Skyways Air Services' ₹583 crore IPO to open on Aug 24; price band fixed at ₹131-138
The IPO comprises a fresh issue of 2.89 crore equity shares and an Offer For Sale (OFS) of 1.33 crore equity shares
Skyways Air Services Ltd, an air freight forwarding and logistics company, plans to launch a ₹583 crore Initial Public Offering (IPO) on August 24 to bolster its financial position and reduce debt. The company, founded in 1984 as a Custom House Agent, has since expanded its services to include air, ocean, and truck freight forwarding, warehousing, and express cargo delivery.
The IPO price band is set between ₹131-138 per share, with a projected valuation ranging from ₹1,904 crore at the lower end to ₹2,006 crore at the upper end. The issue comprises 2.89 crore new equity shares and an Offer For Sale of 1.33 crore shares, estimated to raise ₹553 crore to ₹583 crore. The initial share sale will be completed on August 27, and anchor investor bidding will commence on August 21.
Skyways Air Services Ltd has reserved 50% of the issue for Qualified Institutional Buyers, 15% for Non-Institutional Investors, and 35% for retail investors. The shares are expected to be listed on the stock exchanges by September 1, with Holani Consultants, Shanon Advisors, and Dolat Finserv acting as the book-running lead managers.
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