Gateway Distriparks, the logistics facilitator, is the largest shareholder with 40.40 percent stake in Snowman that was reduced from 54.04 percent through public issue of 4.2 crore equity shares opened during August 26-28.
Not only Snowman Logistics' shares were in demand on listing day but also its promoter Gateway Distriparks (GDL) that jumped 3.5 percent intraday Friday to touch a record high of Rs 278.90 on the Bombay Stock Exchange, in addition to 3.6 percent rally in previous session.
Gateway Distriparks, the logistics facilitator, is the largest shareholder with 40.40 percent stake in Snowman that was reduced from 54.04 percent through public issue of 4.2 crore equity shares opened during August 26-28. The issue was oversubscribed 59.75 times supported by retail subscription with 41.26 times, non-institutional investors with 221.79 times and qualified institutional buyers with 16.98 times.
Other major shareholders are Mitsubishi Corporation (9.4 percent stake), Mitsubishi Logistics Corporation (2.18 percent stake), International Finance Corporation (9.3 percent stake), Norwest Venture Partners VII-A Mauritius (10.3 percent stake) and Laguna International (1.17 percent stake).
GDL's subsidiary Snowman Logistics listed at Rs 75 (the equilibrium price arrived in pre-opening session) on the Bombay Stock Exchange. That is 60 percent returns for investors over the issue price of Rs 47, which is more than grey market premium of 25-30 percent premium.
The appetite seems not ending as there were pending buy orders of 1,475,279 shares, with no sellers available. The current market capitalisation of the company stands at Rs 1,310.8 crore as against market cap (before the listing) was Rs 782 crore.
The largest cold chain solutions provider raised Rs 197.4 crore through the issue that amount will be used for setting up new temperature controlled and ambient warehouses, and long term working capital.
At 11:21 hours IST, the stock was quoting at Rs 273, up Rs 3.50, or 1.30 percent while Snowman Logistics jumped 67.55 percent to Rs 78.75.
Posted by Sunil Shankar Matkar