NewsSkyways Air Services IPO Day 3 Live: NII (bHNI) jumps 78.6% to 9.18x - Check analysts view and moreSkyways Air Services IPO Day 3 Live: NII (bHNI) jumps 78.6% to 9.18x - Check analysts view and more
- Skyways Air Services IPO subscribed 4.82x by 16:15 on Day 3, August 26, 2026.
- NII (bHNI) leads with 9.18x subscription, jumping 78.6% intra-day.
- Retail category stands at 6.62x, while QIB remains flat at 0.49x.
- Company reported FY2026 revenue of ₹2,812.90 crore and PAT of ₹63.52 crore.
- IPO closes on August 27, 2026, with price band ₹131–₹138 per share.
*this image is generated using AI for illustrative purposes only.
Skyways Air Services IPO has accelerated to a cumulative subscription of 4.82x by 16:15 on Day 3, August 26, 2026. The ₹138-per-share issue is being driven by Non-Institutional Buyers (bHNI), which jumped 78.6% intra-day to reach 9.18x.
Subscription Status
The issue is racing ahead in the final session, with total subscription jumping from 3.06x at 11:15 AM to 4.82x by 16:15 PM on Day 3. NII (bHNI) remains the standout performer, ticking up significantly to reach 9.18x. Retail also picked up pace, rising to 6.62x. QIB participation remains flat at 0.49x throughout the day.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-08-2026 | 0.46x | 1.50x | 0.61x | 1.62x | 1.14x |
| Day 2 | 25-08-2026 | 0.47x | 3.93x | 1.83x | 3.50x | 2.43x |
| Day 3 | 26-08-2026 | 0.49x | 9.18x | 5.00x | 6.62x | 4.82x |
Intra-day Snapshot — 26-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.48x | 5.14x | 4.40x | 3.06x |
| 12:15 | 0.48x | 5.92x | 4.92x | 3.44x |
| 13:15 | 0.48x | 6.82x | 5.40x | 3.84x |
| 14:15 | 0.48x | 7.84x | 5.87x | 4.24x |
| 15:15 | 0.48x | 8.57x | 6.27x | 4.55x |
| 16:15 | 0.49x | 9.18x | 6.62x | 4.82x |
Momentum Highlights
- NII (bHNI): Jumped +78.6% today (from 5.14x to 9.18x)
- Retail: Jumped +50.5% today (from 4.40x to 6.62x)
- Total: Jumped +57.5% today (from 3.06x to 4.82x)
- QIB: Remained flat at 0.49x
About the Company
Skyways Air Services Limited (SASL), established in 1984 and headquartered in New Delhi, is India's leading air freight forwarder. It is ranked No. 1 by World ACD for air cargo consignments handling for the last four calendar years (2022–2025). The company offers air and ocean freight forwarding, trucking, warehousing, custom broking, and express cargo delivery across 28 cities in 12 states. It is led by MD Yashpal Sharma and CEO Tarun Sharma.
Financial Highlights
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 1,289.11 | 2,247.82 | 2,812.90 |
| Total Revenue (₹ crore) | 1,316.81 | 2,270.99 | 2,839.67 |
| PAT (₹ crore) | 34.49 | 48.14 | 63.52 |
| Total Equity (₹ crore) | 186.06 | 392.32 | 494.74 |
Revenue from operations more than doubled from ₹1,289.11 crore in FY2024 to ₹2,812.90 crore in FY2026. PAT grew from ₹34.49 crore to ₹63.52 crore over the same period.
Objects of the Issue
- Repayment/pre-payment of outstanding borrowings: ₹216.79 crore — to reduce outstanding indebtedness of the company and its subsidiary Forin Container Line Private Limited.
- Funding incremental working capital requirements: ₹130.00 crore — to support projected business growth and reduce dependence on supplier credit.
- General corporate purposes: Balance proceeds for strategic initiatives, brand building, and ongoing corporate exigencies (not exceeding 25% of gross proceeds).
Risk Factors
- 100% dependency on third-party carriers: The company does not own aircraft or shipping lines; any disruption in carrier availability could impact 97.83% of total revenue derived from freight forwarding.
- Geopolitical tensions: Ongoing global conflicts have already caused air freight realization to decline 7.88% and ocean freight realization to decline 18.79% in Fiscal 2026.
- High working capital funded through borrowings: Working capital requirements are 86.23% funded through borrowings, with a working capital gap of ₹31,107.09 lakhs as of March 31, 2026, and a debt-to-equity ratio of 1.26.
Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 24-08-2026 |
| IPO Close Date | 27-08-2026 |
| Allotment Date | To be announced |
| Listing Date | To be announced |
The issue closes on August 27, 2026. With NII (bHNI) at 9.18x and Retail at 6.62x, all eyes are on whether QIB participation picks up meaningfully in the final hours. The price band is set at ₹131–₹138 per share, with a minimum bid quantity of 100 shares.
How might the persistent lack of QIB interest (0.49x) impact Skyways Air Services' listing price stability and institutional holding structure post-IPO?
Given the company's 100% dependency on third-party carriers, what specific hedging strategies or long-term contracts will the IPO proceeds be used to mitigate supply chain disruptions?
Will the repayment of ₹216.79 crore in borrowings significantly improve Skyways Air Services' debt-to-equity ratio enough to attract conservative institutional investors in the secondary market?
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