Quadrant Future Tek IPO: Punjab-based company raises ₹130.5 crore from anchor investors ahead of a public issue

Quadrant Future Tek Limited raised ₹130.5 crore from anchor investors ahead of the public issue, according to a stock exchange filing by the company on Monday, January 6.

The specialty cable manufacturer and train system developer has allotted 45,00,000 or 45 lakh equity shares to the anchor investors at an allotment price of ₹290 per share, with a nominal value of ₹10 each.

The anchor investor pool for the Quadrant Future Tek IPO consists of Whiteoak Capital, Kotak Mutual Fund, LIC Mutual Fund, Bank of India Mutual Fund, Citigroup Global Markets Mauritius Pvt. Ltd., PMIM India and Sundaram Mutual Fund, among other top investors.

According to the company’s stock exchange filing on Monday: Kotak Manufacture in India Fund at 10.56 percent, Whiteoak Capital Flexicap Fund at 6.45 percent, Bank of India Manufacturing and Infrastructure Fund at 5.26 percent, LIC MF Focused Fund at 3, 14 percent , CitiGroup Global Markets Mauritius Pvt. Ltd. at 3.83 percent, and Bengal Finance and Investment Pvt. Ltd. were among the top allocations for the public issue at 13.78 percent.

The company also said it has allotted one-third or 15,00,000 (15 lakh) shares to four domestic mutual funds through a total of eleven schemes.

Quadrant Future Tek IPO GMP

As of January 6, the gray market premium (GMP) for Quadrant’s IPO is Future Tek ₹170 per share. With the highest price range of the issue at ₹290, the shares are expected to list at ₹460, a premium of 58.62 percent, according to data collected from Investorgain.com.

The gray market premium (GMP) is an indicator of the willingness of investors to pay more for a public issue. The GMP has fallen ₹10 to the current level of ₹170 on Monday, compared to his ₹180 level on January 5.

Quadrant Future Tek IPO Details

Quadrant Future Tek Limited supplies specialty cables to the marine (defense) sector and railway equipment. Moreover, the company has an end-to-end infrastructure that can create cables for solar and electric vehicles at its manufacturing plant.

Bengaluru, Karnataka, Hyderabad and Telangana are home to the Railway Signaling and Embedded System Design Centre, while the company’s manufacturing operations are headquartered in Basma, Mohali.

The issue opens on Tuesday, January 7 and closes on Thursday, January 9. The company has a fixed price range of public issue ₹275 to ₹290 per equity share, with a lot size of 50 shares per lot.

Sundae Capital Advisors is the lead manager of the public issue, while Link Intime India Pvt Ltd. is the registrar of the bid.

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