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 ₹138.
The stock began trading at ₹124.50, down 9.78 per cent from the issue price on the BSE.
At the NSE, it started the trade at ₹124, registering a decline of 10.14 per cent.
The company commanded a market valuation of ₹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 ₹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 ₹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.