Quadrant Future Tek Ltd.'s initial public offering is scheduled to open on Tuesday. The IPO consists entirely of a fresh issue of one crore shares, with the company aiming to raise up to Rs 290 crore.
The price band for the IPO has been set in the range of Rs 275–290 per share.
Out of the total IPO size, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail individual investors.
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
Incorporated in September 2015, Quadrant Future Tek develops next-generation train control and signaling 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
Risk Factors
The business is dependent on a single manufacturing facility which exposes it to certain manufacturing process risks.
The company’s customers operate in industries with specific sectors and rapidly changing preferences and technologies. Disruptions in these sectors can negatively affect the business.
The company has recently expanded into the train control systems segment, making it difficult to predict the performance and future prospects.
Quadrant Future Tek IPO GMP
The grey market premium for Quadrant Future Tek IPO stood at Rs 210 per share, with expected gain at 72.41%. With the 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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