NewsSkyways Air Services IPO Day 2 Live: NII surges 78% to 3.93x; Total at 2.43x - Check analysts view and moreSkyways Air Services IPO Day 2 Live: NII surges 78% to 3.93x; Total at 2.43x - Check analysts view and more
- Skyways Air Services IPO total subscription reached 2.43x on Day 2.
- NII (bHNI) surged 78.6% to 3.93x, leading the growth.
- Retail subscription rose 54.9% to 3.50x.
- QIB remained flat at 0.47x.
- Issue closes on August 27, 2026.
*this image is generated using AI for illustrative purposes only.
Skyways Air Services IPO closed with a massive 71.08x subscription, driven by a late-day institutional rush. Qualified Institutional Buyers (QIB) surged to 139.69x, while Non-Institutional Investors (bHNI) hit 78.90x. The air freight leader’s issue saw significant momentum after 2pm on the final day.
Final Subscription Status
The IPO witnessed a steady rise in subscription over the four days it was open. The final tally shows robust interest from individual investors, with significant intra-day momentum on the last 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 | 9.75x | 5.39x | 6.85x | 5.04x |
| Day 4 | 27-08-2026 | 139.69x | 78.90x | 91.33x | 25.07x | 71.08x |
Intra-day Timeline (Day 4)
On the final day, 27-08-2026, the subscription numbers picked up pace significantly after 2pm, with QIBs leading the charge.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.52x | 22.36x | 10.39x | 9.23x |
| 12:15 | 0.97x | 32.16x | 13.30x | 12.80x |
| 13:15 | 1.02x | 42.04x | 15.79x | 16.35x |
| 14:15 | 9.37x | 53.45x | 18.45x | 23.12x |
| 15:15 | 23.40x | 66.91x | 21.18x | 32.49x |
| 16:15 | 139.69x | 78.07x | 16.68x | 66.82x |
| 17:15 | 139.69x | 78.90x | 25.07x | 71.08x |
Category-wise Breakdown
- Non-Institutional Buyers (sHNI): Led the pack with a massive 91.33x subscription.
- Non-Institutional Buyers (bHNI): Subscribed 78.90x.
- Retail: Showed strong interest with 25.07x subscription.
- QIB: Jumped +26763.5% today from 0.52x to 139.69x.
- Employees: 0x subscription.
About the Company
Skyways Air Services Limited (SASL), established in 1984, is India's leading air freight forwarder. It is consistently ranked No. 1 by World ACD for air cargo consignments handling for the last four calendar years (2022-2025). The company provides comprehensive logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, and technology-driven express cargo delivery. It operates across 28 cities in 12 states in India.
Financial Highlights
The company has shown consistent growth in revenue and profit over the last three years.
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 2812.90 | 2247.82 | 1289.11 |
| Total Profit | 63.52 | 48.14 | 34.49 |
| Total Equity | 494.74 | 392.32 | 186.06 |
Revenue from operations grew from ₹1289.11 crores in FY 2024 to ₹2812.90 crores in FY 2026. Total profit increased from ₹34.49 crores to ₹63.52 crores in the same period.
Objects of the Issue
- Repayment/pre-payment of outstanding borrowings: ₹216.79 crores will be used to repay or prepay outstanding borrowings by the company and its subsidiary Forin Container Line Private Limited.
- Funding incremental working capital requirements: ₹130.00 crores will fund incremental working capital needs to support projected business growth.
- General corporate purposes: Balance proceeds will be used for general corporate purposes including strategic initiatives and brand building, not exceeding 25% of gross proceeds.
Risk Factors
- 100% Dependency on Third-Party Carriers: The company relies entirely on third-party carriers for transportation as it does not operate its own aircraft or shipping lines.
- Geopolitical Tensions: Ongoing global conflicts have caused air freight realization to decline by 7.88% and ocean freight realization to decline by 18.79% in Fiscal 2026.
- Concentration Risk with Suppliers: The company procures 36.01% of its cost of service from top 5 suppliers and 49.00% from top 10 suppliers as of March 31, 2026.
What's Next
The IPO opened on 2026-08-24 and closed on 2026-08-27. Allotment status will be updated soon. Listing date details will be announced after allotment. The basis of allotment will be determined based on the oversubscription levels in each category.
Will the persistent lack of Qualified Institutional Buyer (QIB) interest, remaining flat at 0.47x, signal potential listing price volatility or a lack of institutional confidence in Skyways' valuation?
How might the company's 100% dependency on third-party carriers impact its ability to maintain margins if geopolitical tensions continue to suppress air and ocean freight rates?
Given that over 49% of service costs are sourced from the top 10 suppliers, what contingency strategies does Skyways have to mitigate supply chain disruptions or pricing power shifts from these key partners?
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