Quadrant Future Tek IPO: Check Date, Price Band And More Details Here
The public issue is a completely fresh issue of up to Rs 290 crore, with no offer-for-sale component, as per the Red Herring Prospectus (RHP) filed on December 27
Quadrant Future Tek Ltd. announced on Friday that it has set the price band for its upcoming initial public offering (IPO) at Rs 275 to Rs 290 per equity share. The company is looking to raise Rs 290 crore through the IPO, which is scheduled to open for public subscription on January 7.
Quadrant Future Tek's IPO will close on January 9, with the bidding for anchor investors scheduled to take place on January 6 for one day, the company announced in a statement.
Investors can place bids for a minimum of 50 equity shares, with subsequent bids required in multiples of 50 shares, the company stated.
The public issue is a completely fresh issue of up to Rs 290 crore, with no offer-for-sale component, as per the Red Herring Prospectus (RHP) filed on December 27.
Of the total net proceeds from the fresh issuance, Rs 149.72 crore will be allocated to meet the long-term working capital requirements of the company’s Specialty Cable Division.
Additionally, Rs 24.37 crore of the IPO proceeds will be directed towards capital expenditures for the development of the electronic interlocking system, while Rs 23.62 crore will be used to repay existing debt. The remaining funds will be utilized for general corporate purposes.
Quadrant is a research-driven company focused on developing next-generation train control and signalling systems as part of the Indian Railways' KAVACH project. These systems are designed to provide the highest levels of safety and reliability for rail passengers.
Quadrant also operates a specialised cable manufacturing facility that includes an electron beam irradiation centre. The cables produced by this Mohali-based company are extensively used in the railway rolling stock and defence (Naval) industries. As of September 30, 2024, the company’s speciality cable division had an installed capacity of 1,887.60 metric tonnes.
Sundae Capital Advisors is acting as the sole book-running lead manager for the IPO, while Link Intime India serves as the registrar for the issue. Once the IPO is completed, the company’s shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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