Norwest Venture Partners-backed Snowman Logistics Launches IPO (Asia)
Source: Asian Venture Capital Journal | Author(s): Andrew Woodman
India-based Snowman Logistics, a cold chain service provider backed by venture capital firm Norwest Venture Partners, is aiming to raise up to INR1.97 billion (approximately US$32.5 million) after launching its initial public offering last week. Anchor investors, including private equity firm Faering Capital and several hedge funds, subscribed to 9.45 million shares at INR47 (approximately US$0.78) apiece, raising INR444 million (approximately US$7.37 million). Faering, which structured its investment through its India Evolving Fund, picked up 3.49 million shares for INR16.4 million (approximately US$270,000). Norwest Venture Partners originally acquired a 14 percent stake in Snowman in June 2013. Snowman Logistics has around 23 temperature-controlled warehouses across 14 locations in India.