 "Snowman Logistics IPO oversubscribed 60 times on improved market sentiment")
Mumbai: Signalling improved market sentiments, the initial public offer of Snowman Logistics has got oversubscribed nearly 60 times.
This is the second IPO so far this financial year and the first one after the Narendra Modi-led government came to power at the Centre in May.
Snowman Logistics is an integrated temperature controlled logistics service provider.
[caption id=“attachment_75034” align=“alignleft” width=“380”]  Representational image. AFP[/caption]The offer, which closed yesterday, received 194.49 crore bids as against the total issue size of 3.25 crore shares. The IPO was subscribed 59.75 times on the last day, according to data available with the National Stock Exchange.
The portion set aside for non-institutional investors was subscribed nearly 221.79 times while that for Qualified Institutional Buyers (QIBs) received 16.98 times subscription.
There was strong response from retail investors as their quota got subscribed 41.26 times.
At the upper price band of Rs 47 per share, the sale would fetch up to Rs 197 crore and at the lower end of Rs 44 apiece, the proceeds would be to the tune of Rs 185 crore.
The IPO opened on August 26 and closed on August 28.
Snowman 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.
HDFC Bank was the book running lead manager while Link Intime India was the registrar to the issue.
The equity shares of the company are proposed to be listed on the BSE and the NSE.
Snowman, which began its business in 1998, caters to various products including dairy products, ice-cream, poultry and meat, seafood, fruits and vegetables, healthcare and pharmaceutical products.
Snowman’s is the second IPO to hit the capital market this financial year after that of amusement park operator Wonderla Holidays, which was oversubscribed 38 times in April.
PTI
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