Quadrant Future Tek IPO gets 48.95 times subscription on day two of offer

New Delhi: The initial public offer of Quadrant Future Tek Ltd garnered 48.95 times subscription on the second day of share sale on Wednesday.

The initial share sale received bids for 28,38,99,400 shares against 57,99,999 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) mopped up 137.07 times subscription while the quota for non-institutional investors got subscribed 87.18 times. The portion for Qualified Institutional Buyers (QIBs) received 46 per cent subscription.

The Initial Public Offering (IPO) of Quadrant Future Tek Ltd got fully subscribed within minutes of opening for share sale on Tuesday and ended the day with 15.84 times subscription.

Quadrant Future Tek on Monday said it has raised over Rs 130 crore from anchor investors.

The public issue has a price band of Rs 275-290 per share.

The Rs 290-crore IPO is entirely a fresh issue of up to Rs 290 crore with no offer of sale component.

The net proceeds from its fresh issuance will be used to fund the long-term working capital requirements.

IPO proceeds will also be used towards capital expenditures on the development of the electronic interlocking system, debt repayment and the balance for general corporate purposes.

Quadrant is a research-oriented company, engaged in developing new-generation train control and signalling systems under the KAVACH project of the Indian Railways that offers the highest level of safety and reliability to rail passengers.

It also possesses a speciality cable manufacturing facility with an electron beam irradiation centre. The cables manufactured by the Mohali-based firm are used in railways rolling stock and Naval (defence) industry.

For the speciality cable division, the company had an installed capacity of 1,887.60 metric tonnes as of September 30, 2024.

Sundae Capital Advisors is the sole book-running lead manager to the issue.

The shares of the company will be listed on the BSE and National Stock Exchange (NSE).