Skyways Air Services shares make weak debut, plunge nearly 14 pc in early trade
New Delhi, Sep 1 (IANS) Shares of Skyways Air Services Ltd made a weak debut on Dalal Street on Tuesday and listed at Rs 124 on the NSE — a 10.14 per cent decline against the issue price of Rs 138, while further decreasing by about 14 per cent in early trade.
Meanwhile, on the other exchange BSE, the stock was listed at Rs 124.50, a decline of 9.78 per cent.
However, the stock came under further pressure in early trade, falling as much as 13.76 per cent or Rs 19 per share to hit an intraday low of Rs 119 on both the BSE and NSE from its issue price by around 11 am.
The Rs 582.80-crore initial public offering was a mixed book-building issue comprising a fresh issue of 2.89 crore shares aggregating to Rs 398.80 crore and an offer-for-sale of 1.33 crore shares worth Rs 184 crore.
The issue was subscribed 71.25 times by the end of the third and final day of bidding.
The IPO had a lot size of 100 shares with the minimum investment for retail investors at Rs 13,800 at the upper end of the price band.
Apart from that, the company had disclosed an ongoing Economic Offences Wing investigation involving it and its material subsidiary Brace Port Logistics Ltd in its offer documents.
The investigation relates to allegations of fraud, over invoicing, forgery and criminal conspiracy following an FIR registered by the EOW, Delhi in December 2025 on a complaint by UK-based PG Paper Company Ltd.
The company is named as an accused in the FIR, while Brace Port Logistics is also named as an accused. According to the company’s IPO document, the allegations include inflated freight invoices and over-invoicing, with the complainant estimating its direct loss at not less than Rs 44.20 crore.
Skyways had also disclosed regulatory action concerning its Authorised Economic Operator-LO status. The status has remained suspended since May 4, 2026, pending the outcome of the investigation, while a notice for suspension and proposed revocation was issued by the Central Board of Indirect Taxes and Customs in May.
The company submitted its response to the competent authority on July 28, 2026, and the matter remains pending.
Skyways had not commented on queries by IANS regarding the allegations when contacted earlier.
Skyways Air Services is a logistics and freight forwarding company with more than four decades of experience in India’s air freight forwarding and logistics sector.
–IANS
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