Punjab-based Quadrant Future Tek has raised Rs 130.5 crore from 15 institutional investors via anchor book on January 6, a day before the IPO opening.
The company will open its issue for public subscription on January 7 and close on January 9. The price band for the offer has been fixed at Rs 275-290 per share.
It intends to raise Rs 290 crore through maiden public issue which comprises of solely fresh issue of 1 crore equity shares.
Quadrant Future Tek in its filing to exchanges said it has finalised allocation of 45 lakh equity shares to anchor investors at a price of Rs 290 per equity share.
Bengal Finance and Investment and Shine Star Build Cap are the largest institutional investors in the anchor book, buying 6.2 lakh equity shares for Rs 17.98 crore, and 6.08 lakh shares for Rs 17.63 crore, respectively.
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Whiteoak Capital picked up 5.25 lakh shares through its four schemes for Rs 15.2 crore, while Kotak Manufacture in India Fund purchased 4.75 lakh shares for Rs 13.77 crore.
Apart from these investors, LIC Mutual Fund, Bank of India Mutual Fund, Citigroup, Ashoka Whiteoak ICAV, Shubhkam Ventures, Capri Global Capital, PGIM India, Sundaram Alternative Opportunities Fund, The Argan Fund, Niveshaay Hedgehogs Fund, and Vijit Growth Fund also made investment in Quadrant Future Tek IPO via anchor book.
"Out of the allocation of 45 lakh shares to anchor investors, 15 lakh shares were allocated to four domestic mutual fund which applied through a total of 11 schemes," the company said.
Quadrant, a research oriented company that develops new generation train control and signalling systems under KAVACH project of the Indian Railways, will utilise fresh issue proceeds for its long-term working capital requirements, the development of electronic interlocking system, and repaying debt.
The company also possess a speciality cable manufacturing facility with Electron Beam Irradiation Centre. These speciality cables are used in railways rolling stock and Naval (Defence) industry.
Sundae Capital Advisors is acting as the book running lead manager to the issue.
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