Quadrant Future Tek IPO Day 1: Issuance subscribed to 15.84x; RII, HNI sections are fully booked
Quadrant Future Tek’s initial public offering (IPO) has garnered strong investor interest by subscribing 15.84 times till 5 pm in the first day’s bidding process.
On January 7, 2024, the IPO received bids for 9,18,47,850 shares against 57,99,999 shares on offer, according to NSE data.
The individual investor (RII) category saw the highest number of applications with a subscription of 54.72 times. The non-institutional investor (NII) segment was subscribed 21.49 times, while the qualified institutional buyer (QIB) segment received 5 percent subscription.
Before opening the sale of its shares, the company raised Rs 130 crore from anchor investors on Monday, January 6, 2025. The company launched the public issue at a price band between Rs 275 and Rs 290/share. It will conclude on Thursday, January 9, 2025.
Key Details of Quadrant Future Tek IPO
Problem size: Rs 290 crore, entirely through fresh equity issue.
Use of profit:
- Long-term working capital requirements
- Major cost of development of electronic interlocking system
- Payment of debt
- General business purposes
Quadrant Future Tek IPO: BRLMs and Registrar
- Lead book holder: Sundae Capital Advisors.
- Registrar: Company Link Intime India Ltd
About Quadrant Future Tek
Quadrant Future Tek Ltd is a company developing next generation train control and signaling systems under KAVACH project of Indian Railways. The KAVACH system provides high levels of safety and reliability for train passengers. The company also operates a special cable production facility equipped with an electron beam irradiation facility.
