehousing, customs broking aur express cargo delivery jaisi end-to-end supply chain services provide karti hai.

World ACD ke mutabiq, FY 2022 se 2025 tak lagatar 4 saal yeh Air Freight Forwarder me No. 1 position par rahi hai. Company ke paas 320 direct employees aur total 1,193 employees ka network hai (as of March 2026).

Company Strengths:

  • Logistics aur freight forwarding industry me 40+ years ka experience.
  • World ACD ke dwara lagatar 4 saal tak No. 1 Air Freight Forwarder ka rank.
  • Saudi Cargo, Air India Cargo, Emirates aur Lufthansa jaise international airlines ke saath partnership.
  • Proprietary technology platforms: SLS HIKE, SLS 100X, Cargo Dash, Skart-Edge aur ASAP.
  • Integrated infrastructure aur experienced promoter management team.

Company Financials (Restated Consolidated in ₹ Crore)

Period Ended 31 Mar 2024 31 Mar 2025 31 Mar 2026
Assets 790.35 1,321.64 1,508.24
Total Income 1,316.81 2,270.99 2,839.67
Profit After Tax (PAT) 34.49 48.14 63.52
EBITDA 48.34 86.49 125.65
Net Worth 154.26 247.14 332.64
Total Borrowing 357.34 558.43 624.06

Key Performance Indicators (KPIs) & Valuation

KPI / Metric 31 Mar 2025 31 Mar 2026 Valuation Details
ROE (%) 19.52% 14.15% Pre IPO EPS: ₹5.46
ROCE (%) 14.61% 18.11% Post IPO EPS: ₹4.37
RoNW (%) 15.85% 12.33% Market Cap: ₹2,005.74 Cr
PAT Margin (%) 2.14% 2.26% Face Value: ₹10 per share
EBITDA Margin (%) 3.85% 4.47%
NAV (₹) 23.40 28.91

Shareholding Pattern & Offer for Sale (OFS) Details

Category Pre-IPO % Post-IPO %
Promoter & Promoter Group 79.14% 56.82%
Public 20.86% 43.18%

OFS Selling Shareholders:

Selling Shareholder Category Shares Offered Amount (₹ Cr)
Yashpal Sharma Promoter 71,20,690 98.27
Tarun Sharma Promoter 24,60,000 33.95
Himanshu Chhabra Other 18,66,000 25.75
Rohit Sehgal Other 18,86,610 26.04
Total OFS 1,33,33,300 184.00

Objects of the Issue (Net Proceeds Usage)

# Objects of the Issue Estimated Amount (₹ Cr)
1 Company aur Subsidiary (Forin Container Line Pvt Ltd) ke loans ka repayment/pre-payment 216.79
2 Incremental Working Capital Requirements funding 130.00
3 General Corporate Purposes
Total Estimated Requirement 346.79

Peer Comparison (Logistics Sector)

Company Name Issue Size (₹ Cr) Issue Price (₹) P/E Ratio Listing Gain %
Shiprocket Ltd. 1,617.48 97 -77.6 +47.89%
Shadowfax Technologies Ltd. 1,907.27 124 1017.96 -11.31%
Om Freight Forwarders Ltd. 122.31 135 19.56 -36.61%

Frequently Asked Questions (FAQs)

Q1: Skyways Air Services IPO kab khulega aur band hoga?
A: Yeh IPO subscription ke liye 24 August 2026 ko open hoga aur 27 August 2026 ko close hoga.
Q2: Retail investors ke liye minimum aur maximum kitna investment zaroori hai?
A: Retail investors minimum 1 lot (100 shares) ₹13,800 me aur maximum 14 lots (1,400 shares) ₹1,93,200 me apply kar sakte hain.
Q3: IPO Allotment Status kab final hoga?
A: Share Allotment status 28 August 2026 ko final hone ki ummeed hai.
Q4: Skyways Air Services IPO ki listing date aur platform kya hai?
A: Yeh IPO 1 September 2026 ko BSE aur NSE dono exchanges par list hoga.

