Air freight forwarder’s public issue sees strong retail participation on opening day.
The initial public offering (IPO) of Delhi-based air freight forwarder Skyways Air Services received 1.16 times subscription on the opening day, according to data from the National Stock Exchange (NSE). As of 5:00 pm on August 24, the public issue received bids for 3.42 crore equity shares against 2.96 crore shares on offer.
Retail Individual Investors (RIIs) led the demand with their reserved portion subscribed 1.65 times, while the Non-Institutional Investor (NII) category received bids for 92 per cent of the allocated shares. The IPO opened on August 24 and will remain open for subscription until August 27, with the company setting a price band of ₹131 to ₹138 per equity share.
At the upper price band, Skyways Air Services aims to raise ₹582.8 crore through the issue, comprising a fresh issue of 2.88 crore equity shares and an offer for sale of 1.33 crore shares. Prior to the IPO opening, the company raised ₹174.5 crore through its anchor book by allotting 1.26 crore shares to 17 investors at ₹138 per share.
The anchor investors included Nomura Singapore, Citigroup, LC Pharos Multi Strategy Fund, Holani Venture Capital Fund, Pranitya India Opportunities Fund and IndusInd General Insurance. Domestic mutual funds received 50.5 lakh shares valued at ₹69.69 crore through allocations to Bank of India Mutual Fund and Taurus Asset Management schemes.
Skyways Air Services plans to use ₹216.8 crore from the fresh issue proceeds for debt repayment and ₹130 crore for incremental working capital requirements. The company reported a 32 per cent year-on-year increase in profit to ₹63.5 crore in FY26, while revenue from operations rose 25.1 per cent to ₹2,812.9 crore.
Source: moneycontrol
