Logistics companies gain ahead of Snowman's listing

Shares of India's logistics firms rose ahead of the listing of rival cold storage company Snowman Logistics in the next few weeks. Gati jumped 10 per cent, Container Corp of India gained 2.6 per cent, Balmer Lawrie and Co advanced 3.13 per cent. Snowman's initial public offer was subscribed 59.75 times, NSE data shows. Container Corp traded at 20.8 times of its 12-month forward earnings by Reuters data, Snowman's offering is likely to be priced at around 29 times, traders add.