The initial public offering of Quadrant Future Tek Ltd. was subscribed 186.66 times on the final day on Thursday.
The IPO was subscribed 15.86 times on its first day and 48.99 times a day later. It consists entirely of a fresh issue of 1 crore shares, with the company aiming to raise up to Rs 290 crore.
The grey market premium for Quadrant Future Tek IPO stood at Rs 190 per share as of 6:55 p.m., indicating a premium of 65.52%. With the upper price band at Rs 290, the estimated listing price stands at Rs 500.
The price band for the IPO has been set in the range of Rs 275–290 per share.
The proceeds raised from the fresh issue of shares will be utilised towards funding long-term working capital requirements of the company, capital expenditure for development for the electronic interlocking system, repayment or prepayment of borrowings, and general corporate purposes.
Issue Details
Issue opens: Jan. 7.
Issue closes: Jan. 9.
Price band: Rs 275–290 per share.
Fresh issue size: Rs 290 crore.
Offer-for-sale: Nil.
Total issue size: Rs 290 crore.
Lot size: Minimum 50 shares, and then in multiples thereof.
Business
Quadrant specialises in advanced solutions, including specialty cables and train control systems, with a focus on innovative technologies like Kavach Ver. 4.0 for railway networks.
Incorporated in September 2015, Quadrant Future Tek develops next-generation train control and signalling systems for the Indian Railways' 'Kavach' project. This system aims to enhance safety and reliability for passengers.
It also operates a specialty cable manufacturing facility with an Electron Beam Irradiation Centre, producing cables for railway rolling stock and the naval defence industry.
The company has two main business divisions—specialty cables, and train control and signalling.
Use Of Proceeds
The company plans to utilise the IPO net proceeds towards the following objects:
Funding long-term working capital requirements: Rs 149.7 crore.
Capital expenditure for the development of Electronic Interlocking Systems: Rs 24.4 crore.
Prepayment or repayment of outstanding working capital term loan availed by the company: Rs 23.6 crore.
General corporate purposes.
Quadrant Future Tek IPO: Subscription Status Day 3
The IPO has been subscribed 186.66 times as of 7:00 p.m. on Thursday.
Qualified institutional buyers: 132.54 times.
Non-institutional investors: 254.71 times.
Retail investors: 246.94 times.
Quadrant Future Tek IPO GMP
The grey market premium for Quadrant Future Tek IPO stood at Rs 190 per share as of 6:55 p.m., indicating a premium of 65.52%. With the upper price band at Rs 290, the estimated listing price stands at Rs 500.
Notably, GMP is not an official price quote and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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