Air freight forwarder Skyways Air Services files draft papers for IPO

New Delhi, Jul 1 (PTI) Air freight forwarding and logistics company Skyways Air Services Ltd has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO).

The city-based company's IPO is a mix of fresh issue of 32.92 million equity shares and an offer for sale (OFS) of 13.33 million equity shares by promoters and other selling shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

Proceeds from fresh issuance to the extent of Rs 216.79 crore for payment of debt, Rs 130 crore for funding incremental working capital requirements of the company, and a portion will be utilised for general corporate purposes.

Skyways Air Services Ltd (SASL) was established in the year 1984 and began its operations as a Custom House Agent (CHA), now known as a Custom Broker License holder, and has expanded its service offerings over the years.

The company's portfolio includes air freight forwarding, ocean freight forwarding, trucking, comprehensive warehousing solutions, technology-driven express cargo and parcel delivery service.

Its revenue from operations and profit after tax for the fiscal 2024 stood at Rs 1,289.11 crore and Rs 34.49 crore, respectively.

Holani Consultants, Shannon Advisors and Dolat Finserv are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE. PTI SP SHW