IPO Listed — 01 Sep 2026
Listing Price: ₹124
Skyways Air Services IPO GMP History | Listing Price ₹124 & Kostak Rate
Skyways Air Services IPO has been listed on September 1, 2026 at a listing price of ₹124, against the issue price of ₹138 — a loss of ₹14 (-10.14%). The GMP peaked at ₹50 on 20 August 2026 and reached a low of ₹0 on 18 March 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Skyways Air Services IPO raised ₹582.8 Cr. through its IPO at a price band of ₹131 to ₹138 per share, with a lot size of 100 shares. The IPO was open for subscription from 24 Aug 2026 to 27 Aug 2026.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 01 Sep 2026 | ₹ 32 | 23.19% | ₹ 0 | ₹ 0 | |
| 31 Aug 2026 | ₹ 32 | 23.19% | ₹ 0 | ₹ 0 | |
| 30 Aug 2026 | ₹ 39.5 | 28.62% | ₹ 0 | ₹ 0 | |
| 29 Aug 2026 | ₹ 39.5 | 28.62% | ₹ 0 | ₹ 0 | |
| 28 Aug 2026 | ₹ 39 | 28.26% | ₹ 0 | ₹ 0 | |
| 27 Aug 2026 | ₹ 44 | 31.88% | ₹ 0 | ₹ 0 | |
| 26 Aug 2026 | ₹ 42 | 30.43% | ₹ 0 | ₹ 0 | |
| 25 Aug 2026 | ₹ 29 | 21.01% | ₹ 0 | ₹ 0 | |
| 24 Aug 2026 | ₹ 32 | 23.19% | ₹ 0 | ₹ 0 | |
| 23 Aug 2026 | ₹ 32 | 23.19% | ₹ 0 | ₹ 0 | |
| 22 Aug 2026 | ₹ 37 | 26.81% | ₹ 0 | ₹ 0 | |
| 21 Aug 2026 | ₹ 45 | 32.61% | ₹ 0 | ₹ 0 | |
| 20 Aug 2026 | ₹ 50 | 36.23% | ₹ 0 | ₹ 0 | |
| 19 Aug 2026 | ₹ 42 | 30.43% | ₹ 0 | ₹ 0 | |
| 18 Aug 2026 | ₹ 40 | 28.99% | ₹ 0 | ₹ 0 | |
| 17 Aug 2026 | ₹ 31 | 22.46% | ₹ 0 | ₹ 0 | |
| 16 Aug 2026 | ₹ 28 | 20.29% | ₹ 0 | ₹ 0 | |
| 15 Aug 2026 | ₹ 28 | 20.29% | ₹ 0 | ₹ 0 | |
| 14 Aug 2026 | ₹ 28 | 20.29% | ₹ 0 | ₹ 0 | |
| 13 Aug 2026 | ₹ 19 | 0% | ₹ 0 | ₹ 0 | |
| 18 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 17 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 16 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 13 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 12 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 11 Mar 2026 | ₹ 20 | -- | ₹ 0 | ₹ 0 | |
| 10 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 09 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 07 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 06 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 | |
| 05 Mar 2026 | ₹ 0 | -- | ₹ 0 | ₹ 0 |
Skyways Air Services IPO Dates
| Event | Date |
|---|---|
| Open Date | 24 Aug, 2026 |
| Close Date | 27 Aug, 2026 |
| Allotment Date | 28 Aug, 2026 |
| Refund Date | 31 Aug, 2026 |
| Credit to Demat | 31 Aug, 2026 |
| Listing Date | 01 Sep, 2026 |
Skyways Air Services IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹138 |
| GMP-Based Estimate (Pre-Listing) | ₹170 (+23.2%) |
| Actual Listing Price | ₹124 (-10.14%) |
| Listing Gain / Loss | ₹-14 per share |
| Listing Date | 01 Sep, 2026 |
Is Skyways Air Services IPO GMP Reliable?
