Quadrant Future Tek shares recorded double-digit return and locked in upper circuit due to healthy demand from investors on January 14, despite subdued equity market conditions.
The stock opened at Rs 370 on the National Stock Exchange, up 27.6 percent over the issue price of Rs 290. It extended gains and froze at Rs 444 (an intraday high) since late morning deals till closing, rising 53.10 percent with volume of 1.46 crore shares.
On the BSE, the stock finished at Rs 448.75, up 54.74 percent with volume of 15.38 lakh shares and gaining 20 percent from the opening price of Rs 374.
The exchanges fix the 20 percent upper and lower circuit limit for the stock as the issue was worth more than Rs 250 crore.
Quadrant Future Tek is valued at Rs 1,795 crore on the closing price.
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The company, which develops next generation train control and signaling systems under KAVACH project of the Indian Railways, raised Rs 290 crore via initial public offering which was comprised of entirely fresh issue. The price band for the offer was Rs 275-290 per share.
The issue opened for subscription during January 7-9, 2025, and got subscribed 186.66 times.
The company, which also has a speciality cable manufacturing facility with Electron Beam Irradiation Centre, intends to utilise IPO proceeds for its long-term working capital requirements, development of electronic interlocking system, repaying debt, and general corporate purposes.
Sundae Capital Advisors acted as the book running lead manager for the issue.
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