Aqua Logistics Limited listed yesterday on the BSE. Shares were allotted at a price of Rs 220. The company had given a discount of Rs 5 to retail investors. The share saw brisk trading throughout the day and to the credit of the company did not trade in negative territory at any point during the day. The share listed on the BSE at Rs 219.40 and made a high of Rs 245.80.The low was the open itself. On the NSE the stock opened at Rs 225, made a low of Rs 223.75 and the high of Rs 246.

Aqua Logistics is a 3PL or third party logistics player. The IPO did not subscribe at the first attempt and the issue had to be extended and the price band lowered. The issue did ‘manage’ the requisite subscription and was oversubscribed. This author had written about the business model of this company and had advised investors to stay away on extremely poor fundamentals.

The share saw a total trading of 4.60 cr shares which is roughly 6.66 times the IPO size. Delivery as a percentage of trading was low at 12.22% but when considered as a percentage of the IPO size is extremely high at 81.37%. This delivery percentage is probably a record in recent times and is marginally higher than the figure of Syncom Healthcare which listed recently.

Looking at the trading pattern and the delivery figures it appears imminent that the share would go up within the next few days but as I mentioned a share with poor fundamentals cannot become good simply because of the price. I would also agree that if the price falls substantially than fundamentals change but we would look at that when the price comes to levels of below 150.

Avoid the share and do not get lured looking at the price and volume- it is part of the game.