The Skyways Air IPO GMP stood at ₹45 per share on August 21, 2026, according to the latest grey market data. The premium has declined from ₹50 on August 20 but remains significantly higher than the levels seen earlier in the week.
With the IPO price fixed at the upper end of the price band at ₹138 per share, the latest GMP indicates an estimated listing price of ₹183 per share. This represents a potential listing premium of 32.61% over the issue price.
The ₹582.80 crore Skyways Air IPO will open for subscription on August 24, 2026, and close on August 27, 2026. The issue comprises a fresh issue of ₹398.80 crore and an offer for sale (OFS) of ₹184 crore.
The latest Skyways Air IPO GMP stood at ₹45 per share as of August 21, 2026.
At the upper price band of ₹138, the current grey market premium suggests an estimated listing price of ₹183 per share, implying a potential gain of ₹45 per share or 32.61% over the IPO price.
| Particulars | Details |
|---|---|
| IPO Price Band | ₹131–₹138 |
| Upper Price Band | ₹138 |
| Latest GMP | ₹45 |
| Estimated Listing Price | ₹183 |
| Estimated Listing Premium | 32.61% |
| Lot Size | 100 shares |
| Minimum Investment | ₹13,800 |
| IPO Size | ₹582.80 crore |
GMP is an unofficial market indicator and does not guarantee the actual listing price.
The Skyways Air IPO GMP has remained positive throughout the available trend period and has risen sharply from ₹28 on August 14 to a high of ₹50 on August 20.
However, the GMP moderated to ₹45 on August 21.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Premium |
|---|---|---|---|---|
| August 21, 2026 | ₹138 | ₹45 | ₹183 | 32.61% |
| August 20, 2026 | ₹138 | ₹50 | ₹188 | 36.23% |
| August 19, 2026 | ₹138 | ₹42 | ₹180 | 30.43% |
| August 18, 2026 | ₹138 | ₹40 | ₹178 | 28.99% |
| August 17, 2026 | ₹138 | ₹31 | ₹169 | 22.46% |
| August 16, 2026 | ₹138 | ₹28 | ₹166 | 20.29% |
| August 15, 2026 | ₹138 | ₹28 | ₹166 | 20.29% |
| August 14, 2026 | ₹138 | ₹28 | ₹166 | 20.29% |
The GMP has gained ₹17 from ₹28 on August 14 to ₹45 on August 21. The highest GMP in the available period was ₹50 on August 20.
The estimated listing price is calculated by adding the latest GMP to the upper end of the IPO price band.
₹138 + ₹45 = ₹183
Based on the latest GMP, Skyways Air shares could potentially list at around ₹183 per share.
The estimated gain is ₹45 per share, translating into a potential listing premium of 32.61%.
The lot size for the IPO is 100 shares. At the upper price band of ₹138, one lot would cost ₹13,800.
At the GMP-based estimated listing price of ₹183, the value of one lot would be approximately ₹18,300, indicating a potential gain of ₹4,500 per lot.
The actual listing price, however, can differ from the GMP-based estimate.
Skyways Air IPO is a book-built issue of ₹582.80 crore. The public issue comprises a fresh issue of 2.89 crore shares aggregating to ₹398.80 crore and an offer for sale of 1.33 crore shares worth ₹184 crore.
| IPO Particulars | Details |
|---|---|
| IPO Name | Skyways Air IPO |
| IPO Size | ₹582.80 crore |
| IPO Dates | August 24–27, 2026 |
| Price Band | ₹131–₹138 |
| Lot Size | 100 Shares |
| Minimum Investment | ₹13,800 |
| Face Value | ₹10 per share |
| Fresh Issue | ₹398.80 crore |
| Offer for Sale | ₹184 crore |
| Issue Type | Book Building |
| Listing | NSE and BSE |
| Allotment | August 28, 2026 |
| Expected Listing | September 1, 2026 |
| Lead Manager | Holani Consultants Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The Skyways Air IPO will open for subscription on August 24 and remain open until August 27, 2026.
The IPO allotment is expected to be finalised on August 28. Refunds and credit of shares are scheduled for August 31, while the tentative listing date is September 1, 2026.
| IPO Event | Date |
|---|---|
| IPO Opens | August 24, 2026 |
| IPO Closes | August 27, 2026 |
| Allotment | August 28, 2026 |
| Refund | August 31, 2026 |
| Credit of Shares | August 31, 2026 |
| Listing | September 1, 2026 |
Incorporated in December 1984, Skyways Air Services Ltd is a logistics and freight forwarding company with more than four decades of experience in India’s air freight forwarding and logistics industry.
