 "Snowman Logistics stock zooms 70% on listing: All you need to know")
Shares of logistics service provider Snowman Logistics today listed with a premium of nearly 62 percent against the issue price of Rs 47 per share.
The company’s scrip debuted at Rs 75, up 59.57 per cent from the issue price on the BSE.
Similarly, Snowman Logistics’ stock listed at Rs 76 on the NSE as compared to the issue price of Rs 47, reflecting a gain of 61.7 per cent.
Here’s what you need to know about the company:
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.
The largest cold chain solutions provider raised Rs 197 crore through the issue, which will be used for setting up new temperature controlled and ambient warehouses, and long term working capital. The company, which operates 23 temperature-controlled warehouses across 14 locations in India (including Kolkata, Mumbai, Delhi, Chennai and Bengaluru), proposes to set up another such 6 and 2 ambient warehouses at 6 cities at the cost of around Rs 140 crore.
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 was the second IPO to hit the capital market this financial year after that of amusement park operator Wonderla Holidays in April.
What should you expect from the stock?
Astha Jain of Hem Securitiessees 30-40 percent returns over the next one year from the stock as she expects strong results from the company.
Prabhat Anantharaman of Nirmal Bang too said the fundamentals are excellent and as the proxy to growth in Indian economy, the company has huge potential to grow strongly going ahead.
With inputs from PTI and moneycontrol.com
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