Skyways Air Services

Grey Market Premium collapse (₹24-30 expected vs actual discount) highlights GMP unreliability and potential institutional profit booking at listing.

Listing at 10.14% discount despite 71.1x subscription signals aggressive pricing misaligned with weak IPO market conditions (H1 2026 avg listing gain only 1.68%).

Net cash used in operating activities was ₹904.17 lakhs in FY24 despite operating profit, driven by ₹1,448 crore increase in trade receivables.