Aqua Logistics IPO to open on Jan 25

Aqua Logistics plans to launch its initial public offer (IPO) aimed at garnering up to Rs 150-crore on January 25, and has fixed its price-band at between Rs 220-230 per equity share.

Aqua Logistics is a logistics and supply-chain company with domain expertise in pharma, automotives, power, retail, heavy engineering, telecom and sports and events.

"The proceeds of the issue will be used for purchasing specialised equipment, expansion and establishment of offices as well as for proposed acquisitions," company's Vice-Chairman M S Sayad told reporters here today.

The company clocked an income of Rs 214-crore and a profit after tax (PAT) of Rs 9.83-crore in FY09.

The company has initiated talks for acquiring a Hong Kong-based company which will help it in dealing with Chinese parties.

"We are in talks with a Hong Kong-based company. There is a lot of procurement of equipment for retail and power segments from China and our footprint there will help us," Sayad said.

"The deal size would be around Rs 35-crore," he said.

The company also intends to purchase specialised equipment which is needed for executing heavy and over-dimension project cargo as well as for being eligible to bid for large projects in verticals like power and heavy engineering, he said.