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| Aqua Logistics aims to raise Rs 150 cr via IPO |
| Press Trust of India / New Delhi Nov 18, 2009, 17:09 IST |
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Logistic solutions provider Aqua Logistics is aiming to raise up to Rs 150 crore through its proposed initial public offer and has already filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for this purpose.
According to the draft red herring prospectus filed with the Sebi, Aqua Logistics intends to raise Rs 150 crore to part finance the proposed buyouts it is targeting in the South East Asia and meet other requirements.
"Our business is global in nature and as of today we use partners in other countries for fulfilling our business requirements," the company said.
"We believe that acquisition will allow us to increase our geographical presence, spread our reach in other parts of the world and give us the strength to compete with top multi-natinal companies (MNCs) in our business domain," it added.
The company expects to use about Rs 35 crore of the total initial public offer (IPO) proceeds for the proposed acquisitions.
The Mumbai-based company also needs money to fund its purchase of equipment and expansion as well as set up offices, among others. The shares issued through IPO are likely to be listed on the National Stock Exchange and the Bombay Stock Exchange.
Saffron Capital Advisors and Centrum Capital are book running lead managers of the issue.
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