Snowman to tap upto Rs 194 cr through IPO

Snowman to tap upto Rs 194 cr through IPO

Integrated cold chain logistics service provider Snowman Logistics, on Monday, announced the opening of a public issue of Rs 4.2 crore equity shares, with a face value of Rs 10 each, to raise a total of Rs 187 - 194 crore from August 26.

The price brand has been set at Rs 44-47 per equity share. Investors can make bids for a minimum of 300 shares, and in multiples of 300 shares thereafter.

Snowman Logistics CFO and Company Secretary  A M Sundar said, the company plans to open 6 more temperature controlled warehouses out of the proceeds of the issue.

The issue will constitute 25.23 per cent of the post-issue paid-up equity share capital of the company.The company announced in a statement that 75 per cent of the issue will be allotted on a proportionate basis to Qualified institutional buyers, of which 5 per cent will be available for allocation on a proportionate basis to Mutual Funds.

The company  said that not more than 15 per cent of the issue is available for allocation to non-institutional bidders.

Explaining the need for expansion, CEO, Ravi Kannan said, “We usually follow a really aggressive expansion policy as we see it as the way forward. We hope to concentrate more on the pharmaceutical sector which we believe will help us grow further.”The issue has been graded 4/5 by CRISIL and will close on August 28 for all bidders.