Skyways Air Services shares tank over 10 per cent on market debut

Representational Image. File pic.

Shares of air freight forwarding and logistics firm Skyways Air Services Ltd on Tuesday listed with a discount of over 10 per cent from the issue price of Rs 138.

The stock began trading at Rs 124.50, down 9.78 per cent from the issue price on the BSE. At the NSE, it started the trade at Rs 124, registering a decline of 10.14 per cent.

The company commanded a market valuation of Rs 1,928.71 crore.

The initial share sale of Skyways Air Services Ltd received 71.25 times subscription on the final day of bidding on Thursday.

The company's Rs 582.79 crore IPO had a fresh issue of up to 2.89 crore shares and an offer-for-sale of up to 1.33 crore shares by promoters and existing shareholders.

The price band was fixed at Rs 131-138 per share.

Proceeds from the fresh issue will be used for repayment or prepayment of borrowings, funding incremental working capital requirements and general corporate purposes.

Incorporated in 1984, Skyways Air Services operates in air and ocean freight forwarding, trucking, warehousing, customs broking, and express cargo and parcel delivery.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.