New Delhi:Skyways Air Services Limited, which is set to open its initial public offering on August 24, has disclosed an ongoing Economic Offences Wing (EOW) investigation involving the company and its material subsidiary Brace Port Logistics Limited in connection with allegations of fraud, over-invoicing, forgery and criminal conspiracy, according to the company’s offer documents and a representation submitted to SEBI.

The company has fixed a price band of Rs 131-138 per equity share for the IPO, which will remain open from August 24 to August 27. The issue comprises a fresh issue of up to 2.89 crore equity shares and an offer-for-sale of up to 1.33 crore shares by existing shareholders.

The risk stems from FIR No. 0172 of 2025, registered by the EOW, Delhi, on December 12, 2025, pursuant to a complaint by UK-based PG Paper Company Limited. The FIR names Skyways Air Services as Accused No. 3 and its subsidiary Brace Port Logistics Limited as Accused No. 2. The RHP filed on August 11, 2026 discloses the FIR as an outstanding criminal proceeding against the company and its subsidiary. According to the allegations cited in the RHP and the representation, PG Paper has alleged that Skyways group entities, including Brace Port, RIV Worldwide Ltd. UK and Skyways SLS Logistik GmbH, secured freight business through coordinated actions involving inflated freight invoices, alleged bribery, fraud and misrepresentation.