New Delhi, Sep 1 (PTI) Shares of air freight forwarding and logistics firm Skyways Air Services Ltd on Tuesday closed with a 9 per cent discount to 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. During the day, it tanked 13.76 per cent to Rs 119. The stock finally ended at Rs 125.65, down 8.94 per cent.
At the NSE, it started the trade at Rs 124, registering a decline of 10.14 per cent. Shares of the firm ended 9 per cent lower at Rs 125.56.
The company commanded a market valuation of Rs 1,826.24 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. PTI SUM SUM BAL BAL
