Snowman Logistics surges 62 per cent on listing

Shares of Snowman Logistics, a third-party logistics provider, on Friday listed with a premium of nearly 62 per cent against the issue price of Rs 47 per share.

The company's scrip debuted at Rs 75, up 59.57 per cent from the issue price on the Bombay Stock Exchange (BSE).

On similar lines, Snowman Logistics' share price listed at Rs 76 on the National Stock Exchange(NSE) as compared to the issue price of Rs 47, reflecting a gain of 61.7 per cent.

The company is an integrated temperature controlled logistics service provider. Its initial public offer had opened on August 26 and closed on August 28. The IPO had seen a great demand and was over-subscribed nearly 60 times.

Snowman's was the second IPO to hit the capital market this financial year after that of amusement park operator Wonderla Holidays in April.

Snowman, which began its business in 1998, caters to various products including dairy products, ice-cream, poultry and meat, seafood, fruits and vegetables, healthcare and pharmaceutical products.

Shares of the scrip closed at Rs 78.75 a piece at the BSE, up 31.75 points (or 67.55 per cent).