Quadrant Future Tek Ltd. has raised Rs 130.50 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 45 lakh shares at Rs 290 apiece to 22 anchor investors.
Bengal Finance and Investment Pvt. got the highest allocation of 13.78%, followed by Shine Star Build Cap Pvt. with a 13.51% allocation. Kotak Manufacture in India Fund got a 10.56% stake in the company.
Four domestic mutual funds have applied through 11 schemes, the train control and signalling systems said in an exchange filing on Monday. They have collectively netted one third of the total anchor portion.
Whiteoak Capital, Kotak, and LIC were among the top fund houses in this category.
Sundae Capital Advisors Pvt. is the book-running lead manager to the issue.
The company will launch its initial public offering on Tuesday to raise up to Rs 290 crore. The company has set a price band of Rs 275-290 per share for its three-day IPO. It only comprises a fresh issue of Rs 290 crore. The minimum application lot size is 50 shares.
The offer, which concludes on Thursday, is set to list on the BSE and the National Stock Exchange.
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, as per their red herring prospectus.
Quadrant specialises in advanced solutions, including speciality cables and train control systems, with a focus on innovative technologies like Kavach Ver. 4.0 for railway networks.
The company underwent several transformations, including a name change to Quadrant Future Tek Private Limited in 2021 and its conversion to a public limited entity later that year. With its registered office in Village Basma, Mohali, and corporate operations located on Airport Road in the same region, the company has established a strong local presence.
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