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Skyways Air Services shares debut 10.1% below IPO price
The IPO priced at ₹138, with shares opening at ₹124 on NSE and ₹124.50 on BSE, after a 71.3 times subscription and a stated plan to repay borrowings and fund working capital.
Skyways Air Services listed on Tuesday, September 1, with its shares starting trading at a discount to the IPO price, LiveMint Markets reported. The stock opened at ₹124 per share on the NSE and ₹124.50 on the BSE, implying a 10.1% drop versus the fixed issue price of ₹138.
The listing marked what the outlet described as a lackluster debut, with the share price coming in below market expectations. LiveMint Markets added that the company’s GMP stood at ₹32 ahead of listing, and that the IPO delivered a 10.14% loss to allotment holders.
The mainboard IPO raised ₹582.5 crore, consisting of a fresh issue of 2.89 crore shares worth ₹398.8 crore and an offer for sale of 1.33 crore shares valued at ₹184 crore. According to exchange data cited by LiveMint Markets, the issue was subscribed 71.25 times overall, with QIBs bidding 140 times, the NII portion 87 times, and retail receiving bids for 25.40 times the offer.
The company said the net proceeds from the fresh issue would be used to repay certain borrowings, fund incremental working capital requirements, and cover general corporate expenses. Skyways Air Services operates in air freight forwarding and logistics, including air and ocean freight forwarding, trucking, warehousing, customs broking, and technology-enabled express cargo and parcel delivery.