Skyways Air Services Day 2: GMP ₹29 (21.01%) & 2.46x subscribed
Key takeaways:
- The Skyways Air Services IPO is a book-built offering of ₹582.80 crore, comprising a fresh issue of ₹398.80 crore and an OFS of ₹184.00 crore.
- The bidding window opened on Monday, August 24, 2026 and will remain open for 4 days until Thursday, August 27, 2026.
- Skyways Air Services has been the pioneer in Air Waybill-based air freight forwarding in India for the past four years.
- The IPO was oversubscribed by 2.46 times at the end of day 2 bidding with strong Retail and Non-Institutional Investor (NII) interest.
- The current GMP is ₹29, which would mean an estimated listing premium of ~21.01%.
On the second day of the initial public offering (IPO) of Skyways Air Services Ltd, it received steady investor participation, leading to day 2 subscriptions of 2.46 times and a current GMP of ₹29. The IPO is a book-built offering of ₹582.80 crore. This includes a fresh issue of ₹398.80 crore and an offer for sale (OFS) of ₹184.00 crore.
This IPO has been well received by investors, largely because of the company's leadership position as India's No.1 air freight forwarder and its involvement in global trade and cross-border e-commerce. Let’s explore day 2 of Skyways Air Services IPO in more detail.
Key dates for the Skyways Air Services IPO
Skyways Air Services IPO subscription started on Monday, August 24, 2026. The last date for the application is Thursday, August 27, 2026. The IPO allotment is likely to be finalised on Friday, August 28, 2026. The refunds and share credits to investors' demat accounts will commence from Monday, August 31 2026. The equity shares are proposed to be listed on Tuesday, September 1, 2026, on the BSE and NSE.
The issue is offered at a price of ₹131 to ₹138 per share. Retail investors can invest a minimum of one lot (100 shares) at the upper price band with a minimum investment of ₹13,800. Holani Consultants Pvt. Ltd. is the book-running lead manager for this IPO, and Bigshare Services Pvt. Ltd. is the registrar to the issue.
About Skyways Air Services
Skyways Air Services Ltd was incorporated in 1984 and is an integrated logistics and freight forwarding powerhouse, providing end-to-end supply chain solutions. The company provides various services, including air freight, ocean freight, customs brokerage, trucking, warehousing and express cargo delivery.
Skyways operates as an asset-light company, owing no aircraft or ships, and is heavily dependent on airline partnerships. As of FY26, the company has customers in 12 countries, with more than 85.5% of its revenue coming from the Asian market, followed by the European and American markets.
Over the past few years, Skyways Air Services has exhibited impressive financial performance. In FY26, the company's total income was ₹2,839.67 crore, compared to ₹2,270.99 crore in FY25. Despite the thin margins in the freight forwarding business, the company's profit after tax (PAT) has also risen from ₹48.14 crore in FY25 to ₹63.52 crore in FY26.
Recent GMP and subscription status on Day 2
The Skyways Air Services IPO has seen an overall subscription of 2.46 times on Day 2, after a subscription of 1.16 times on Day 1. The Non-Institutional Investors (NII) segment had a 2.58 times subscription, followed by Retail Individual Investors (RIIs), who also subscribed enthusiastically with 3.54 times.
Qualified Institutional Buyers (QIBs) bid in a measured manner and subscribed their segment by 0.47 times, with expectations of massive bids coming on the last day of the subscription window.
Before opening bids to the general public, Skyways Air Services successfully raised ₹174.54 crore from 17 marquee anchor investors by allocating 1.26 crore shares on August 21, highlighting strong initial institutional demand.
The Grey Market Premium (GMP) of the company's shares was around ₹29 in the unlisted market. At the upper end of the price range, it indicates an estimated listing price of ₹167, which is a potential listing profit of 21.01% at ₹138.
What is next?
Market analysts attributed this strong subscription growth on Day 2 to Skyways Air Services' market leadership, asset-light operating model and steady revenue growth. India's air cargo industry is poised for robust expansion, driven by rising cross-border e-commerce and logistics infrastructure investments, positioning the company well for future tailwinds.
However, investors are also cautious toward this IPO due to the company's thin EBITDA margins (₹4.47%) and its high dependence on third-party airline carriers. With day 2 bidding now closed, all eyes are on the Qualified Institutional Buyers (QIB) segment, as their last-day push can significantly boost subscription numbers and stabilise the grey market before the allotment is finalised on Friday, August 28, 2026.