Grey market premium for Skyways Air Services IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Skyways Air Services IPO full review for a fundamentals-based assessment before making any grey market trades.
Skyways Air Services IPO IPO Kostak Rate Explained
The Kostak rate for Skyways Air Services IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Skyways Air Services IPO
The company provides a wide range of logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, and express cargo delivery. Its business model is largely asset-light, where it coordinates cargo transportation through airline partners and logistics networks instead of owning aircraft. The company is currently led by Yashpal Sharma, Chairman and Managing Director, who has helped expand the business into multiple logistics segments and international markets.
Strengths & Risks
Strengths
- ✓ Sales have more than doubled in two years. Total income went from Rs 1,316.81 crore in FY2024 to Rs 2,270.99 crore in FY2025 and Rs 2,839.67 crore in FY2026.
- ✓ Profit after tax has grown every year, from Rs 34.49 crore in FY2024 to Rs 48.14 crore in FY2025 and Rs 63.52 crore in FY2026.
- ✓ EBITDA has grown even faster, from Rs 48.34 crore in FY2024 to Rs 86.49 crore in FY2025 and Rs 125.65 crore in FY2026.
- ✓ Net worth more than doubled in two years, from Rs 154.26 crore in FY2024 to Rs 332.64 crore in FY2026.
- ✓ The company has a long record in this business, having started in 1984 as a Custom House Agent and grown into air and ocean freight forwarding.
- ✓ It follows an asset light model. Cargo moves through airline and shipping partners instead of an owned fleet, so it does not carry the heavy fixed cost of aircraft.
- ✓ The service range is wide, covering air freight, ocean freight, trucking, warehousing, custom broking and express cargo, so a customer can be served end to end.
- ✓ Rs 216.79 crore of the issue money will repay borrowings of the company and its subsidiary Forin Container Line, which will bring down interest cost.
- ✓ Retail investors get a reasonable share of this issue at 1,48,00,000 shares, which is 35.04% of the offer.
Risks
- ⚠ Debt is high and has kept rising, from Rs 357.34 crore in FY2024 to Rs 558.43 crore in FY2025 and Rs 624.06 crore in FY2026. That is close to twice the net worth of Rs 332.64 crore, and a large loan will remain even after the Rs 216.79 crore repayment.
- ⚠ The profit margin is very thin. PAT margin was 2.14%, which is normal for freight forwarding but leaves almost no cushion when costs rise.
- ⚠ The issue looks expensive for a thin margin business. The offer document data does not state a P/E, but on an EPS of Rs 4.37 the upper band of Rs 138 works out to roughly 31 times earnings.
- ⚠ Return ratios are only moderate, with RoCE of 14.61% and RoNW of 15.85%.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Freight rates move with global trade volumes, fuel prices and shipping capacity, none of which the company controls, and a weak trade cycle hits both volume and rate together.
- ⚠ Rs 130 crore of the money is for working capital, which shows how much cash stays blocked in receivables from exporters and importers.
- ⚠ The business depends on airline and shipping partners for cargo space. If capacity gets tight or a partner changes terms, cost goes up immediately.
- ⚠ Promoter holding falls sharply from 79.14% to 56.82% after the issue.
Frequently Asked Questions about Skyways Air Services IPO
What is the GMP of Skyways Air Services IPO?
The current Grey Market Premium (GMP) of Skyways Air Services IPO is ₹ 32.
What is the Kostak Price of Skyways Air Services IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Skyways Air Services IPO is currently not available.
What is the Subject to Sauda Price of Skyways Air Services IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Skyways Air Services IPO?
Skyways Air Services IPO listed on September 1, 2026 at ₹124, against the issue price of ₹138 — a loss of -10.14%.
How did the GMP of Skyways Air Services IPO trend before listing?
The GMP of Skyways Air Services IPO was stable in its final days before listing. The GMP peaked at ₹50 on 20 August 2026. View the day-wise table above for the complete GMP history.
Explore Skyways Air Services IPO Further
For a complete picture before making your investment decision, explore these resources:
