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Thu, 27 Aug 2026
11:45:18 am
Thu, 27 Aug 2026
11:45:18 am
Rudransh Sangwan
Published at: August 27, 2026, 10:17 AM
Synopsis
Skyways Air IPO is a ₹582.80 crore issue with a ₹138 upper price band. Check the latest GMP, expected listing price, potential profit and key IPO financials before the September 1 listing.
Skyways Air Services IPO is set to open for subscription on August 24, 2026, and will close on August 27, 2026. The ₹582.80 crore bookbuilding issue has a price band of ₹131 to ₹138 per share and comprises a fresh issue worth ₹398.80 crore and an ss for sale worth ₹184 crore. The minimum retail investment is ₹13,800 for 100 shares at the upper price band. The shares are proposed to list on the BSE and NSE on September 1, 2026.
The latest Skyways Air IPO GMP is ₹46 as of August 27, 2026, at 12:58 PM. At the upper price band of ₹138, this indicates an estimated listing price of ₹184 and a potential gain of 33.33%. The company operates across air and ocean freight forwarding, trucking, warehousing, customs broking and technology-enabled logistics. Its FY26 total income rose to ₹2,839.67 crore, while PAT increased to ₹63.52 crore.
The latest GMP for Skyways Air IPO stands at ₹46. With the upper price band of ₹138, the estimated listing price is ₹184, implying a potential gain of 33.33%. The GMP has moved from ₹19 on August 13 to ₹46 on August 27, although it remains an unofficial indicator and does not guarantee the actual listing price.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit per Lot |
|---|---|---|---|---|
| 27 Aug 2026 | ₹138 | ₹46 ▲ | ₹184 (33.33%) | ₹4,600 |
| 26 Aug 2026 | ₹138 | ₹42 ▲ | ₹180 (30.43%) | ₹4,200 |
| 25 Aug 2026 | ₹138 | ₹29 ▼ | ₹167 (21.01%) | ₹2,900 |
| 24 Aug 2026 | ₹138 | ₹32 ─ | ₹170 (23.19%) | ₹3,200 |
| 23 Aug 2026 | ₹138 | ₹32 ▼ | ₹170 (23.19%) | ₹3,200 |
| 22 Aug 2026 | ₹138 | ₹37 ▼ | ₹175 (26.81%) | ₹3,700 |
Estimated profit per lot is calculated using GMP multiplied by the 100-share market lot. GMP is sourced from grey market activity and is indicative only.
The Skyways Air IPO has a total issue size of ₹582.80 crore, comprising a fresh issue of ₹398.80 crore and an OFS of ₹184 crore. The issue will open on August 24 and close on August 27, with allotment expected on August 28 and listing scheduled for September 1.
| IPO Metric | Details |
|---|---|
| IPO dates | August 24 to August 27, 2026 |
| Price band | ₹131 to ₹138 |
| Face value | ₹10 |
| Lot size | 100 shares |
| Total issue size | ₹582.80 crore |
| Fresh issue | ₹398.80 crore |
| Offer for sale | ₹184 crore |
| Retail minimum investment | ₹13,800 |
| Listing | BSE, NSE |
| Proposed listing date | September 1, 2026 |
| Market cap at upper price | ₹2,005.74 crore |
The IPO is subscribed 22.06 times as of August 27, 2026, at 1:54:44 PM (Day 4). The public issue subscribed 18.13 times in the retail category, 7.30 times in the QIB category, and 50.79 times in the NII category. The issue reserves 49.92% for QIBs, 15.04% for NIIs and 35.04% for retail investors.
| Investor Category | Shares | % of Total Issue |
|---|---|---|
| QIB | 2,10,80,000 | 49.92% |
| NII | 63,51,600 | 15.04% |
| Retail | 1,48,00,000 | 35.04% |
| Total | 4,22,31,600 | 100% |
The company raised ₹174.54 crore from anchor investors on August 21, 2026, through 1,26,48,000 shares.
Skyways Air Services Limited was incorporated in December 1984 and operates as a logistics and freight forwarding company with more than four decades of industry experience. Its services include air and ocean freight forwarding, trucking, warehousing, customs broking, express cargo and parcel delivery.
The company has been ranked the No. 1 Air Freight Forwarder by AWBs generated by World ACD for four consecutive years from 2022 to 2025. It works with international airline partners including Saudi Cargo, Air India Cargo, Emirates and Lufthansa and operates technology platforms such as SLS HIKE, SLS 100X, SLS 100X 2.0, Cargo Dash, Skart-Edge and the upcoming ASAP platform.
As of June 30, 2026, the company had 320 employees, while the broader company and subsidiaries had 1,193 employees as of March 31, 2026.
Key strengths include:
Skyways Air Services reported strong financial growth in FY26. Total income increased from ₹1,316.81 crore in FY24 to ₹2,270.99 crore in FY25 and ₹2,839.67 crore in FY26. PAT increased from ₹34.49 crore to ₹48.14 crore and then ₹63.52 crore.
