Aqua Logistics Revises IPO Price Band (28-Jan-2010)
Looking at the lukewarm response from the investors, Aqua Logistics has extended the issue date and lowered the price band of the offer.
The company has extended the issue closing date to February 2, 2009 as against the scheduled January 28, 2010. The company has slashed the price band from Rs 220-230 to Rs 200-225 per share
The offer was subscribed 0.6 times till January 28. The initial public offering (IPO) of Rs 150 crore opened for subscription on January 25.
The company has allowed a discount of Rs 5 to the issue price to the 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 intends to utilize the issue proceeds for purchasing of specialized equipments as well as expansion & establishment of offices, funding proposed acquisition and additional working capital requirements.
The book running lead managers to the offer are Centrum Capital Ltd and Saffron Capital Advisors Pvt Ltd while Link Intime India Pvt Ltd is the registrar.
The company registered an income of Rs 214 crore and a Profit After Tax (PAT) of Rs 9.83 crore in financial year 2009.
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