NewsSkyways Air Services IPO Day 2 Live: Total at 1.69x; Retail leads - Check analysts view and moreSkyways Air Services IPO Day 2 Live: Total at 1.69x; Retail leads - Check analysts view and more
- Skyways Air Services IPO total subscription stands at 1.69x on Day 2.
- Retail investors lead with 2.51x subscription, up from 2.26x earlier.
- NII (bHNI) jumped 12.3% intra-day to reach 2.47x.
- QIB subscription remains flat at 0.46x.
- Issue closes on August 27, 2026.
*this image is generated using AI for illustrative purposes only.
Skyways Air Services IPO has reached a total subscription of 1.69x on Day 2, with Retail investors continuing to lead the charge at 2.51x. The issue remains open until August 27, 2026.
Subscription Status
The IPO saw steady accumulation on the second day of its run. While Qualified Institutional Buyers (QIB) remained flat at 0.46x, Non-Institutional Investors (NII) and Retail investors picked up pace. The sHNI category surged to 2.47x, and bHNI stood at 0.90x. Retail subscription jumped from 2.26x earlier in the day to 2.51x.
| Category | Day 1 (24-08-2026) | Day 2 (25-08-2026) |
|---|---|---|
| QIB | 0.46x | 0.46x |
| NII (bHNI) | 1.50x | 0.90x |
| NII (sHNI) | 0.61x | 2.47x |
| Retail | 1.62x | 2.51x |
| Total | 1.14x | 1.69x |
Intra-day Timeline on 25-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.46x | 2.20x | 2.26x | 1.54x |
| 12:15 | 0.46x | 2.47x | 2.51x | 1.69x |
Momentum Highlights
- QIB: 0.46x → 0.46x (Δ +0.00x (+0.0%))
- NII (bHNI): 2.20x → 2.47x (Δ +0.27x (+12.3%))
- Retail: 2.26x → 2.51x (Δ +0.25x (+11.1%))
- Total: 1.54x → 1.69x (Δ +0.15x (+9.7%))
About the Company
Skyways Air Services Limited (SASL), established in 1984, is India's leading air freight forwarder, ranked No. 1 by World ACD for air cargo consignments handling for the last four calendar years (2022-2025). Led by MD Yashpal Sharma and CEO Tarun Sharma, the company provides comprehensive logistics services including air and ocean freight forwarding, trucking, warehousing, and custom broking. It operates across 28 cities in 12 states in India and maintains strategic alliances with major international airlines.
Financial Highlights
Skyways Air Services reported robust revenue growth over the last three years. Total equity increased from ₹186.06 crores in FY24 to ₹494.74 crores in FY26.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 1289.11 | 2247.82 | 2812.90 |
| Profit After Tax (₹ crores) | 34.49 | 48.14 | 63.52 |
| Total Equity (₹ crores) | 186.06 | 392.32 | 494.74 |
Objects of the Issue
- Repayment/pre-payment of outstanding borrowings: ₹216.79 crores
- Funding incremental working capital requirements: ₹130.00 crores
- General corporate purposes: Balance proceeds (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 by 18.79% in Fiscal 2026.
- Concentration Risk: 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.
Key Dates
- Issue Open Date: 2026-08-24
- Issue Close Date: 2026-08-27
- Allotment Date: Not announced
- Listing Date: Not announced
Will the persistent lack of Qualified Institutional Buyer (QIB) interest signal potential listing volatility or indicate a disconnect between institutional valuation models and retail sentiment?
How might the company's 100% dependency on third-party carriers impact its ability to maintain margins if geopolitical tensions further disrupt global air freight rates?
Given that a significant portion of proceeds is allocated to debt repayment, will this IPO materially improve Skyways Air Services' credit profile and reduce future financing costs?
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