Skyways Air Services Ltd IPO

Status: Upcoming

Overview

IPO date

18 Mar 2026 to 20 Mar 2026

Face value

₹ 10 per share

Price

₹ 0 per share

Issue Size

42,231,600 shares
(aggregating up to ₹ 0 Cr)

Allotment Date

23 Mar 2026

Listing at

NSE

Issue type

Book Building

Sector

Logistics

Objectives of Skyways Air Services Ltd IPO

Initial public offer of up to 4,22,31,600 equity shares of face value of Rs. 10/- each ("Equity Shares") of the company for cash at a price of Rs. [*] per equity share (Including a Share Premium of Rs. [*] per equity share), aggregating to Rs. [*] crores ("the Offer") comprises of a fresh issue of up to 2,88,98,300 equity shares aggregating to Rs. [*] crores ("Fresh Issue") and an offer for sale of up to 1,33,33,300 equity shares ("Offered Shares") aggregating to Rs. [*] crores comprising up to 71,20,690 equity shares by Yashpal Sharma aggregating up to Rs. [*] crores and up to 24,60,000 equity shares by Tarun Sharma aggregating up to Rs. [*] crores (Collectively, "Promoter Selling Shareholders" and up to 18,66,000 equity shares by Himanshu Chhabra aggregating up to Rs. [*] crores and up to 18,86,610 equity shares by Rohit Sehgal aggregating to Rs. [*] crores (Collectively, "Other Selling Shareholder"), (the "Selling Shareholders"), and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer will constitute [*] % of the post offer paid up equity share capital of the company. The company, in consultation with the brlms, may consider a pre-ipo placement as may be permitted under the applicable law, aggregating up to 62,50,000 equity shares of face value of Rs. 10/- each prior to filing of the ("Pre-ipo placement"). The pre-ipo placement, if undertaken, will be at a price to be decided by the company in consultation with the brlms. if the pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. if the pre-ipo placement is completed, the fresh issue size will be reduced to the extent of such pre-ipo placement, subject to the offer complying with Rule 19(2)(b) of the securities contracts (Regulation) Rules, 1957, as amended ("scrr"). Prior to the completion of the offer, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to the allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result in listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if Undertaken). The price band and the minimum bid lot will be decided by the company.

Skyways Air Services Ltd IPO Strategy

About Skyways Air Services Ltd

Skyways Air Services Limited was originally incorporated as a private Limited Company in Delhi under the name of 'Skyways Air Services Private Limited', pursuant to a certificate of Incorporation dated December 21, 1984 issued by Registrar of Companies, Delhi and Haryana. Thereafter, Company was converted from a private limited company to a public limited Company, and the name was changed to 'Skyways Air Services Limited' vide fresh Certificate of incorporation on May 05, 2025, issued by the Registrar of Companies, Delhi. Company is a participant of India's air freight forwarding and logistics sector. The Company is engaged in providing a comprehensive suite of services, including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, technology driven express cargo and parcel delivery and a wide range of Value-Added Services (VAS) to support the diverse needs of the clientele across domestic and international markets. Company began its operations as a Custom House Agent (CHA)-now known as a Custom Broker License holder-and has progressively expanded its service offerings over the years in response to evolving market requirements and international trade dynamics. It has built a well-integrated logistics infrastructure that offers end-to-end support across the supply chain. The VAS comprise logistic planning & management, logistic solutions, cargo handling operations, warehousing solutions, storage & inventory management, documentation & customs clearance services, global connectivity supported by strategic international tie-ups, network subsidiaries and collaborative arrangements with other logistics providers. Company maintains strategic alliances with a diverse range of international air freight carriers, enabling enhanced service capabilities and global reach. It has performance-based agreements with several leading global airlines, including Saudi Cargo, Air India Cargo, Turkish airlines and Lufthansa. These partnerships not only strengthen the access to key international routes and cargo capacities but also contribute to improved service reliability and competitive transit times for clients. In addition to these, Company is made an active member of multiple global logistics networks, serving as structured platforms for cooperation among international freight forwarders and logistics service providers. Company is planning the aggregate initial public issue of 4,62,51,000 Equity Shares having face value of Rs 10 each, comprising a fresh issue of 3,29,17,700 equity shares through fresh issue and 1,33,33,300 equity shares via offer for sale.

