Aqua Logistics trades at 8% premium on debut

Aqua Logistics listed at Rs 219,  marginal below its issue price of Rs 220. The stock is currently trading at an intra-day high of Rs 237 on the BSE.

The counter has seen huge volume of around 7.7 million equity shares so far on the BSE.

The company is a supply-chain firm, with domain expertise in pharma, automotives, power, retail, heavy engineering, telecom and sports and events. It had raised Rs 150 crore, by issuing 6.9 million shares through initial public offer (IPO).

The company had gave Rs 5 per share discount (Rs 215 per share) to retail investors after tepid response from the investors and also cut the price band to Rs 200-225 per share from Rs 220-230 per share.

The issue was subscribed by 1.77 times, with total bids received for 12.2 million shares as against 6.9 million shares on offer. The qualified institutional buyers (QIBs) portion was undersubscribed, while non-institutional investors portion was oversubscribed by 3.8 times and retail investors by 3 times.

The Mumbai-based firm plans to use the public issue proceeds for purchasing specialised equipment, expansion and establishment of offices as well as for proposed acquisitions.