Unlisted shares of Quadrant Future Tek Ltd continue to trade at Rs 500 apiece in the grey market, which is a 72.41 per cent premium over the upper IPO price of Rs 290. It indicates a robust listing gain for investors on January 14.
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Quadrant Future Tek IPO: The initial public offer (IPO) of Quadrant Future Tek Ltd is going to be closed at 5 pm on Thursday. The IPO has so far received a strong response from investors amid robust GMP. The price band of the Rs 290-crore IPO has been fixed at Rs 275 to 290 apiece. Till 12:39 pm on the final day of bidding on Thursday, the IPO got a 85.12 times subscription receiving bids for 46,81,47,950 shares against 55,00,000 shares on offer.
So far, the quota for retail investors got subscribed by 196.68 times. The non-institutional investors (NII) portion received a 166.05 times subscription. The QIB category has received a 7.47 times subscription.
The IPO allotment will likely take place on January 10, while the listing is scheduled to take place on January 14.
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Quadrant Future Tek IPO GMP Today
According to market observers, unlisted shares of Quadrant Future Tek Ltd continue to trade at Rs 500 apiece in the grey market, which is a 72.41 per cent premium over the upper IPO price of Rs 290. It indicates a robust listing gain for investors on January 14.
Quadrant Future Tek IPO: More Details
The Rs 290-crore Initial Public Offering (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.
Quadrant Future Tek on Monday raised over Rs 130 crore from anchor investors.
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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).
