186x subscription in 3 days! Quadrant Future Tek’s Rs 290-crore IPO closes, NII portion booked 254x

Quadrant Future Tek IPO

The Rs 290-crore Quadrant Future Tek IPO saw a massive 185.81 times subscription by the end of Day 3 (January 9). The IPO received bids for around 107.78 crore equity shares, as against the offer size of 58 lakh shares, the consolidated subscription data on NSE showed.

Non-institutional investors (NIIs) comprised the lion's share in the subscription race on Day 3. NIIs booked the portion reserved for them 254.16 times. This is a sharp rise from Day 2, by the end of which NIIs had booked their reserved portion by 87.18 times.

Retail investors followed, with the portion reserved for them being subscribed 243.09 times. QIBs, who earlier made a muted response to the IPO, also made a strong comeback and subscribed their reserved portion by 132.54 times.

Quadrant Future Tek set a price band of Rs 275-290 per share for the IPO, which entirely comprised a fresh issue of 1 crore equity shares with no offer-for-sale (OFS) component. Retail investors could bid for a minimum of 50 shares, requiring an investment of Rs 14,500, and in multiples thereafter. The IPO was open for bids from January 7 to January 9. The allotments are set to be announced on January 10. The shares of the company are expected to be listed on BSE and NSE on January 14.

Ahead of the listing, Quadrant Future Tek’s unlisted shares were trading with a grey market premium (GMP) of around 72.41% at Rs 500 per share, as per data on Investorgain on January 9.

Prior to the IPO, Quadrant Future Tek raised Rs 130.5 crore from 15 institutional investors via anchor book on January 6. Bengal Finance and Investment, and Shine Star Build Cap were the largest institutional investors in the anchor book.

Quadrant Future Tek builds new generation train control and signaling systems under KAVACH project of the Indian Railways. The company was founded 2015 and is headquartered in Mohali, Punjab.