Skyways Air Services listing: Shares list at 10.1% discount compare to IPO price on NSE

Skyways Air Services shares made a weak stock market debut on Tuesday, September 1. Shares of the logistics service provider listed at ₹124 apiece on the National Stock Exchange (NSE), reflecting a discount of 10.1% over the initial public offering (IPO) issue price of ₹138 apiece.

On the BSE, Skyways Air Services stock started trading at ₹124.5, down 9.7% from the issue price.

Skyways Air Services is a logistics and freight-forwarding company offering air and ocean freight forwarding, trucking, warehousing, customs broking, express cargo and parcel delivery, and other value-added services.

The company’s initial public offering was subscribed 71.25 times, with bids for 2,10,79,10,700 shares compared to 2,95,83,600 shares on offer, according to the NSE data.

The ₹583 crore IPO comprised a fresh issue of equity shares worth ₹399 crore and an offer-for-sale (OFS) component of over 1.3 crore shares valued at ₹184 crore.

Skyways Air Services Financials

Skyways Air Services IPO objective

• Working capital: The company will use ₹130 crore for funding its incremental working capital requirements.
• Repayment of borrowings: The company will use ₹216.78 crore for repayment of certain outstanding borrowings availed by the company and its subsidiary.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

About the company

Incorporated in 1984, Skyways Air Services has over four decades of experience in the logistics industry. It started as a custom house agent and gradually expanded into a multi-modal logistics provider offering services across the supply chain. The company has also been ranked No. 1 “Air Freight Forwarder” by AWBs generated, according to World ACD, for each of the last four calendar years, 2022–2025. Air freight is the company's largest business, contributing ₹2,166.40 crore or 77.02% of revenue from operations in FY26. Ocean cargo contributed ₹422.60 crore or 15.02%, while express cargo and parcel services accounted for ₹162.78 crore or 5.79%.

Domestic sales accounted for ₹2,110 crore or 74.3% of total revenue in FY26. Sales to foreign countries from India contributed ₹381.5 crore or 13.4%, while sales generated by foreign subsidiaries in foreign currency contributed ₹320.5 crore or 11.2%. The company served 9,504 customers during the year and handled 83,923 tonnes of air cargo, including 69,780 tonnes of exports, 7,601 tonnes of imports and 6,542 tonnes handled by foreign subsidiaries.

As of March 31, 2026, Skyways Air Services had a presence in 12 countries and 12 Indian states and Union Territories. It had relationships with 56 airlines, five warehouses and 31 pickup and delivery centres, while its express business covered 1,204 pin codes. The company serves customers across 65 key industries and has also developed technology platforms such as SLS HIKE, SLS 100X, SLS 100X 2.0 and ASAP for freight booking, shipment tracking, workflow automation and operational reporting.

Going ahead, the company plans to improve operating efficiency, expand its relationships with existing customers, enter new industry segments and grow its international presence. It is also looking to expand into logistics infrastructure, including cargo terminals, logistics parks and warehousing facilities. The company had participated in a consortium bid with Swissport International AG and Cargo Logistics and Allied Services Company for developing a new cargo terminal at Netaji Subhas Chandra Bose International Airport, Kolkata.