₹583 crore issue opens August
Key Highlights:
- Skyways Air Services will launch its ₹583 crore IPO on August 24.
- The price band has been fixed at ₹131–138 per share.
- The issue will close on August 27.
- Fresh issue proceeds will be used partly for debt repayment and working capital.
- The company operates across air freight, ocean freight, trucking and warehousing.
New Delhi, August 14: Air freight forwarding and logistics company Skyways Air Services Ltd will launch its ₹583 crore initial public offering (IPO) on August 24, with the company looking to strengthen its balance sheet and reduce debt. The IPO price band has been fixed at ₹131–138 per share.
The initial share sale will remain open until August 27, while bidding for anchor investors is scheduled for August 21.
At the upper end of the price band, the issue size is estimated at around ₹583 crore. The IPO comprises a fresh issue of 2.89 crore equity shares and an offer for sale (OFS) of 1.33 crore shares.
The proceeds from the fresh issue will be used for repayment of debt, meeting incremental working capital requirements and general corporate purposes.
Skyways Air Services was established in 1984 and initially operated as a Custom House Agent. Over the years, the company expanded its business into multiple logistics segments.
Its service portfolio includes air freight forwarding, ocean freight forwarding, trucking, warehousing solutions and technology-enabled express cargo and parcel delivery services.
The company has reserved 50 per cent of the issue for Qualified Institutional Buyers, 15 per cent for Non-Institutional Investors and 35 per cent for retail investors.
The shares are proposed to be listed on the stock exchanges around September 1, subject to applicable approvals and the IPO process.
The IPO comes as India’s logistics and cargo sectors continue to benefit from increasing trade activity, e-commerce demand and the expansion of organised supply-chain infrastructure.
