Skyways Air Services IPO Debuts Down 10.14% on NSE
By IPO Desk
Skyways Air Services Ltd. shares listed at a 10.14% discount on the NSE, despite a massive 71.25x oversubscribed IPO. Discover the details of the Rs 582.80 crore issue.
Skyways Air Services Ltd. shares dropped 10.14% on their NSE debut, listing at Rs 124 against an issue price of Rs 138. This immediate discount occurred despite the initial public offering (IPO) being significantly oversubscribed.
The IPO, a mixed book build issue, was valued at Rs 582.80 crore. It included a fresh issuance of 2.89 crore shares worth Rs 398.80 crore, alongside an Offer-for-sale (OFS) of 1.33 crore shares totaling Rs 184.00 crore.
Key IPO Figures
- Listing Discount: 10.14%
- Listing Price: Rs 124
- Issue Price: Rs 138
- Total IPO Value: Rs 582.80 crore
- Overall Oversubscription: 71.25 times
- QIB Oversubscription: 139.69 times
- NII Oversubscription: 87.24 times
- RII Oversubscription: 25.40 times
Qualified Institutional Buyers (QIBs) notably drove the strong demand, significantly oversubscribing their portion. Non-Institutional Investors and Retail Individual Investors also showed substantial interest.
Company & Fund Allocation
Skyways Air Services Limited, incorporated in December 1984, operates as a logistics and freight forwarding company. It provides diverse solutions, including air and ocean freight, trucking, warehousing, and customs broking, across domestic and international markets.
The company plans to allocate the IPO proceeds towards specific financial objectives. These include the repayment or pre-payment of outstanding borrowings amounting to Rs 216.79 crore, funding incremental working capital requirements, and addressing general corporate purposes.