Quadrant future IPO to open on Jan 7 with price band of Rs 275-290/share

Quadrant Future Tek Ltd on Friday said it has fixed the price band at Rs 275-290 per equity share for its Rs 290-crore initial public offering (IPO) that will open for public subscription on January 7.

The IPO of Quadrant Futures Tek will conclude on January 9, while the bidding for anchor investors is to open for a day on January 6, the company said in a statement.

Investors can bid for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter, it added.

The public issue is entirely a fresh issue of up to Rs 290 crore with no offer of sale component, according to the Red Herring Prospectus (RHP) filed on December 27.

 

The net proceeds from its fresh issuance, amounting to Rs 149.72 crore, will be utilised by the company to fund the long-term working capital requirements (Specialty Cable Division).

The IPO proceeds worth Rs 24.37 crore will be used for capital expenditures on the development of the electronic interlocking system, Rs 23.62 crore for repayment of debt and the balance for general corporate purposes.

Quadrant is a research oriented company, engaged in developing new generation train control and signalling systems under KAVACH project of the Indian Railways that offers the highest level of safety and reliability to rail passengers.

It also possess a speciality cable manufacturing facility with electron beam irradiation centre. The cables manufactured by the Mohali-based firm is 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 on September 30, 2024.

Sundae Capital Advisors is the sole book-running lead manager, and Link Intime India is the registrar of the issue.

The shares of the company will be listed on the BSE and the National Stock Exchange (NSE).