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Air freight forwarding and logistics company Skyways Air Services has raised INR 174.5 crore from anchor investors ahead of its initial public offering (IPO), which is scheduled to open for subscription shortly. The company allotted 1.26 crore equity shares to anchor investors at INR 138 apiece, the upper end of its IPO price band. The anchor round saw participation from institutional investors including Nomura Singapore, Citi Group Global Markets Mauritius, Holani Venture Capital Fund-I, IndusInd General Insurance, ASAS Global Fund, Bank of India Mutual Fund and Taurus Mutual Fund.
Skyways Air Services Ltd has raised INR 174.5 crore from anchor investors ahead of its initial public offering (IPO), which is set to open for subscription on August 24.
The company allotted 1.26 crore equity shares to anchor investors at INR 138 per share, which is the upper end of the price band, according to a circular uploaded on the BSE website.
Nomura Singapore, Citi Group Global Markets Mauritius, Holani Venture Capital Fund-I, IndusInd General Insurance and ASAS Global Fund participated in the anchor round. Bank of India Mutual Fund and Taurus Mutual Fund were also allotted shares.
The IPO comprises a fresh issue of up to 2.89 crore shares and an offer-for-sale (OFS) of up to 1.33 crore shares by promoters and existing shareholders. The price band has been fixed at INR 131-138 per share, with the issue scheduled to close on August 27.
The company plans to use proceeds from the fresh issue to repay or prepay borrowings, meet additional working capital requirements and fund general corporate purposes.
Incorporated in 1984, Skyways Air Services operates across air and ocean freight forwarding, trucking, warehousing, customs broking, and express cargo and parcel delivery.
Source PTI
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