Quadrant Future Tek IPO: Punjab-based firm raises ₹130.5 crore from anchor investors ahead of public issue

Quadrant Future Tek Limited raised ₹130.5 crore from anchor investors ahead of its public issue, according to an exchange filing by the company on Monday, January 6.

The speciality cable manufacturer and train systems developer allocated 45,00,000 or 45 lakh equity shares to the anchor investors at an allocation price of ₹290 per share, with a face value of ₹10 apiece. 

The anchor investor pool for the Quadrant Future Tek IPO comprises Whiteoak Capital, Kotak Mutual Fund, LIC Mutual Fund, Bank of India Mutual Fund, Citigroup Global Markets Mauritius Pvt. Ltd., PMIM India, and Sundaram Mutual Fund, among other top investors.

According to the exchange filing by the company on Monday, Kotak Manufacture in India Fund at 10.56 per cent, Whiteoak Capital Flexicap Fund at 6.45 per cent, Bank of India Manufacturing and Infrastructure Fund at 5.26 per cent, LIC MF Focused Fund at 3.14 per cent, CitiGroup Global Markets Mauritius Pvt. Ltd. at 3.83 per cent, and Bengal Finance and Investment Pvt. Ltd. at 13.78 per cent were among the top allocations for the public issue.

Quadrant Future Tek also said that it has allocated one-third or 15,00,000 (15 lakh) equity shares to four domestic mutual funds through a total of 11 schemes. 

Quadrant Future Tek IPO GMP

As of January 6, the grey market premium (GMP) for Quadrant Future Tek IPO stands at ₹170 per share. With the upper price band of the issue at ₹290, the shares are expected to be listed at ₹460, a premium of 58.62 per cent, according to data collected from Investorgain.com.

Grey market premium (GMP) is an indicator of the investors' willingness to pay more for a public issue. The GMP dropped ₹10 to its current level of ₹170 on Monday, compared to its ₹180 level on January 5. 

Quadrant Future Tek IPO Details 

Quadrant Future Tek Limited provides speciality cables to the navy (defence) sector and railroad rolling equipment. Additionally, it has an end-to-end infrastructure capable of creating solar and electric vehicle cables at its production plant. 

Bengaluru, Karnataka, Hyderabad, and Telangana are home to the Railway Signalling and Embedded System Design Centre, while the company's production activities are headquartered in Basma, Mohali. 

The issue will open on Tuesday, January 7, and close on, Thursday, January 9. The company has has fixed price band of the public issue at ₹275 to ₹290 per equity share, with a lot size of 50 shares per lot. 

Sundae Capital Advisors is the book-running lead manager to the public issue, while Link Intime India Pvt Ltd. is the registrar to the offer. 

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