Skyways Air Services announces its ₹583 crore initial public offering, aiming to strengthen its balance sheet and expand its logistics services with a price band of ₹131 to ₹138 per share, opening on August 24 and listing expected by September 1.
Skyways Air Services is set to open its ₹583 crore initial public offering on August 24, with the air freight forwarding and logistics group now aiming to tap investors at a price band of ₹131 to ₹138 a share, according to a public announcement on Friday. The new timetable supersedes earlier market notes from Kotak Neo and other IPO trackers that had pointed to a March launch.
The issue combines a fresh sale of 2.89 crore shares with an offer for sale of 1.33 crore shares. At the lower end of the price range, the company’s valuation works out to about ₹1,904 crore, rising to roughly ₹2,006 crore at the top end. The book will close on August 27, while bidding from anchor investors is scheduled for August 21.
Money raised through the fresh issue will be used to repay debt, meet higher working capital needs and cover general corporate purposes. That focus on balance-sheet repair is central to the offering, with Skyways seeking to support a business that has grown from a customs house agency established in 1984 into a wider logistics platform.
The company now offers air and ocean freight forwarding, trucking, warehousing and technology-led express cargo and parcel services. It has set aside 50% of the issue for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Holani Consultants, Shanon Advisors and Dolat Finserv are the book-running lead managers, and the shares are expected to list on the stock exchanges on or about September 1.
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