The initial public offer (IPO) of Aqua Logistics was subscribed 1.75 times as at 15:00 IST, NSE data showed. The IPO got bids for 1.31 crore shares as against 75 lakh shares on offer.

The company had on 28 January 2010 extended the IPO closure date to 2 February 2010 as against an original scheduled closure on 28 January 2010. The IPO of the supply chain firm Aqua Logistics had opened for subscription on 25 January 2010.

Aqua Logistics had also reduced the price band following tepid response from investors. The company cut the price band to Rs 200- 225 per share from Rs 220-230 per share earlier. The company will also give a discount of Rs 5 per share to the issue price to retail investors.

The Mumbai-based firm plans to use the IPO proceeds for purchasing specialised equipment, expansion & establishment of offices as well as for proposed acquisitions. Aqua Logistics is a supply-chain firm, with domain expertise in pharma, automotives, power, retail, heavy engineering, telecom and sports and events.