We had recommended to apply in Snowman Logistics IPO in Aug'14 at a price of Rs. 47. The stock on the listing date itself has surged 68% closing at Rs. 80. Though we had recommended Rs. 80 as our target price, we think that the price can move up to Rs. 90-100 range based on the strong interest seen by institutions and HNIs in Snowman Logistics.

At the current market price of Rs. 83, we are not comfortable with the valuations and would recommend exiting any time in the next 2-3 days once the price stabilizes.

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