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Strengths vs Risks of Skyways Air Services Ltd

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Strengths

Risks

Our dependence on carriers for cargo transportation exposes us to risks related to capacity availability, cost fluctuations, and service disruptions. Our entire revenue is dependent upon the availability of the carriers and any disruption will materially and adversely affect our business, results of operations, and financial condition.
We rely on limited number of suppliers and procure 32.08%, 38.29%, 39.12 and 39.52% of our cost of service for the nine months period ended December 31, 2024, Financial Year 2024, 2023 and 2022 respectively from our Top 5 suppliers and 47.05%, 54.31%, 52.69% and 50.87% of our cost of service from our top 10 suppliers for the nine months period ended December 31, 2024, Financial Year 2024, 2023 and 2022 respectively. Any failure of us to maintain good business relations and continued arrangements with such suppliers may adversely affect our results of operations and financial condition.
Some of our subsidiaries including step down subsidiary(ies), including the ones acquired by us, have incurred, or continue to incur, losses, which could negatively impact our financial performance.
Any adverse developments affecting trade volumes and freight rates may have an adverse effect on our business, results of operations, and financial condition.
We have significant working capital requirements which have historically been funded through borrowings. Any inability to access adequate working capital loans on commercially reasonable terms may adversely effect our business, financial condition and results of operations.
We have had negative cash flows in the past. Sustained negative cash flow could adversely impact our business, financial condition and growth.
The agreements governing our indebtedness contain conditions and restrictions on our operations, additional financing, and capital structure.
If we are not able to sell container space that we purchase from sea shipping lines, we will not be able to recover our costs and our profitability may suffer.
We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not have an adverse effect on our results of operations and financial condition.
We are highly dependent on our workforce, which is a key asset for our logistics operations, and any inability to attract, retain or effectively manage our personnel may adversely affect our business and results of operations.
We have contingent liabilities that have not been provided for in our Company's financials which if materialised, could adversely affect our financial condition.
High employee attrition rates may adversely impact our business operations, continuity, and financial performance.
Our agreements with air carriers include tonnage-based incentive structures and any inability enter into or renew these agreements may adversely affect our profitability.
We have pledged or have agreed to pledge and will continue to pledge a significant portion of our cash and cash equivalents and fixed deposits in favor of lenders, who may exercise their rights under the respective pledge agreements in the event of a default.
Our revenue is heavily reliant on our operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact our revenue and overall financial performance.
We and certain of our Subsidiaries are involved in ongoing proceedings pertaining to direct and indirect taxes involving an aggregate disputed demand of approximately ? 3,868.06 lakhs. These demands exceed the thresholds of materiality based on our Restated Consolidated Financial Statements. Any adverse outcome in these proceedings may have a material adverse effect on our financial condition, results of operations and cash flows.
Our Company proposes to invest a portion of the Net Proceeds of the Fresh Issue in our material subsidiary, Forin Container Line Private Limited (FCLPL), for repayment or prepayment of its outstanding borrowings. Any adverse performance by FCLPL may affect its ability to meet residual obligations and may also result in the loss of value of the proceeds deployed by us, which could adversely impact our business, financial condition and results of operations.
We may be unable to fully realize the anticipated benefits of recent acquisitions and investments or any future acquisitions and investments successfully or within our intended timeframe that may adversely affect our business, financial condition, cash flows, results of operations and prospects.
Misconduct or errors by manpower engaged by us could expose us to business risks or losses that could adversely affect our business prospects, results of operations and financial condition.
We may face claims relating to loss or damage to cargo shipment, personal injury claims or other operating risks that are not adequately insured and our insurance coverage could prove inadequate to satisfy potential claims or be insufficient to cover all losses associated with our business operations, which may have a material adverse effect on our business, results of operations, financial condition and cash flows.
Certain secured loan facilities availed by our Company have been backed by personal guarantees from our Promoters and a member of our Promoter Group. Any default in repayment by our Company may result in enforcement of such guarantees, which could adversely affect our Promoters and consequently, our business and operations.
Certain immovable properties occupied by our Company are situated on 'Lal Dora' lands in New Delhi and are not registered in the name of our Company. Any inability to perfect title or comply with applicable regulatory requirements may adversely affect our business operations.
