13 hrs ago
Skyways Air Services Shares Debut 9% Below Issue Price
Skyways Air Services is a company that helps move goods by air, sea and road.
Its shares began trading on Tuesday.
The shares were offered to investors at Rs 138 each.
They started trading below that price on both major stock exchanges.
By the end of the day, they were worth about Rs 125.
The shares briefly fell even lower during trading.
This happened even though the company’s IPO was subscribed many times over.
The money raised will be used to reduce debt, support daily business needs and for general company purposes.
Skyways Air Services shares closed about 9% below their Rs 138 issue price on both the BSE and NSE.
The stock opened at Rs 124.50 on the BSE and Rs 124 on the NSE.
Shares fell as much as 13.76% to Rs 119 during BSE trading before recovering partially.
The company’s Rs 582.79 crore IPO was subscribed 71.25 times on the final bidding day.
IPO proceeds will support debt repayment, working capital and general corporate purposes.
- Who
- Skyways Air Services Ltd, an air freight forwarding and logistics company.
- What
- Its shares began trading below the Rs 138 IPO issue price and closed about 9% lower.
- Where
- On the BSE and NSE.
- When
- Tuesday; the articles do not provide a calendar date.
- Why
- The IPO was intended to raise funds for debt repayment or prepayment, working capital and general corporate purposes.
Key facts
- Issue price
- Rs 138 per share
- BSE closing price
- Rs 125.65, down 8.94%
- NSE closing price
- Rs 125.56, about 9% lower
- IPO size
- Rs 582.79 crore
- IPO subscription
- 71.25 times on the final bidding day
- Price band
- Rs 131-Rs 138 per share
- Market valuation
- Rs 1,826.24 crore at the close
Sources
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