Snowman Logistics IPO subscribed 0.57 times on day one

IPO gets bids for 1.86 lakh shares

The initial public offer (IPO) of Snowman Logistics was subscribed 0.57 times on first day of the bidding for the IPO today, 26 August 2014. The IPO received bids for 1.86 crore shares till 16:00 IST on the day one of the bidding for the IPO today, 26 August 2014, compared with 4.20 crore shares on offer, as per NSE data.

The issued closes on Thursday, 28 August 2014. The company is offering 4.20 crore equity shares. The company has set a price band of Rs 44 to Rs 47 per equity share of face value Rs 10 each.

The IPO has been graded by CRISIL as 'CRISIL IPO Grade 4', indicating above average fundamentals.

The IPO committee of the board of directors of Snowman Logistics at its meeting held on 25 August 2014, finalised allocation of 94.50 lakh equity shares to anchor investors at Rs 47 per equity share (including share premium of Rs 37 per equity share), the top end of the Rs 44-47 price for the IPO.

Among the anchor investors, Faering Capital India Evolving Fund will be allotted 34.92 lakh shares. ICICI Prudential Growth Fund - Series 2 will be allotted 21.27 lakh shares. ICICI Prudential Value Fund Series 4 will be allotted 8.51 lakh shares. IDFC Sterling Equity Fund will be allotted 26.59 lakh shares and IDFC Infrastructure Fund will be allotted 3.19 lakh shares.

Gateway Distriparks is promoter and the largest shareholder in Snowman Logistics.

Snowman Logistics is an integrated temperature controlled logistics services provider with 23 temperature controlled warehouses across 14 locations in India including Serampore (near Kolkata), Taloja (near Mumbai), Palwal (near Delhi), Mevalurkuppam (near Chennai) and Bengaluru capable of warehousing 58,543 pallets and 3,000 ambient pallets as of 31 March 2014. Snowman Logistics operates 370 reefer vehicles for primary and secondary transportation as of 31 March 2014.

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