Archive · 21 Aug 2026
Skyways IPO Documents Highlight Ongoing EOW Investigation Risks
Skyways Air Services plans to sell shares to the public in an IPO.
The IPO is scheduled to run from August 24 to August 27.
Each share will cost between Rs 131 and Rs 138.
The company has warned investors about an investigation by Delhi’s Economic Offences Wing.
The investigation also involves its subsidiary, Brace Port Logistics.
A UK company called PG Paper made the complaint behind the case.
The complaint alleges that freight invoices were inflated and that fraud, bribery, forgery and other wrongdoing may have occurred.
These allegations have not been presented in the article as proven facts.
Skyways disclosed the investigation in its IPO documents as a risk for investors.
Skyways Air Services will open its IPO from August 24 to August 27 at Rs 131-138 per share.
The issue includes a fresh issue of up to 2.89 crore shares and an offer-for-sale of up to 1.33 crore shares.
The company and its subsidiary Brace Port Logistics are named in an Economic Offences Wing investigation.
The investigation concerns allegations including fraud, over-invoicing, forgery, bribery, misrepresentation and criminal conspiracy.
The case follows an FIR filed by UK-based PG Paper Company on December 12, 2025, and was disclosed in Skyways’ August 11, 2026 RHP.
- Who
- Skyways Air Services Limited, its material subsidiary Brace Port Logistics Limited, and UK-based PG Paper Company Limited.
- What
- Skyways disclosed an ongoing Economic Offences Wing investigation involving allegations of fraud, over-invoicing, forgery, bribery, misrepresentation and criminal conspiracy.
- When
- The IPO is scheduled for August 24-27; the FIR was registered on December 12, 2025, and the RHP was filed on August 11, 2026.
- Where
- The FIR was registered by the Economic Offences Wing in Delhi; the complaint was made by a UK-based company.
- Why
- PG Paper alleged that Skyways group entities obtained freight business through coordinated actions involving inflated freight invoices and other alleged misconduct.
- IPO dates
- August 24 to August 27
- Price band
- Rs 131-138 per equity share
- Fresh issue
- Up to 2.89 crore equity shares
- Offer for sale
- Up to 1.33 crore shares
- Investigation agency
- Economic Offences Wing, Delhi
- FIR number
- FIR No. 0172 of 2025
- Complainant
- PG Paper Company Limited
- Disclosure document
- Revised Red Herring Prospectus filed on August 11, 2026