The company provides a range of logistics services, including air and ocean freight forwarding, trucking, warehousing, customs broking, express cargo and parcel delivery, along with other value-added supply chain services.
Skyways Air Services has evolved from a Custom House Agent into a multi-modal logistics company providing end-to-end supply chain solutions across domestic and international markets.
The company was ranked the No. 1 air freight forwarder by AWBs generated by World ACD for four consecutive calendar years from 2022 to 2025.
Its operations are supported by partnerships with international airlines such as Saudi Cargo, Air India Cargo, Emirates and Lufthansa, as well as memberships in global logistics networks.
Technology is an important part of the company’s logistics operations.
Skyways Air Services has developed proprietary platforms including SLS HIKE, SLS 100X, SLS 100X 2.0, Cargo Dash and Skart-Edge.
These platforms are designed to support freight booking, shipment tracking, workflow automation, documentation and operational reporting.
The company is also developing its upcoming ASAP platform as part of its technology-driven logistics strategy.
As of June 30, 2026, the company had 320 employees, while the company and its subsidiaries had a combined employee base of 1,193 as of March 31, 2026.
Skyways Air Services reported strong growth in revenue and profitability in FY2026.
Total income increased from ₹2,270.99 crore in FY2025 to ₹2,839.67 crore in FY2026, representing growth of around 25%.
Profit after tax rose from ₹48.14 crore to ₹63.52 crore, an increase of approximately 32%.
EBITDA also increased from ₹86.49 crore in FY2025 to ₹125.65 crore in FY2026.
| Financial Year | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Assets | ₹790.35 Cr | ₹1,321.64 Cr | ₹1,508.24 Cr |
| Total Income | ₹1,316.81 Cr | ₹2,270.99 Cr | ₹2,839.67 Cr |
| Profit After Tax | ₹34.49 Cr | ₹48.14 Cr | ₹63.52 Cr |
| EBITDA | ₹48.34 Cr | ₹86.49 Cr | ₹125.65 Cr |
| Net Worth | ₹154.26 Cr | ₹247.14 Cr | ₹332.64 Cr |
| Total Borrowings | ₹357.34 Cr | ₹558.43 Cr | ₹624.06 Cr |
While revenue and profitability have grown significantly, total borrowings increased to ₹624.06 crore in FY2026 from ₹558.43 crore in FY2025.
For FY2026, Skyways Air Services reported a return on equity of 14.15% and return on capital employed of 18.11%.
Its PAT margin stood at 2.26%, while the EBITDA margin improved to 4.47% from 3.85% in FY2025.
| KPI | FY2026 | FY2025 |
|---|---|---|
| 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 |
The company plans to use a significant portion of the IPO proceeds towards reducing debt and funding working capital requirements.
Around ₹216.79 crore is proposed to be used for repayment or prepayment of certain outstanding borrowings of the company and its subsidiary, Forin Container Line Pvt. Ltd.
Another ₹130 crore is proposed to fund incremental working capital requirements.
The remaining proceeds will be used for general corporate purposes.
| IPO Object | Amount |
|---|---|
| Debt repayment/prepayment | ₹216.79 Cr |
| Incremental working capital | ₹130 Cr |
| General Corporate Purposes | Balance |
The company’s post-issue market capitalisation at the offer price is estimated at around ₹2,005.74 crore.
The EPS is estimated at ₹4.37 on a post-issue basis, compared with ₹5.46 on a pre-IPO basis.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹5.46 | ₹4.37 |
| Market Cap at Offer Price | — | ₹2,005.74 Cr |
The valuation should be assessed alongside the company’s revenue growth, profitability, debt levels and position in India’s expanding logistics and freight forwarding industry.
Skyways Air Services highlights several factors supporting its business model:
The latest GMP of ₹45 indicates that grey market sentiment towards the Skyways Air IPO remains positive despite the premium moderating from ₹50 on August 20.
The GMP-based estimated listing premium of 32.61% suggests that the stock could potentially make a strong debut if the grey market indication translates into actual market demand.
The company’s financial performance has also strengthened, with FY2026 revenue rising 25% and PAT increasing 32%. At the same time, investors may need to assess the company’s borrowing levels, as total debt increased to ₹624.06 crore in FY2026.
Investors should not rely solely on GMP while evaluating the IPO. The company’s business model, financial performance, valuation, debt levels and growth prospects should also be considered.
Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
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