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Snowman IPO Elicits Robust Response; Oversubscribed 60 Times

Friday, August 29, 2014
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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.

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.

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Source: PTI

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