Majority of our offices, including our registered office, are located on premises which are occupied either on lease or on leave and license basis. Any failure to comply with the terms of these leases or leave and licenses, inability to renew existing agreements or enter into new agreements on
An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of our services may give rise to service liability claims and negatively affect our business prospects and financial performance.
There have been discrepancies in filings with the Registrar of Companies (RoC) and other noncompliances under the Companies Act in the past, which may result in penalties.
Our obligations under corporate guarantees provided in respect of credit facilities availed by our Subsidiaries may expose us to financial liabilities, and any invocation of such guarantees may impact our financial condition, results of operations and cash flows.
Our inability to obtain certain statutory registrations for one of our branch offices located in Kerala may expose us to regulatory actions and penalties.
We have not complied with the applicable requirements under the Labour Welfare Fund Act(s) in various states, and such non-compliance may expose us to penalties and other regulatory actions.
Instances of delays in payment of employee-related statutory dues in the past may expose us to regulatory action, including imposition of penalties.
Our Company, Subsidiaries, certain Promoters, Key Managerial Personnel and Senior Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, financial condition, cash flows, and results of operations.
We are required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate our business and if we fail to do so in a timely manner or at all and our business, financial conditions, results of operations and cash flows may be adversely affected.
Our Company has made overseas investments and is subject to regulatory requirements under FEMA. While such investments have been undertaken in compliance with applicable laws, any future or inadvertent non-compliance may subject us to regulatory actions or penalties.
Our business is dependent on technology and any disruption or failure of our technology systems may affect our operations.
Our management will deploy net proceeds from the Fresh Issue pending utilization for Objects to Offer in scheduled commercial banks and financial institutions and there is no assurance that the objects of the Offer will be achieved within the time frame expected. Any variation in the utilisation of the Net Proceeds in terms as disclosed in the Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
Our business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
Certain sections of this Draft Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
Certain secretarial records and documents filed by us with the Registrar of Companies are not traceable.
The schedule of our estimated deployment of Net Proceeds is subject to inherent uncertainties.
We have included certain non-GAAP financial and operational measures related to our operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which we operate, and which may not be comparable with financial, operational or industry related statistical information of similar nomenclature computed and presented by similar companies.
If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.
Our Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of our Company, hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
We have allotted shares in the last one year, which may be at a price below the Offer Price.
Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consents and we cannot assure you that we will be able to pay dividends in the future.
Geopolitical tensions, conflicts, and global instability, including the Russian invasion of Ukraine, the Israel-Hamas war, the Iran-Israel conflict, and any future such hostilities or wars, may adversely impact the global economy, supply chains, and our business and operations.
Failure to maintain confidential information of our customers could adversely affect our reputation, business, results of operations and financial condition.
If we are unable to collect our receivables from our clients, our results of operations and cash flows could be adversely affected.
We operate in a highly fragmented and competitive industry, and increased competition or improved performance by our competitors may adversely affect our business, financial condition, results of operations, and cash flows.
Any downgrade of our credit ratings could increase borrowing costs and constrain our access to capital and lending markets and, as a result, could negatively affect our net interest margin and our business.
The company relies on limited number of suppliers and procure 33.83%, 31.20%, 38.29% and 39.12% of the company's cost of service for the six months period ended September 30, 2025 and Financial Year ended on March 31, 2025, 2024 and 2023 respectively from its Top 5 suppliers and 45.52%, 46.93%, 54.31% and 52.69% of the company's cost of service from its top 10 suppliers for the six months period ended September 30, 2025 and Financial Year ended on March 31 2025, 2024 and 2023 respectively. Any failures to maintain good business relations and continued arrangements with such suppliers may adversely affect its results of operations and financial condition.
The company's revenue is heavily reliant on the company's operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance.
