Snowman Logistics IPO oversubscribed 59 times : moneycontrol

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The initial public offer of Snowman Logistics, an integrated temperature-controlled logistics services provider, has seen overwhelming response from investors, oversubscribing 59.43 times – the largest IPO subscription in the current decade.

The issue has received more than Rs 9000 crore worth of bids as against the actual size of Rs 197 crore (at higher end of price band of Rs 44-47) supported by all types of investors. Total bids received were 193.45 crore equity shares as against issue size of 3.25 crore shares (excluding anchor investors’ portion of 95 lakh shares).

Snowman on Monday mopped up Rs 44.4 crore from three anchor investors, which were Faering Capital India Evolving Fund, ICICI Prudential and IDFC Funds.

The largest cold chain solutions provider intends to use issue proceeds 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), has proposed to set up another such 6 and 2 ambient warehouses at 6 cities at the cost of around Rs 140 crore.

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