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Day 1: Snowman Logistics closes 70% higher on NSE

On the basis of pre-opening session, the exchange, on the first day only, sets the upper and lower circuit limit for the stock to avoid manipulation.

The News International Team

Trading in shares of  Snowman Logistics were frozen on the listing day itself due to huge buying interest. Because of the freeze, the stock could not move beyond Rs 79.80 on the National Stock Exchange and Rs 78.75 on the Bombay Stock Exchange, hit during the first hours of trade on Friday.

That means opening as well as closing price remained the same throughout the session but there were huge buy orders pending in the system.

On the basis of pre-opening session, the exchange sets the upper and lower circuit limit for the stock on the first day only to avoid manipulation.

Also read: Will add 35% to capacity even for FY15: Snowman Logistics

In the pre-opening session, equilibrium price was arrived at Rs 75 apiece on the BSE and Rs 76 on the NSE, which were also the intraday low for the stock. Upper/lower circuit limits were set at Rs 78.75/71.25 and Rs 79.80/72.20 by exchanges, respectively.

The final gains for the day were Rs 32.80 or 69.79 percent (on the NSE) and Rs 31.75 or 67.55 percent (on the BSE) over issue price of Rs 47 while traded volumes stood at 94.77 lakh shares and 9.58 lakh shares, respectively. Also read: Will you buy Snowman?

Snowman’s public issue had received excellent response from investors, oversubscribing 59.75 times supported by retail subscription with 41.26 times, non-institutional investors with 221.79 times and qualified institutional buyers with 16.98 times.

The largest cold chain solutions provider raised Rs 197.4 crore through the issue that amount will be used for setting up new temperature controlled and ambient warehouses, and long term working capital.

Posted by Sunil Shankar Matkar

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