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Gateway Distriparks hits record high as unit plans IPO

Gateway Distriparks has surged 8% to Rs 262, extending its previous day’s 5% rally, after logistics firm said it is planning to list its cold chain unit Snowman Logistics.

The stock opened at Rs 245 and touched a new high of Rs 264 on the National Stock Exchange (NSE). The counter has seen huge trading activity with a combined 1.27 million shares changed hands till noon deals on the NSE and BSE.

In filing to BSE, Gateway Distriparks said its subsidiary Snowman Logistics has filed its red herring prospectus (RHP) with the Registrar of Companies, Bengalore for an initial public offer (IPO) of its equity shares.

Snowman Logistics will issue 42 million equity shares via IPO at a price band between Rs 44 to Rs 47 per share.

At the lower price band, about Rs 185 crore will be raised, and at the higher price band, about Rs 197 crore. The issue will open on 26 August and will close on 28 August.

After the IPO, Gateway Distriparks’ equity stake in Snowman Logistics will come down to 40.17% from current 54.04%. The public holding post IPO will be at 25.23%, the company said.

Snowman Logistics, an integrated temperature controlled logistics services provider, had planned to hit capital markets last year but had to postpone the plans due to weak market conditions.
 

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