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The initial public offering of Snowman Logistics was subscribed 2.84 times on the second day, thanks to strong response from retail investors.
Of the total issue size of 3.25 crore shares, the company received bids for 9.23 crore shares. According to the BSE, the retail portion has already been oversubscribed 9.1 times. Most of the bids came in at the cut-off price. The price band has been fixed at ₹44-47 a share. The portion set aside for qualified institutional buyers has attracted 62 per cent subscription.
The IPO, which was open for subscription on Tuesday, closes on August 28. Snowman Logistics is the subsidiary of Gateway Distriparks. The company plans to raise ₹185-197 crore through the issue. The issue has been graded by Crisil as 4/5, indicating the ‘above average’ fundamentals of the issue.
Its shareholders include Gateway Distriparks (54 per cent), Mitsubishi Corporation and Mitsubishi Logistics Corporation (15.5 per cent), International Finance Corporation (12 per cent) and Norwest Venture Partners (14 per cent), among others.
The product segments it caters to include dairy, ice-cream, ready-to-eat/ready-to-cook foods, confectioneries, fruits and vegetables, healthcare and pharmaceutical products, and industrial products such as X-ray and photo imaging films.
On Wednesday, the stock of Gateway Distriparks closed flat at ₹258.65, on the BSE.
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