Quadrant Future Tek IPO: Issue subscribed 15.86 times on day 1; check details here | Stock Market News
Source: Live Mint
The initial public offering (IPO) of Quadrant Future Tek opened for subscription today, January 7. The issue was subscribed over 15.86 times on the first day of bidding.
The issue received bids of 9,18,47,850 shares against the offered 57,99,999 equity shares, at a price band of ₹275-290, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 54.84 times and 21.51 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.05 times. The issue kicked off for subscription on Tuesday, January 7, 2025, and will close on Thursday, January 9, 2025.
A day before the opening of the issue, Quadrant Future Tek Limited raised ₹130.50 crore from anchor investors. Foreign and Domestic Institutions who participated in the anchor included Citigroup Global Markets Mauritius, Capri Global Capital, WhiteOak Mutual Fund, LIC Mutual Fund, Kotak Mutual Fund, Bank of India Mutual Fund, and Sundaram Alternative.
Quadrant Future Tek IPO details
The company has declared an issue price of ₹275 to ₹290 per equity share. The book build issue opens today and will remain open until 9 January 2025.
The company aims to raise ₹290 crore from the entirely fresh book-build issue. A bidder can apply in lots, and one lot of the public issue comprises 50 company shares.
Link Intime India Private Limited has been appointed official registrar of the book build issue. Sundae Capital Advisors has been appointed the public issue lead manager.
Quadrant is a research-oriented company, engaged in developing new generation Train Control and Signalling Systems for Indian Railways that offers the highest level of safety and reliability to rail passengers and also possess a Specialty cable manufacturing facility with Electron Beam Irradiation Centre.
The Company has one facility for manufacturing, testing, researching, and developing specialty cables and also to manufacture the hardware required for Train Control & Signalling Division, both situated at Village Basma, Tehsil Banur, Distt Mohali, Punjab.
