Snowman, Pan-India PRW Network, to Issue New Shares
Snowman Logistics, a unit of Gateway Distriparks that is regarded as one of the largest public refrigerated warehouse (PRW) logistics service operators in India, is expected to be listed on the stock market before the end of year. It reportedly has already filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board. How much capital it aims to raise by issuing new shares has not yet been disclosed.
The company is an integrated temperature controlled logistics services provider with 21 refrigerated warehouses across 13 locations in India, including Serampore (near Kolkata), Taloja (near Mumbai), Palwal (near Delhi), Mevalurkuppam (near Chennai) and Bengaluru. The network’s capacity currently exceeds 46,750 refrigerated pallet positions and 3,000 ambient pallet spaces. It operates 238 refrigerated transport vehicles for primary and secondary distribution.
Snowman’s warehousing infrastructure comprises advanced equipment handling and racking technology operated with state-of-the-art warehouse management and enterprise resource software. It employs a real time data logging system that enables round-the-clock monitoring of temperature variations in products both warehoused and aboard a majority of Snowman’s trucks. Most of the vehicles are equipped with GPS and GPRS technologies.
The largest shareholder of Snowman is Gateway Distriparks Limited, which owns 54% of the company. Other investors include Mitsubishi Corporation, Mitsubishi Logistics Corporation, International Finance Corporation and Norwest Venture Partners VII-A Mauritius.
A fourth quarter consolidated net profit of Rs. 40.3 crore for Gateway Distriparks, up 20% over the same period during the previous year, is on the books.