Skyways Air Services IPO Day 2 Subscription Status: 1.66x Subscribed; GMP at ₹32
Skyways Air Services’ IPO was subscribed 1.66 times on Day 2 as of 25 August 2026, up from 1.16 times at the Day 1 close. Retail investors continued to lead at 2.46 times, followed by Non-Institutional Investors (NIIs) at 1.38 times. Qualified Institutional Buyers (QIBs) remained at 0.46 times. The issue closes on 27 August 2026, while the latest quoted Grey Market Premium (GMP) reference is ₹32.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | As of 25 August 2026 |
| Overall subscription | 1.66x |
| QIB subscription | 0.46x |
| NII subscription | 1.38x |
| Retail subscription | 2.46x |
| Current GMP reference | ₹32 |
| GMP percentage | 23.2% |
| Indicative price | ₹170 |
| Closing date | 27 August 2026 |
Skyways Air Services IPO Day 2 Subscription Status
The IPO moved further into oversubscription during the second bidding day, with retail demand remaining the strongest among the main investor categories.
| Investor category | Day 2 | Day 1 close | Change |
| Qualified Institutional Buyers (QIBs) | 0.46x | 0.46x | 0.00x |
| Non-Institutional Investors (NIIs) | 1.38x | 0.92x | +0.46x |
| Retail Individual Investors (RIIs) | 2.46x | 1.66x | +0.80x |
| Overall | 1.66x | 1.16x | +0.50x |
Retail demand increased the most in absolute subscription terms, while the NII category also crossed full subscription. QIB participation was unchanged in the latest validated snapshot.
Subscription multiples represent the quantity of shares bid for relative to the shares reserved in each category. They do not represent the number of unique investors or applications.
How Subscription Changed From Day 1
Skyways Air Services IPO ended Day 1 at 1.16 times overall, with retail at 1.66 times, NII at 0.92 times, and QIB at 0.46 times.
By Day 2, overall demand had increased by 0.50 times to 1.66 times. Retail rose by 0.80 times to 2.46 times, while NII participation increased by 0.46 times to 1.38 times.
This makes the demand mix somewhat broader than on Day 1 because both retail and NII portions are now subscribed more than once. However, institutional participation remains below full subscription. QIB bidding often develops later in an IPO, but that does not predict what the final institutional subscription will be.
Skyways Air Services IPO GMP Today and Estimated Listing Price
The latest widely reported Skyways Air Services IPO GMP reference is ₹32 per share, unchanged from a ₹32 reading available on 24 August 2026.
At the upper price band of ₹138:
Indicative price = ₹138 + ₹32 = ₹170
GMP percentage = ₹32 ÷ ₹138 × 100 = 23.2%
This produces an indicative price of about ₹170 per share, around 23.2% above the upper issue price.
There is, however, meaningful disagreement among GMP trackers. Available readings on 25 August 2026 range roughly from the mid-₹20s to around ₹40. The ₹32 figure should therefore be treated as a reference quote rather than a market-wide consensus.
GMP is unofficial, unregulated, and can change quickly. It is not published by the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), or BSE Limited (BSE), and it does not guarantee the eventual listing price or return.
What Stands Out in Today’s Bidding
The first notable signal is the continued rise in retail demand. Retail subscription increased from 1.66 times at the Day 1 close to 2.46 times on Day 2.
Second, NII demand crossed 1 time, making participation less concentrated in retail than it was on the opening day. QIB demand, however, remained at 0.46 times, so the issue has not yet seen full subscription across all major categories.
The GMP also needs cautious interpretation. Subscription has strengthened from Day 1, while grey-market estimates remain widely dispersed. The two indicators can diverge because subscription reflects formal bidding demand, whereas GMP is an unofficial sentiment indicator.
Neither oversubscription nor a positive GMP establishes fair valuation, business quality, listing gains, or long-term returns.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹131 to ₹138 per share |
| Lot size | 100 shares |
| Minimum retail investment | ₹13,800 at upper band |
| Issue size | ₹582.80 crore |
| Fresh issue | ₹398.80 crore |
| Offer for Sale (OFS) | ₹184.00 crore |
| Issue type | Book-built mainboard IPO |
| Closing date | 27 August 2026 |
| Expected listing date | 1 September 2026 |
| Exchange | NSE and BSE |
The offer consists of a fresh issue of about 2.89 crore shares and an Offer for Sale (OFS) of about 1.33 crore shares.
Brief Company and Financial Context
Skyways Air Services provides integrated logistics services, including air and ocean freight forwarding, road transport, warehousing, customs brokerage, and express cargo. Air freight is an important revenue contributor.
Revenue from operations increased to about ₹2,812.89 crore in FY2026 from ₹2,247.82 crore in FY2025, while profit after tax rose to ₹63.52 crore from ₹48.15 crore. Fresh-issue proceeds are intended mainly for repayment or pre-payment of certain borrowings, incremental working-capital requirements, and general corporate purposes.
Key risks include sensitivity to global trade volumes, freight rates, currency movements, customer demand, and the working-capital requirements of the logistics business.
What Happens Next
The IPO remains open till 27 August 2026. On the remaining bidding days, investors can monitor whether QIB participation increases, whether NII and retail demand continues to build, how the overall multiple changes, and whether the wide gap between different GMP readings narrows.
The final subscription outcome should be assessed only after bidding closes and exchange figures stabilise.
Frequently Asked Questions (FAQs)
Q: How many times is the Skyways Air Services IPO subscribed on Day 2?
A: The Skyways Air Services IPO was subscribed 1.66 times overall as of 25 August 2026 in the latest validated Day 2 snapshot. Retail led at 2.46 times, NII was at 1.38 times, and QIB subscription stood at 0.46 times.
Q: How did Skyways Air Services IPO subscription change from Day 1 to Day 2?
A: Overall subscription increased from 1.16 times at the Day 1 close to 1.66 times on Day 2, a rise of 0.50 times. Retail increased from 1.66 times to 2.46 times, while NII demand rose from 0.92 times to 1.38 times.
Q: What is the Skyways Air Services IPO GMP today?
A: A widely reported GMP reference is ₹32 per share. However, GMP trackers are quoting materially different figures, roughly ranging from the mid-₹20s to around ₹40. GMP is unofficial and should not be treated as a guaranteed market price.
Q: What listing price does a ₹32 Skyways Air Services IPO GMP indicate?
A: With an upper price band of ₹138 and a GMP reference of ₹32, the indicative price works out to about ₹170 per share, or roughly 23.2% above the upper issue price. This is only an indicative calculation.
Q: Does higher Day 2 subscription guarantee a premium listing?
A: No. Higher subscription indicates greater bidding demand relative to the shares available, but it does not guarantee a premium listing. Valuation, company fundamentals, broader market conditions, institutional participation, and sentiment before listing can all affect the eventual market price.
Disclaimer
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