Snowman IPO Elicits Robust Response; Oversubscribed 60 Times
The IPO opened on August 26 and closed on August 28.
Snowman plans to use the proceeds from the public issue towards setting up new temperature controlled and ambient warehouses, long term working capital, and for general corporate purposes.
HDFC Bank was the book running lead manager while Link Intime India was the registrar to the issue.
The equity shares of the company are proposed to be listed on the BSE and the NSE.
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 is the second IPO to hit the capital market this financial year after that of amusement park operator Wonderla Holidays, which was oversubscribed 38 times in April.
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