Quadrant Future Tek IPO, which opened for subscription on Tuesday, January 7, was subscribed over 186.64 times on the last day of bidding. The issue closed for subscription on January 9.
The issue received a great response from investors as it was fully subscribed within an hour of opening on the first day of the offering.
The company had more than raised ₹130 crore from anchor investors just one day before the initial public offering (IPO) launch.
Quadrant is a research-oriented company dedicated to developing advanced train control and signaling systems for Indian Railways’ KAVACH project, ensuring maximum safety and reliability for train passengers.
Quadrant Future Tek IPO Subscription Status
As of 7 PM IST on the third day of the IPO, the Quadrant Future Tek IPO was subscribed 186.66 times, according to BSE data.
1,08,26,32,500 shares were received in the issue, compared to the 57,99,999 shares available.
The retail investor segment saw an impressive subscription rate of 246.94 times, while the non-institutional investor segment was subscribed 254.71 times. Meanwhile, the qualified institutional buyers (QIB) segment achieved an enrollment rate of 132.54%.
On the first day of bidding, the IPO was subscribed to more than 15.84 times.
Quadrant Future Tek IPO Details
The ₹A Rs 290 crore initial public offering (IPO) is entirely new, with no allotment for an offer for sale. The company has its IPO within reach of ₹275 to ₹290 per share, with a subscription period open until Thursday, January 9.
Proceeds from the IPO will also contribute to capital expenditures related to the development of the electronic interlock system and debt repayment, and the remainder will be used for general corporate purposes.
Link Intime India Private Limited has been appointed the official registrar of the bookbuild publication. Sundae Capital Advisors has been appointed lead manager for public offerings.
