Skyways Air Services Limited
Skyways Air Services Limited is a mainboard IPO raising ₹583 Cr at ₹131 – ₹138 a share. It listed on 1 Sept 2026 at ₹124, −10.1% against its issue price of ₹138, and trades at ₹96 today (−30.1% since issue). It was subscribed 71× in total.
71.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs138. Checked: exchange issue size Rs583 Cr vs derived Rs582.8 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 79% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Delhivery Ltd | 260× | 1.58% | ₹2 |
| TVS Supply Chain Solutions Ltd | 54× | 5.62% | ₹2.59 |
| Mahindra Logistics Limited | 1548× | 0.19% | ₹0.25 |
| Shadowfax Technologies Limited | 104× | 6.4% | ₹2.18 |
| This issue | 38.8× | 12.33% | ₹3.56 |
derived: cut-off price Rs138 / stated EPS Rs3.56 (FY2026 (year ended March 31, 2026), diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.