Gateway Distriparks at new high
Gateway Distriparks hit a new 52-week high today at Rs.271 and then came down to Rs.263 levels though it continues to remains strongly in the green, up almost 2%.
The stock is up, thanks to the success of the IPO of Snowman Logistics, a subsidiary of Gateway which holds 54.04% stake. Post the IPO, the holding will come down to 40.17%.
The IPO of Snowman opened on the 26th and yesterday, at the end of the second day, was oversubscribed 2.94 times, with retail investors seeing the highest participation – of the 42 lakh shares on offer for this category, it received bids for 5.43 crore shares, which is 12.94 times. QIBs bid 1.49 times and NIIs bid 0.81 times. This success of Snowman’s IPO has boosted the sentiments for its parent company, Gateway.
The issue closes today and it has set a price band of Rs 44 to Rs 47 per equity share of face value Rs 10 each.