Snowman Logistics shares soars on market debut

Shares of Snowman Logistics today made an impressive market debut, surging nearly 70 per cent over the issue price of Rs 47 per share.
The scrip debuted at Rs 75, up 59.57 per cent from the issue price and ended at Rs 78.75, showing a gain of 67.55 per cent on the BSE.
At the NSE, the Snowman Logistics stock settled 69.79 per cent higher at Rs 79.80.
On the volume front, 9.58 lakh shares of the company changed hands at the BSE, while over 94 lakh shares were traded at the NSE during the day.
The company is an integrated temperature controlled logistics service provider.

Its initial public offer had opened on August 26 and closed on August 28. The IPO had seen a great demand and was over-subscribed nearly 60 times.

Snowman Logistics raised Rs 197 crore through the issue.
The company plans to use the proceeds from the public issue towards setting up new temperature controlled and ambient warehouses, long term working capital, and for general corporate purposes.
Snowman, which began operations in 1998, caters to various products including dairy, ice-cream, poultry and meat, seafood, fruits and vegetables, healthcare and pharmaceutical products.
Snowman's was the second IPO to hit the capital market this financial year after that of amusement park operator Wonderla Holidays in April.

Meanwhile, shares of Gateway Distriparks Ltd, promoter of Snowman Logistics, ended 1.63 per cent lower at Rs 265 on the NSE.