A FIR no. 172/25 at Police Station - Economic Offence Wing, Delhi has been filed jointly against the company's Material Subsidiary, Brace Port Logistics Limited, the Company and 7 other third parties on December 12, 2025 under Section 316(2), 316(5), 318(4), 338, 336(3), 340(2), 61(2) of Bharatiya Nyaya Sanhita 2023 ("BNS"). Any adverse action, against its Material Subsidiary and the Company from criminal proceeding arising out of the allegations made in the FIR, may have an adverse effect on the operations and reputation of our Material Subsidiary and the Company, and could have an adverse impact on the company's ability to conduct business, the company's financial condition and the company's results of operations.
The company has significant working capital requirements which have historically been funded through borrowings, primarily to the tune of 92.72%, 100.00%, 82.62% and 97.30% of the total working capital gap for the period ended September 30, 2025 and Fiscal 2025, 2024 and 2023, respectively. The company's expect to continue to relies on such borrowings in the future. Any inability to access adequate working capital loans on commercially reasonable terms may adversely affect its business, financial condition and results of operations.
Standard Risks covered under the company's insurance policies are Cargo Liabilities, Errors and Omissions, Third Party Liabilities, Fines and Duties, and other costs (Completion of Carriage, Misdirection, Investigation and Defence, Disposal, Quarantine & Disinfection, Clean-up cost, GA and Salvage, uncollected cargo etc.). The company may faces claims that are not adequately insured and the company's insurance coverage could prove inadequate to satisfy potential claims or be insufficient to cover all losses associated with its business operations, which may have a material adverse effect on the company's business, results of operations, financial condition and cash flows.
Any downgrade of the company's credit ratings could increase borrowing costs and constrain our access to capital and lending markets and, as a result, could negatively affect its net interest margin and the company's business.
The company has experienced negative cash flows from operating activities in the past. Sustained negative cash flow could adversely impact its business, financial condition and growth.
If the company is unable to collect its receivables from its clients, the company's results of operations and cash flows could be adversely affected.
The agreements governing its indebtedness contain conditions and restrictions on the company's operations, additional financing, and capital structure.
The company has pledged or have agreed to pledge and will continue to pledge a significant portion of the company's cash and cash equivalents and fixed deposits in favor of lenders, who may exercise their rights under the respective pledge agreements in the event of a default.
The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate its business and if the company fails to do so in a timely manner or at all and the company's business, financial conditions, results of operations and cash flows may be adversely affected.
The company's contingent liabilities are Rs. 28,039.67 Lakhs as on September 30, 2025, which tantamount to 91.91% of the company's total net worth. If these contingent liabilities materialised, it could adversely affect its financial condition and results of operations.
Some of the company's subsidiaries including step down subsidiary(ies), including the ones acquired by the company, have incurred, or continue to incur losses, which could negatively impact its financial performance.
The company and certain of the company's Subsidiaries are involved in ongoing proceedings pertaining to direct and indirect taxes involving an aggregate disputed demand of approximately Rs.3,826.66 lakhs. These demands exceed the thresholds of materiality based on the company's Restated Consolidated Financial Statements. Any adverse outcome in these proceedings may have a material adverse effect on the company's financial condition, results of operations and cash flows.
The Company proposes to invest a portion of the Net Proceeds of the Fresh Issue in the company's material subsidiary, Forin Container Line Private Limited (FCLPL), for repayment or prepayment of its outstanding borrowings. Any adverse performance by FCLPL may affect its ability to meet residual obligations and may also result in the loss of value of the proceeds deployed by the company, which could adversely impact its business, financial condition and results of operations.
The Company has made overseas investments and is subject to regulatory requirements under FEMA. While such investments have been undertaken in compliance with applicable laws, any future or inadvertent non-compliance may subject the company to regulatory actions or penalties.
Delays and non-compliances in reporting under foreign investment related transactions under Foreign Exchange Management Act, 1999 ("FEMA") may expose us and certain of the company's Promoters and Directors to regulatory action, monetary penalties and adverse consequences.
The company is highlys dependent on the company's workforce, which is a key asset for its logistics operations, and any inability to attract, retain or effectively manage the company's personnel may adversely affect its business and results of operations.
High employee attrition rates may adversely impact its business operations, continuity, and financial performance.
The company may be unable to fully realize the anticipated benefits of recent acquisitions and investments or any future acquisitions and investments successfully or within its intended timeframe that may adversely affect its business, financial condition, cash flows, results of operations and prospects.
The company's business is dependent on technology, and any disruption or failures of the company's technology systems may affect its operations.
