Skyways Air Services Ltd. made a disappointing debut on the exchanges and listed at a 10.14% discount to its issue price at Rs 124 on NSE on Tuesday.
The issue price was set at Rs 138 per share.
Skyways Air IPO was a mixed book build issue of Rs 582.80 crore, wherein the fresh portion comprised 2.89 crore shares aggregating to Rs 398.80 crore and Offer-for-sale (OFS) of 1.33 crore shares aggregating to Rs 184.00 crore.
The lot size for an application was 100 shares. The minimum amount of investment required by an individual investor (retail) was Rs 13,800 (based on upper price).
Holani Consultants Pvt. Ltd. was the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
Skyways Air Services IPO Final Subscription
The issue was oversubsribed by 71.25 times by the end of the third day of bidding, with qualified institutional buyers leading bids.
- Qualified Institutional Buyers (QIBs): 139.69 times
- Non Institutional Investors: 87.24 times
- Retail Individual Investors (RIIs): 25.40 times
- Total: 71.25 times
The company said that the proceeds of the fundraise will be utilised for repayment/pre-payment of certain outstanding borrowings of Rs 216.79 crore, funding incremental working capital requirements, and general corporate purposes.
About Skyways Air
Skyways Air Services Limited was incorporated in December 1984 and is a logistics and freight forwarding company with over four decades of experience in India's air freight forwarding and logistics sector.
The Company provides a range of logistics solutions, including air and ocean freight forwarding, trucking, warehousing, customs broking, technology-driven express cargo and parcel delivery, and other value-added services.
It has evolved from a Custom House Agent into a multi-modal logistics service provider offering end-to-end supply chain solutions across domestic and international markets.
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