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Those who have received allotment of Snowman Logistics in the public issue must be sitting happy as the shares listed with a huge premium of 70 per cent over the IPO price.
Equity shares of Snowman Logistics, a subsidiary of Gateway Distriparks, opened the first day of trading at Rs 76, and is currently ruling at Rs 79.80, against the issue price of Rs 47.
The appetite seems to be not ending as there were only buy orders of 34.07 lakh shares on the NSE, with no sellers available; a little over 15 lakh shares were pending on the BSE..
The issue had received strong response from investors, at an over subscription of 60 times.
The company had raised Rs 44.4 crore from three anchor investors, ahead of its initial public offering. The anchor investors are IDFC, ICICI Prudential and Faering Capital.
The largest cold chain solutions provider raised Rs 197.4 crore through the issue. The amount will be used for setting up new temperature controlled and ambient warehouses, and for long-term working capital.
Gateway Distriparks, which holds 40 per cent stake in Snowman, was quoting at Rs 273.10, up Rs 3.60, or 1.34 per cent after hitting a 52-week high of Rs 278.90.
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