Revenue increased by 25% and PAT rose by 32% between FY25 and FY26.
| Financial Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | ₹1,316.81 crore | ₹2,270.99 crore | ₹2,839.67 crore |
| EBITDA | ₹48.34 crore | ₹86.49 crore | ₹125.65 crore |
| Profit after tax | ₹34.49 crore | ₹48.14 crore | ₹63.52 crore |
| Assets | ₹790.35 crore | ₹1,321.64 crore | ₹1,508.24 crore |
| Net worth | ₹154.26 crore | ₹247.14 crore | ₹332.64 crore |
| Total borrowing | ₹357.34 crore | ₹558.43 crore | ₹624.06 crore |
The company plans to use ₹216.79 crore from the IPO proceeds for repayment or prepayment of certain outstanding borrowings of the company and its subsidiary Forin Container Line Pvt. Ltd. Another ₹130 crore will be used for incremental working capital requirements, while the remaining amount is intended for general corporate purposes.
At the upper price band of ₹138, the company has a post-issue market capitalisation of ₹2,005.74 crore and post-issue EPS of ₹4.37.
The P/E ratio compares a company's share price with its earnings per share. Based on the upper issue price of ₹138 and post-issue EPS of ₹4.37, the post-issue P/E works out to around 31.58 times.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹5.46 | ₹4.37 |
| P/E | 25.27x | 31.58x |
| Market Cap at Offer Price | ₹1,607 crore | ₹2,005.74 crore |
The company reported ROE of 14.15%, ROCE of 18.11%, RoNW of 12.33%, PAT margin of 2.26% and EBITDA margin of 4.47% in FY26.
| KPI | FY26 | FY25 |
|---|---|---|
| ROE | 14.15% | 19.52% |
| ROCE | 18.11% | 14.61% |
| RoNW | 12.33% | 15.85% |
| PAT Margin | 2.26% | 2.14% |
| EBITDA Margin | 4.47% | 3.85% |
| NAV | ₹28.91 | ₹23.40 |
Promoter and promoter group holding is expected to decline from 79.14% before the IPO to 56.82% after the issue, while public shareholding is expected to increase from 20.86% to 43.18%.
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and promoter group | 79.14% | 56.82% |
| Public | 20.86% | 43.18% |
| Total | 100% | 100% |
The promoters are Yashpal Sharma and Tarun Sharma.
The ₹184 crore OFS includes shares offered by promoters Yashpal Sharma and Tarun Sharma and other selling shareholders Himanshu Chhabra and Rohit Sehgal.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| Yashpal Sharma | Promoter | 71,20,690 | ₹98.27 crore |
| Tarun Sharma | Promoter | 24,60,000 | ₹33.95 crore |
| Himanshu Chhabra | Other | 18,66,000 | ₹25.75 crore |
| Rohit Sehgal | Other | 18,86,610 | ₹26.04 crore |
| Total | 1,33,33,300 | ₹184 crore |
The minimum application is 100 shares. At the upper price band of ₹138, one retail lot requires ₹13,800.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 100 | ₹13,800 |
| Retail Maximum | 14 | 1,400 | ₹1,93,200 |
| sHNI Minimum | 15 | 1,500 | ₹2,07,000 |
| sHNI Maximum | 72 | 7,200 | ₹9,93,600 |
| bHNI Minimum | 73 | 7,300 | ₹10,07,400 |
The Skyways Air IPO will open on August 24 and close on August 27. Allotment is expected on August 28, followed by refunds and share credit on August 31. Listing is proposed for September 1.
| Event | Date |
|---|---|
| IPO Open | August 24, 2026 |
| IPO Close | August 27, 2026 |
| Allotment | August 28, 2026 |
| Refund | August 31, 2026 |
| Credit of Shares | August 31, 2026 |
| Listing | September 1, 2026 |
The Skyways Air IPO GMP of ₹46 indicates an estimated listing price of ₹184 against the ₹138 upper price band. The company also has a long operating history, established positioning in air freight forwarding, rising revenue and PAT, and a technology-enabled logistics network.
However, total borrowing increased to ₹624.06 crore in FY26, while PAT margin stood at 2.26%. The 31.58x post-issue P/E also makes valuation an important factor alongside the company's growth prospects and debt position.
The final investment decision should consider the company's financial performance, business model, debt, working capital requirements, valuation, industry outlook and individual risk appetite.
Skyways Air IPO is a main-board IPO of 4,22,31,600 equity shares with a face value of ₹10, aggregating up to ₹582.80 crore. The price band is ₹131 to ₹138 and the minimum order quantity is 100 shares.
Skyways Air IPO will open on Monday, August 24, 2026.
The lot size is 100 shares. At the upper price band of ₹138, one lot requires ₹13,800.
The allotment is expected to be finalised on Friday, August 28, 2026.
Skyways Air IPO is proposed to list on Tuesday, September 1, 2026, on the BSE and NSE.
The latest Skyways Air IPO GMP is ₹46 as of August 27, 2026, at 12:58 PM. At ₹138, this indicates an estimated listing price of ₹184.
The post-issue P/E ratio of Skyways Air IPO is approximately 31.58 times, based on the upper issue price of ₹138 and post-issue EPS of ₹4.37.
No. GMP is an unofficial grey market indicator and does not guarantee the actual listing price or listing gains.
Financial journalist specializing in market analysis, stock research, and investment trends. Dedicated to providing accurate, timely insights for informed decision-making.
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