Aqua Logistics reduces IPO price band to Rs.200-225

Mumbai: Aqua Logistics, a global logistics and supply chain partner has extended the issue date and reduced the price band on the back of lukewarm response from investors. It was subscribed 0.6 times till January 28. Now the issue will close on February 2, as against scheduled on January 28, reports moneycontrol.com

The company has also cut the price cut the price band to Rs.200-225 from Rs.220-230 per share. The issue had opened for subscription on January 25. A discount of Rs.5 to the issue price has been allowed to retail investors. The company planned to use the issue proceeds for purchasing of specialized equipments; expansion & establishment of offices; funding proposed acquisition and additional working capital requirements. 

Centrum Capital and Saffron Capital Advisors are chosen as the book running lead managers to the issue and Link Intime India as the registrar.

Aqua Logistic is engaged in the business of freight forwarding services with agents to provide end-to-end solution to its clients. The company intends to use the issue proceeds for purchasing of specialized equipments; expansion and establishment of offices; funding proposed acquisition and additional working capital requirements.