Issue was fully subscribed within half an hour of the bid opening
The Initial Public Offering of Quadrant Future Tek Limited was subscribed 15.86 times on the first day of bidding.
The issue received bids of 9,18,47,850 shares against the offered 57,99,999 equity shares, at a price band of ₹275-290, according to the data available on the stock exchanges.
Retail Portion and Non-Institutional Investors Portion were subscribed 54.84 times and 21.51 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 0.05 times. The issue kicked off for subscription on Tuesday, January 7, 2025, and will close on Thursday, January 9, 2025.
A day before the opening of the issue, Quadrant Future Tek Limited raised Rs 130.50 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor included Citigroup Global Markets Mauritius, Capri Global Capital, WhiteOak Mutual Fund, LIC Mutual Fund, Kotak Mutual Fund, Bank of India Mutual Fund, and Sundaram Alternative,
Leading brokerage firms like Arihant Capital, Ajcon Global, Adroit Financial Service, BP Wealth, Canara Bank Securities, Deven Choksey, Eureka Securities, Geojit Securities, GEPL Capital, IndSec, KR Choksey, Marwadi Financial Services, Master Trust Capital, Nirmal Bang, SBI Securities, SMIFS Limited, Ventura Securities have given a Subscribe rating to the issue highlighting to the Quadrant Future Tek Limited (QFTL) IPO, citing its strong financial performance, with revenue and profit after tax CAGRs of 20.6% and 175.2% (FY22-FY24), robust margins, and competitive valuations at a P/E of 59x-79x. QFTL`s leadership in India`s rail modernization through the KAVACH project, strategic partnerships like RailTel and CLW, and backward integration ensure cost efficiency and market strength. Favorable industry tailwinds, including increased government spending on rail infrastructure and the KAVACH expansion, bolster its growth prospects.
Sundae Capital Advisors Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.