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Subscribe to Snowman Logistics IPO - Sushil Finance

Posted On: 2014-08-24 10:19:07

PUBLIC ISSUE OF 4,20,00,000 EQUITY SHARES HAVING FACE VALUE OF Rs. 10 EACH OF SNOWMAN LOGISTICS LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. [47] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. [*] PER EQUITY SHARE) AGGREGATING TO Rs. [197.40] CRORES (THE "ISSUE"). THE ISSUE WOULD CONSTITUTE 25.30% OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE FACE VALUE OF THE EQUITY SHARES IS Rs. 10.

COMPANY OVERVIEW

Snowman Logistics Ltd (Snowman), founded in 1993, is a leading integrated player in a predominantly unorganised cold chain industry in India. Snowman is engaged in cold chain warehousing and transport and value-added services for perishable goods. In its transport business, the company offers services through primary and secondary transportation. Primary transportation is an intercity service while secondary transportation is an intra-city service.

HIGHLIGHTS

- The company's cold chain business currently has 21 warehouses across 13 locations in India with a capacity of 46,751 pallets and a fleet of 238 reefer vehicles (reefers). Also, its ambient (normal temperature) warehousing business has a capacity of 3,000 pallets. 11 of the 21 temperature controlled warehouses are on leased land. The company's transport business has 175 leased reefers and 63 owned reefers.

- The company provides services to various industries such as seafood, poultry, fruits and vegetables, dairy, ice-cream, food processing, pharmaceuticals and some other niche segments. Its key clients are Hindustan Unilever Ltd (HUL), Al-Karim Exports Private Limited, McCain Foods India Pvt. Ltd (McCain), Novozyme South Asia Pvt. Ltd (Novozyme), Ferrero India Pvt. Ltd (Ferrero), Graviss Foods Private Limited etc.

- IPO proceeds will be used towards Setting up new cold chain and ambient warehouses, Long-term working capital and General corporate purposes.

- CRISIL Research expects the Rs. 150 bn (FY13 estimate) cold chain industry to grow at a healthy 15-17% over the next three years driven by growth in end-user industries and organised retail. Within the cold chain industry, warehousing services (which constituted about half of Snowman's revenues in FY13) are expected to grow at a CAGR of 15-17% from 125 bn in FY13 to 218 bn in FY16.

- Snowman's total revenue increased from Rs. 1,141.03 million as on 31/03/2013 to Rs. 1,552.33 million as on 31/03/2014 and net profit increased from Rs. 198.79 million to Rs. 232.27 million during the same period.

Our View

Considering the strong fundamentals and future prospects of the company we suggest investors to subscribe to this issue. View it as a long term investment.

Note: Safety net arrangement will be offered to eligible original Retail Individual Bidders and who are resident in India. The scheme will operate for a period of 180 days beginning from the date of listing and commencement of trading of the Equity shares on the Stock Exchange. For further details please refer to the RHP.


Source: Equity Bulls

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