Contact & Lead Manager Details

Company Contact

Skyways Air Services Ltd.
RZ 128-129A, Mahipalpur Extension,
NH-8, Delhi, New Delhi, 110037
Phone: 9910791501
Email: cs@skyways-group.com

IPO Registrar

Bigshare Services Pvt. Ltd.
Phone: 8657578989 / 8069219065 / 8069219060
Email: ipo@bigshareonline.com

Book Running Lead Managers

1. Holani Consultants Pvt. Ltd.
2. Shannon Advisors Pvt. Ltd.
3. Dolat Finserv Pvt. Ltd.

About Company

Skyways Air Servies Ltd. (SASL) is a long-standing participant of India’s air freight forwarding and logistics sector. The Company is consistently ranked No. 1 “Air Freight Forwarder” in terms of AWBs generation by World ACD for last four calendar years 2025, 2024, 2023 and 2022 (Source: World ACD Market Data). The company handles maximum number of air cargo consignments from India to worldwide. It is actively engaged in providing a comprehensive suite of services, including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, technology driven express cargo and parcel delivery and a wide range of Value-Added Services (VAS) to support the diverse needs of its clientele across domestic and international markets.

As part of the continued development of its business, it has rolled out several proprietary technology products integrated them into its operations. These platforms support freight booking, shipment tracking, workflow automation and operational reporting, with the objective of improving operational efficiency and enhancing customer satisfaction across the logistics value chain. The company began its operations as a Custom House Agent (CHA) now known as a Custom Broker License holder and has progressively expanded its service offerings over the years in response to evolving market requirements and international trade dynamics. With over four decades of industry experience, SASL has built a well-integrated logistics infrastructure that offers end-to-end support across the supply chain.

Its value-added services encompass: 1. Logistics planning and management, facilitated through a robust, IT-enabled operational model, 2. Logistics solutions, designed to accommodate varied cargo movement requirements, 3. Cargo handling operations, ensuring timely and secure processing of shipments, 4. Warehousing solutions, supporting storage, inventory management and last-mile distribution, 5. Documentation and customs clearance services, ensuring regulatory compliance across borders, 6. Global connectivity and operational reach, supported by strategic international tie-ups, network subsidiaries, and collaborative arrangements with other logistics providers enabling service delivery even in remote and hard-to-access regions.

The company maintains strategic alliances with a diverse range of international air freight carriers, enabling enhanced service capabilities and global reach. It has performance-based agreements with several leading global airlines, including Saudi Cargo, Air India Cargo, Emirates, Lufthansa and Qatar Airways (in the process of renewal). These partnerships not only strengthen its access to key international routes and cargo capacities but also contribute to improved service reliability and competitive transit times for our clients.

As part of its efforts to integrate technology into logistics operations, and technology subsidiary, sGate Tech Solutions Private Limited, develops proprietary technology platforms that support the digital execution of various logistics processes across business. These platforms facilitate freight quotations, booking management, shipment lifecycle management, documentation, shipment tracking, workflow management, customer communication and operational reporting. Their integration with its logistics operations is intended to reduce manual intervention, improve information flow across stakeholders, standardize operational workflows, facilitate faster processing of logistics activities and customer requests, and support the continued scalability of its operations. In addition to these performance-based agreements, the company is an active member of multiple global logistics networks, which serve as structured platforms for cooperation among international freight forwarders and logistics service providers. As of March 31, 2026, it had overall 1193 employees on roll (including its subsidiaries).

Promoters and Promoters Group

Mr. Yashpal Sharma: Chairman and Managing Director (MD)

Yashpal Sharma and Tarun Sharma: Promoter and Wholetime Director

Skyways Air Services IPO

Issue Details / Capital History

The company is coming out with its maiden book building route combo IPO of 42231600 equity shares (worth Rs. 582.80 cr.at the upper cap). The IPO consists of 28898300 fresh equity shares worth Rs. 398.80 cr. at the upper cap) and an Offer for Sale (OFS) of 13333300 equity shares (worth Rs. 184.00 cr. at the upper cap). The company has announced a price band of Rs. 131 – Rs. 138 per equity shares of Rs. 10 each. The issue opens for subscription on August 20, 2026, and will close on August 24, 2026. The minimum application to be made is for 100 shares and in multiples thereon, thereafter. Post allotment, shares will be listed on BSE and NSE. The issue constitutes 29.06% of the post-IPO paid-up equity capital. From the net proceeds of the fresh equity issue, the company will utilize Rs. 216.79 cr. for repayment/prepayment of certain borrowings by its subsidiary Forin Container Line Pvt. Ltd., Rs. 130.00 cr. for working capital, and the rest for general corporate purposes.

