Skyways IPO Anchor Book: ₹174.54 Cr Raised, Nomura Leads

Skyways Air Services successfully secured ₹174.54 crore through its IPO anchor book on August 21, 2026. The company allocated 1,26,48,000 equity shares to anchor investors at ₹138 each, matching the upper end of the IPO’s ₹131–138 price band.

Anchor Investor Breakdown

• Domestic mutual funds accounted for 39.93% of the total anchor allocation.
• Bank of India Mutual Fund was the largest single house by volume, investing through its Small Cap and Flexi Cap funds.
• Taurus Mutual Fund also participated, deploying capital across four schemes.
• Foreign Portfolio Investors (FPIs) included Nomura Singapore.
• Alternative Investment Funds (AIFs) like Holani Venture Capital Fund-I, and VCC-structured funds such as Vista Axis VCC-Quant Fund and LC Pharos Multi Strategy Fund, also invested.
• No life insurance companies or pension funds participated in this round.

Brokerages have largely issued ‘Subscribe’ ratings for the IPO. Firms like BP Equities, Ventura Securities, and Swastika Investmart highlighted Skyways Air Services’ historical growth and asset-light model.

Brokerage Outlook & Concerns

• SAMCO recommended ‘Apply for listing gains’, noting the company’s No. 1 air freight ranking and positive operating cash flow.
• Concerns included thin EBITDA margins, declining return on net worth, and high contingent liabilities.
• A criminal complaint from PG Paper Company was also highlighted.

In the unofficial grey market, Skyways Air Services shares traded at a premium of ₹45 above the issue price as of August 22, 2026. This indicates a potential listing gain of approximately 32.61%.

Skyways Air Services, incorporated in 1984, operates as an integrated logistics and freight forwarding company. It has held the No. 1 Air Freight Forwarder from India ranking for four consecutive years (2022-2025).

Company Financials & IPO Details

• Revenue reached ₹2,812.90 crore in FY2026.
• Net profit stood at ₹63.52 crore, with PAT margins at 2.26%.
• The IPO is valued at ₹582.80 crore, comprising a fresh issue of shares worth ₹398.80 crore and an Offer for Sale of ₹184.00 crore.
• The issue opens on August 24, 2026, and closes on August 27, 2026.
• Tentative listing is scheduled for September 1, 2026, on BSE and NSE.