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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 4 sources · 5 days · First seen · Last updated
Skyways Air Services IPO and legal investigations
Overview
Skyways Air Services prepared for a Rs 582.8 crore initial public offering (IPO) amid significant market interest and a grey market premium of approximately 33 per cent. However, the company’s prospectus disclosed ongoing investigations by the Delhi Economic Offences Wing (EOW) into Skyways Air Services and its subsidiary, Brace Port Logistics Limited. These investigations stem from allegations by UK-based PG Paper Company Limited involving fraud, forgery, over-invoicing, and criminal conspiracy related to freight business.
Following the bidding period, the company’s stock debuted weakly on Indian exchanges, listing below the issue price of Rs 138. On the NSE, the stock opened at Rs 124, a decline of roughly 10 per cent. The company noted that its Authorised Economic Operator-LO status has been suspended pending the outcome of the investigations. While the IPO saw subscription levels reaching approximately 71 times, the listing was further impacted by broader market weakness driven by geopolitical tensions and rising crude oil prices.
Entities
Skyways Air Services · BSE Limited · PG Paper Company Limited · Brace Port Logistics Ltd · PG Paper Company Ltd
Timeline
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13 days ago
[BUSINESS] 2 sourcesSkyways Air Services shares fall on weak stock market debutSkyways Air Services shares fell approximately 10 percent upon their debut on Indian exchanges, despite a 71-fold IPO subscription, amid broader market weakness and ongoing fraud investigations.
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18 days ago
[BUSINESS] 2 sourcesSkyways Air Services IPO faces investigation risks despite strong market interestSkyways Air Services is heading toward an IPO with a 33% grey market premium, despite disclosed investigations into alleged fraud and over-invoicing involving its subsidiaries.
Sources
bhaskarlive.in · bizrapidx.com · indusbusinessjournal.com · munsifdaily.com