The joint Book Running Lead Managers (BRLMs) to this issue are Holani Consultants Pvt. Ltd., Shannon Advisors Pvt. Ltd., Dolat Finserv Pvt. Ltd., while Bigshare Services Pvt. Ltd. is the registrar to the issue. Holani Consultants Pvt. Ltd., and Nikunj Stock Brokers Ltd. are the syndicate members.

After issuing/converting initial equity shares at par value, the company has issued further equity shares in the price range of Rs. 94 – Rs. 120 per share (on the basis of Rs. 10 FV) between January 2025, and August 2025. It has also issued bonus shares in the ratio of 20 for 1 in July 2019, 25 for 7 in July 2022, 4 for 1 in May 2024, and 1 for 1 in January 2025. The average cost of acquisition of shares by the promoters/selling stakeholders is Rs. NIL, and Rs. 0.0005 per share.

Post-IPO, its current paid-up equity capital of Rs. 116.45 cr. will stand enhanced to Rs. 145.34 cr. Based on the upper cap of the price band, the company is looking for a market cap of Rs. 2005.74 cr.

IPO Lead Managers & Registrar

Holani Consultants Pvt. Ltd.
Shannon Advisors Pvt. Ltd
Dolat Finserv Pvt. Ltd
Bigshare Services Pvt.Ltd

Financial Performance

On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted a total income/net profit, of Rs. 1316.81 cr. / Rs. 34.49 cr. (FY24), Rs. 2271.00 cr. / Rs. 48.14 cr. (FY25), and Rs. 2839.67 cr. / Rs. 63.52 cr. (FY26). The company posted steady growth in its top and bottom lines for the reported periods. Its contingent liability stood at Rs. 289.08 cr. as of March 31, 2026, that raise alarm.

For the last three fiscals, the company has posted an average EPS of Rs. 3.52 and an average RoNW of 14.83 %. The issue is priced at a P/BV of 4.77 based on its NAV of Rs. 28.91 as of March 31, 2026, and at a P/BV of 2.74 based on its post-IPO NAV of Rs. 50.32 per share at the upper cap.

If we attribute FY26 super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at P/E of 31.58.  Based on FY25 earnings, the P/E stands at 41.69. The issue appears fully priced based on its recent average performance.

For the reported periods, the company has reported PAT Margins of 2.68% (FY24), 2.14% (FY25), 2.26% (FY26), and RoCE margins of 15.57%, 14.61%, 18.11%, respectively for the referred periods.

All amounts in Indian Rupees crores

Period Ended Revenue Expense PAT Assets
2024 ₹1,316.81 ₹1,268.43 ₹34.49 ₹790.35
2025 ₹2,270.99 ₹2,204.16 ₹48.14 ₹1,321.64
2026 ₹2,839.67 ₹2,751.10 ₹63.52 ₹1,508.24
A Professional Financial Trend Analysis Line Graph 1787230790999 1024x434

Dividend Policy

The company has paid a dividend of 14.37% for FY24, 8.00% for FY25, and 2.00% for FY26.  It has already adopted a dividend policy in June 2025, based on its financial performance and future prospects.

Comparison with Listed Peers

As per the offer document, the company has shown Delhivery Ltd., TVS Supply chain, Mahindra Logistics, Shadowfax Techno, as its listed peers. They are currently trading at a P/E of 283.0, 75.3, 102.0, and 90.3 (as of Aug. 19, 2026). However, they are not truly comparable on an apple-to-apple basis. This comparison appears to be an eyewash.

Company EPS PE 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.

Merchant Banker’s Track Record

The three BRLMs associated with this issue has handled 8 IPOs in the last three fiscals out of which 1 issue closed below the issue price on the listing date.

Conclusion

SASL has a long standing freight forwarding and logistics sector participant in India. For the last four calendar years it has been ranked No. 1 “Air Freight Forwarder in terms of AWBs generation. It kept evolving technologies and modern techniques in its business to give all related services under one-roof. Ongoing geopolitical tensions may have cascading impact on its overall business. Based on its recent financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.

He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.

Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.

 

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Grey Market Premium (GMP) Notice: Figures regarding Grey Market Premium (GMP), Kostak rates, and subject-to-sauda deals reflect unofficial, unregulated over-the-counter market sentiment. These figures do not guarantee exchange listing prices or actual trading outcomes. Always evaluate official Draft Red Herring Prospectus (DRHP / RHP) documents filed with BSE/NSE and consult a certified financial advisor prior to executing financial bidding decisions.

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