Skyways Air Services IPO Demand Picks Up On Day 3; GMP Signals 22% Gain

The initial public offering (IPO) of Delhi-based air freight forwarder Skyways Air Services saw a pick-up in investor interest on the third day of bidding, with the issue receiving 2.75 times subscription as of 11 am on August 26, according to data from the National Stock Exchange (NSE).

The ₹582.8-crore public issue received bids for 8,12,20,400 equity shares against 2,95,83,600 shares on offer. Retail individual investors (RIIs) led the subscription with 3.95 times the bid, while the portion reserved for non-institutional investors (NIIs) was subscribed 2.96 times.

The IPO, which opened on August 24, will remain open for subscription until August 27. Skyways Air Services has fixed the price band at ₹131-138 per equity share.

Skyways Air Services IPO Details

At the upper end of the price band, the company plans to raise up to ₹582.8 crore through the issue. The IPO comprises a fresh issue of 2.88 crore equity shares and an offer for sale (OFS) of 1.33 crore shares.

In the grey market, Skyways Air Services shares were commanding a grey market premium (GMP) of ₹30, according to InvestorGain.

At the upper end of the IPO price band of ₹138, the GMP implies an estimated listing price of ₹168, indicating a potential listing gain of around 21.74%.

Strong Anchor Investor Participation

Ahead of the IPO opening, Skyways Air Services raised ₹174.5 crore through its anchor book. The company allotted 1.26 crore equity shares to 17 anchor investors at ₹138 per share.

The anchor investor list includes Nomura Singapore, Citigroup, LC Pharos Multi Strategy Fund, Holani Venture Capital Fund, Pranitya India Opportunities Fund and IndusInd General Insurance.

Domestic mutual funds accounted for 50.5 lakh shares, valued at ₹69.69 crore. These shares were allotted to Bank of India Mutual Fund and Taurus Asset Management through six schemes, according to the company's filing.

Use Of IPO Proceeds

The company plans to use ₹216.8 crore from the net fresh issue proceeds to repay debt. Skyways Air Services had total outstanding borrowings of ₹586.2 crore as of June 2026.

Another ₹130 crore is earmarked for incremental working capital requirements, while the remaining proceeds will be used for general corporate purposes.

Holani Consultants, Shannon Advisors and Dolat Finserv are the merchant bankers to the Skyways Air Services IPO.