Mumbai: Cold chain services provider Snowman Logistics Ltd’s initial public offer (IPO) was subscribed nearly 59.67 times, data from National Stock Exchange showed on Thursday.

In the issue which opened for subscription on Tuesday, Snowman Logistics, which is promoted by Gateway Distriparks Ltd, had offered 42 million shares which would fetch Rs197.4 crore at the upper end of its price band of Rs44-47 per share.

The company had said on Monday that anchor investors subscribed to 9.45 million shares at Rs47 each.

Qualified institutional buyers (QIBs) bid 7.02 times the issue reserved for them, while non-institutional investors’ portion saw a subscription of 125.43 times.

Retail investors put in bids for 10.75 times the issue size that was reserved for their category.

Gateway Distriparks owns 54.1% stake in the company, while International Finance Corporation (IFC) and Japan-based Mitsubishi Corporation hold 12.4% and 12.6% stake respectively.