Snowman Logistics spurts on debut

Shares of Snowman Logistics were trading at Rs 78.75 at 10:36 IST on BSE, a premium of 67.55% over the initial public offer price of Rs 47.

Meanwhile, the BSE Sensex was up 20.42 points, or 0.08%, to 27,016.29.

The stock debuted at Rs 75, a premium of 59.57% to the initial public offer (IPO) price. So far the stock hit a high of Rs 78.75 and low of Rs 75. On BSE, 9.11 lakh shares were traded on the counter.

The initial public offer (IPO) of Snowman Logistics was subscribed 59.75 times with total bids for 194.49 crore shares, compared with 4.20 crore shares on offer. The issued opened on 26 August 2014 and closed 28 August 2014. Snowman Logistics had priced the IPO at the top end of the Rs 44 to Rs 47 per equity share price band.

The Qualified Institutional Buyers (QIBs) portion was subscribed 16.98 times. Non Institutional Investors portion was subscribed 221.79 times. Retail Individual Investors (RIIs) portion was subscribed 41.26 times.

Ahead of the IPO, the IPO committee of the board of directors of Snowman Logistics had allocated 94.50 lakh equity shares to anchor investors at Rs 47 per equity share. Among the anchor investors, Faering Capital India Evolving Fund was allotted 34.92 lakh shares. ICICI Prudential Growth Fund - Series 2 was allotted 21.27 lakh shares. ICICI Prudential Value Fund Series 4 was allotted 8.51 lakh shares. IDFC Sterling Equity Fund was allotted 26.59 lakh shares and IDFC Infrastructure Fund was allotted 3.19 lakh shares.

Snowman Logistics reported net profit of Rs 22.48 crore on net sales of Rs 153.41 crore in the year ended March 2014.

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