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Last Updated : Aug 26, 2014 05:40 PM IST | Source: Moneycontrol.com

Snowman Logistics gets Rs 44.4 cr from 3 anchor investors

SLL's public issue has received bids for 94.5 lakh equity shares at higher end of price band (Rs 44-47 apiece) from three anchor investors, which are Faering Capital India Evolving Fund, ICICI Prudential and IDFC Funds.

 
 
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Moneycontrol Bureau


Snowman Logistics (SLL), which is into cold storage warehousing and transportation business, has decided to allot Rs 44.4 crore worth of equity shares to anchor investors on Monday.


SLL's public issue has received bids for 94.5 lakh equity shares at higher end of price band (Rs 44-47 apiece) from three anchor investors, which are Faering Capital India Evolving Fund, ICICI Prudential and IDFC Funds.


Also read: Snowman Logistics IPO opens: Should you subscribe?


The issue of Rs 197 crore (or 4.2 crore shares) has opened for subscription today, which will be closed on August 28. Retail investors can apply for up to 10 percent of the total issue size and 15 percent portion is reserved for non-institutional investors while the balance 75 percent is available for qualified institutional buyers.


Bids can be made for minimum 300 equity shares and in multiples of 300 shares thereafter. Accordingly, the retail investors can apply for maximum 4200-4500 equity shares (at given price band).


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), proposes to set up another such 6 and 2 ambient warehouses at 6 cities at the cost of around Rs 140 crore.


It has a pan-India presence with warehousing capacity of 58,543 pallets and 3,000 ambient pallets, which is expected to increase to 85,000 pellets in current financial year (FY15) and further to 1 lakh pellets by FY16, said the company in its prospectus.


HDFC Bank is the book running lead manager to the issue while Link Intime India Private Limited is the registrar.

Posted by Sunil Shankar Matkar

First Published on Aug 26, 2014 05:23 pm
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