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Saturday, February 20, 2010

Aqua Logistics to list on February 23

Mumbai based Aqua Logistics will list its equity shares, which were issued recently via public issue, on the exchanges on February 23, 2010. The issue price is fixed at Rs 220 per share.

The Rs 150 crore initial public offering (IPO) was opened for subscription during January 25-February 2 and was subscribed 1.94 times.

Non-institutional and retail investors' portion was subscribed 5 times and 3 times, respectively while qualified institutional investors' portion was subscribed just 0.26 times.

To get the issue sail through, the company had revised the price band to Rs 200-225 from Rs 220-230 per share and extended closing date from January 28 to February 2.

A discount of Rs 5 to the issue price had been allowed to retail investors.

Aqua Logistic is engaged in the business of freight forwarding services with agents to provide end-to-end solution to its clients.

The company will be using the issue proceeds for purchasing of specialized equipments; expansion & establishment of offices; funding proposed acquisition and additional working capital requirements.

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