Skyways Air Services IPO Subscribed 2.46 Times on Day 2

The initial public offering of Skyways Air Services picked up pace on the second day of bidding, with the issue subscribed 2.46 times overall as of Tuesday evening, up sharply from 1.16 times at the close of day one. The logistics and freight-forwarding company's Rs 583-crore offering, which opened on Monday, has now drawn bids for close to 7.26 crore shares against roughly 2.95 crore shares on offer.

Demand Breakdown

Retail investors led the charge on day two, with that category subscribed 2.46 times, reflecting healthy appetite among individual investors for the offering. Non-institutional investors, which typically include high-net-worth individuals, were subscribed 1.38 times as of the same cut-off. The qualified institutional buyers segment, which tends to see the bulk of its demand come in on the final day of bidding, remained comparatively muted at 0.46 times as institutional investors continued to assess the offering.

The improving subscription trend over the first two days suggests building momentum heading into the final day of bidding on Thursday, when institutional investors typically place the bulk of their orders. The issue's grey market premium was last quoted at around Rs 32, indicating investors are pricing in a moderate listing gain over the issue price, though grey market indicators remain unofficial and can shift meaningfully in the run-up to listing.

About The Offering

Skyways Air Services offers logistics and freight-forwarding services, a segment that has drawn increasing investor interest in India amid the broader expansion of e-commerce, air cargo and organised supply-chain infrastructure. The company's Rs 583-crore issue comprises a mix of fresh issue proceeds and an offer for sale by existing shareholders, a structure that allows the company to raise growth capital while also providing an exit route for early investors.

The IPO forms part of a broader wave of primary market activity in India this year, with logistics, financial services and industrial companies among the sectors that have drawn strong investor participation. Retail-heavy subscription patterns, similar to what Skyways Air Services has seen so far, have been a recurring theme across recent listings, reflecting continued domestic investor appetite for new-economy and infrastructure-adjacent businesses even as broader secondary market sentiment has been choppier in recent weeks.

What Investors Are Watching

With the issue closing later this week, market participants will be watching closely to see whether qualified institutional buyer demand picks up meaningfully on the final day, as has been the pattern in several recent Indian IPOs where institutional bids are concentrated toward the close of the bidding window. A strong finish across all investor categories would set the stage for a well-supported listing, while any softness in institutional demand could temper expectations for listing-day gains. Allotment and listing timelines are expected to follow the standard schedule once the issue closes, with the stock likely to make its market debut within the following week.

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