The company enters into certain related party transactions in the ordinary course of the company's business and the company cannots assure you that such transactions will not have an adverse effect on the company's results of operations and financial condition.
Certain secured loan facilities availed by the Company have been backed by personal guarantees from its Promoters and a member of the company's Promoter Group. Any default in repayment by the Company may result in enforcement of such guarantees, which could adversely affect its Promoters and consequently, the company's business and operations.
The company's obligations under corporate guarantees provided in respect of credit facilities availed by the company's Subsidiaries may expose the company to financial liabilities, and any invocation of such guarantees may impact its financial condition, results of operations and cash flows.
The Company, Subsidiaries, certain Promoters, Key Managerial Personnel and Senior Managerial Personnel are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, financial condition, cash flows, and results of operations.
Certain immovable properties occupied by the Company are situated on 'Lal Dora' lands in New Delhi and are not registered in the name of the Company. Any inability to perfect title or comply with applicable regulatory requirements may adversely affect its business operations.
Majority of the company's offices, including its registered office, are located on premises which are occupied either on lease or on leave and license basis. Any failures to comply with the terms of these leases or leave and licenses, inability to renew existing agreements or enter into new agreements on commercially favourable terms, or adverse regulatory developments, may materially and adversely affect its business, results of operations and financial condition.
The company's agreements with air carriers include tonnage-based incentive structures and any inability enter into or renew these agreements may adversely affect its profitability.
If the company is not able to sell container space that the company purchases from sea shipping lines, the company will not be able to recover the the company's costs and the company's profitability may suffer.
An inability to renew quality accreditations in a timely manner or at all, or any deficiencies in the quality of the company's services may give rise to service liability claims and negatively affect its business prospects and financial performance.
Misconduct or errors by manpower engaged by the company could expose the company to business risks or losses that could adversely affect its business prospects, results of operations and financial condition.
There have been discrepancies in filings with the Registrar of Companies (RoC) and other non-compliances under the Companies Act in the past, which may result in penalties.
Certain secretarial records and documents filed by the company with the Registrar of Companies are not traceable.
Instances of delays in payment of employee-related statutory dues in the past may expose the company to regulatory action, including imposition of penalties.
The company has not complied with the applicable requirements under the Labour Welfare Fund Act(s) in various states, and such non-compliance may expose the company to penalties and other regulatory actions.
The company's management will deploy net proceeds from the Fresh Issue pending utilization for Objects to Offer in scheduled commercial banks and financial institutions and there is no assurance that the objects of the Offer will be achieved within the time frame expected. Any variation in the utilisation of the Net Proceeds in terms as disclosed in the Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
The schedule of the company's estimated deployment of Net Proceeds is subject to inherent uncertainties.
The company's business strategies and expansion plans may be subject to various unfamiliar risks and may not be successful.
Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by the company exclusively in connection with the Offer is available at https://skyways-air.in/investors/#industry_report and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
The company has included certain Non-GAAP (Generally Accepted Accounting Principles) financial and operational measures related to the company's operations and financial performance that may vary from any standard methodology that may be applicable across the industry in which the company operates, and which may not be comparable with financial, operational or industry-related statistical information of similar nomenclature computed and presented by similar companies.
If the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage, or accurately report, the company's financial risks.
The company's Promoter, also being the Managing Director, and some other Directors and Key Managerial Personnel and Senior Managerial Personnel of the Company, hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company has allotted shares in the last one year, which may be at a price below the Offer Price.
The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and lender consents and the company cannots assure you that the company will be able to pay dividends in the future.
Failures to maintain confidential information of the company's customers could adversely affect its reputation, business, results of operations and financial condition.
The company operates in a highly fragmented and competitive industry, and increased competition or improved performance by competitors may adversely affect its business, financial condition, results of operations, and cash flows.