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Snowman Logistics IPO To Hit Market On Aug 26

Integrated temperature controlled logistics service provider Snowman Logistic Ltd.'s initial public offering (IPO) of 4.2 crore shares will open on August 26 and close on August 28. The company has fixed a price band between Rs.44 and Rs.47 apiece.

The issue constitutes 25.23 per cent of the post-issue equity share capital of the company.

The company said the proceeds from the IPO would be utilized for repayment of bridge-loan and long- term loans worth around Rs.90 crore, and the rest for setting up six temperature controlled warehouses at Mumbai, Pune, Chennai (two in number), Cuttack and Vishakapatnam besides two ambient warehouses In Surat and Pune.

At present, Gateway Distriparks holds 54.04 percent in the company, while International Finance Corporation and Mitsubishi of Japan hold 12 percent stake each. Mitsubishi Logistics also holds three percent in the company.

Promoted by Gateway Distriparks Ltd., Snowman Logistics is an integrated temperature controlled logistics services provider with 23 temperature controlled warehouses across 14 locations across India.

Major customers include Hindustan Unilever, McCain Foods India, Graviss Foods, Tamil Nadu Cooperative Milk Producers Federation, Indian Immunologicals, Karnataka Cooperative Milk Producers Federation and Ferrero India.

Rating agency CRISIL has rated the IPO as 4/5, indicating above average fundamentals.

The book running lead manager is HDFC Bank and the registrar is Link Intime.

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