Skyways Air Services IPO opens today: Apply or Avoid?

Price band: Rs 131 to Rs 138

Market lot: 100 equity shares

Issue period: August 24-27

IPO quota: Not more than 50% of the net offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15% to non-institutional bidders (NIIs), and not less than 35% to retail individual bidders (RIIs).

IPO size: Total: Rs 582.80 crore –  Fresh issue Rs 398.80 crore and offer-for-sale: Rs 184 crore (by promoters – Yashpal Sharma and Tarun Sharma and Investors selling shareholders – Himanshu Chhabra, and Rohit Sehgal).

Utility of funds: The proceeds from its fresh issuance worth Rs 216.78 crore will be for repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiary, Forin Container Line Private Limited, Rs 130 crore for funding incremental working capital requirements of the company, and general corporate purposes.

Anchor investors: Garnered Rs 174.5 crore from anchor investors who included ] Nomura Singapore Limited, CITI Group Global Markets Mauritius Private Limited, Holani Venture Capital Fund – Holani Venture Capital Fund-I, Indusind General Insurance Company Limited and ASAS Global Fund Incorporated VCC Sub Fund.

 BRLMs: Holani Consultants Pvt. Ltd, Shannon Advisors Pvt. Ltd, Dolat Finserv Pvt. Ltd

Registrar: Bigshare Services Pvt. Ltd.

About company: Incorporated in 1984, the company 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). It means the company handles maximum number of air cargo consignments from India to worldwide. The company 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, the company has rolled out several proprietary technology products integrated them into its operation.

Brokerages views:

SBI Securities: Air Services is an integrated logistics and freight-forwarding company with a strong presence in India’s air freight forwarding market. The company delivered Revenue/EBITDA/PAT CAGR of 47.7%/61.8%/35.8%, respectively, during FY24-FY26, with EBITDA margin improving to 4.5%. While acquisitions, including Odyssey Logistics, contributed to growth, profitability remains modest, with PAT margin at 2.3% in FY26. At the upper price band of Rs 138, the issue is valued at 31.2x of FY26 earnings on post capital, which appears reasonable relative to its listed peers. The company benefits from its integrated service offerings, extensive partner network and asset-light operating model. However, high dependence on third-party carriers, elevated borrowings (Rs 624 cr as of FY26), supplier concentration and the ongoing EOW investigation remain key monitorables. Although debt repayment from the issue proceeds is expected to improve the balance sheet, sustainability of growth and margin expansion remains to be seen. Thus, we assign a NEUTRAL rating to the issue and would like to track the company’s performance for a few quarters post-listing.

Master Capital Services: Dedicated cargo terminals and perishable- cargo centres are being developed at major airports under connectivity programmes such as UDAN and Bharatmala. Skyways Air Services, with its four-decade operating history, No. 1 ranking in AWBs generated, integrated air-ocean-road-warehousing- customs offering and long-standing international airline alliances, is well positioned to participate in this growth. Investors may consider the IPO as a potential long-term investment opportunity.

Published on August 24, 2026