Quadrant Future Tek IPO: Issue subscribed 186.66 times on day 3; check subscription status, other key details | Stock Market News
Source: Live Mint
Quadrant Future Tek IPO, which opened for subscription on Tuesday, January 7, was subscribed over 186.64 times on the last day of bidding. The issue closed for subscription on January 9.
The issue received a stellar response from investors as it was fully subscribed within an hour of opening on the first day of bidding.
The company had raised more than ₹130 crore from anchor investors, just one day ahead of launching its initial public offering (IPO).
Quadrant is a research-focused company dedicated to developing cutting-edge train control and signaling systems for the Indian Railways’ KAVACH project, ensuring maximum safety and reliability for rail passengers.
Quadrant Future Tek IPO subscription status
The Quadrant Future Tek IPO was subscribed 186.66 times as of 7:00 PM IST on the third day of its offering, according to data from the BSE.
The issue received 1,08,26,32,500 shares compared to the 57,99,999 shares available.
The retail investor segment saw an impressive subscription rate of 246.94 times, while the non-institutional investors’ portion was subscribed 254.71 times. Meanwhile, the qualified institutional buyers (QIB) segment reached 132.54% subscription.
The IPO was subscribed over 15.84 times on the first day of bidding.
Quadrant Future Tek IPO details
The ₹290-crore initial public offering (IPO) is entirely a fresh issue, with no allocation for an offer for sale. The company has set the IPO within a range of ₹275 to ₹290 per equity share, with the subscription period open until Thursday, January 9.
The proceeds from the IPO will also contribute to capital expenditures related to the development of the electronic interlocking system, repayment of debt, and the remainder will be utilized for general corporate purposes.
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.
