The issue, which scheduled to close on Thursday, has received bids for 6.17 crore equity shares as against issue size of 3.25 crore shares (excluding anchor investors' portion), as per data available with the exchange at 16 hours IST.
Cold chain solutions provider Snowman Logistics' (SLL) Rs 197-crore IPO has been subscribed 1.9 times on Wednesday aided by overwhelming response from retail investors.
The issue, which is scheduled to close on Thursday, has received bids for 6.17 crore equity shares as against issue size of 3.25 crore shares (excluding anchor investors' portion), as per data available with the exchange at 16 hours IST.
The reserved portion of retail investors subscribed 3.82 times followed by qualified institutional buyers with 0.03 times and non-institutional investors with 0.13 times.
Analysts believe the bids may be at higher end of the price band of Rs 44-47 a share following better response from anchor investors.
SLL on Monday garnered Rs 44.4 crore (at Rs 47 per share) through three anchor investors, which were Faering Capital India Evolving Fund, ICICI Prudential and IDFC Funds.
Also read: Snowman Logistics IPO opens: Should you subscribe?
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.
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
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