Quadrant Future Tek IPO Surges with Record Subscription

The IPO of Quadrant Future Tek Ltd saw a subscription rate of 48.95 times on its second day, attracting extensive interest from investors. The public issue, priced at Rs 275-290 per share, will fund working capital and capital expenditures. The firm specializes in railway control systems and speciality cables.

Quadrant Future Tek Ltd's Initial Public Offering (IPO) has made headlines, with a remarkable subscription rate of 48.95 times on the second day of its public offering.

The IPO attracted bids for 28,38,99,400 shares compared to the 57,99,999 shares available, according to the latest data from the National Stock Exchange (NSE). Retail Individual Investors (RIIs) achieved 137.07 times subscription, while non-institutional investors recorded 87.18 times. Meanwhile, Qualified Institutional Buyers (QIBs) secured a 46 percent subscription.

Having opened on Tuesday, the IPO was fully subscribed within minutes, culminating in a 15.84 times subscription at the end of the day. The company had earlier raised over Rs 130 crore from anchor investors, with the IPO set at a price band of Rs 275-290 per share. Sundae Capital Advisors is managing the issue, which will see its shares traded on both the BSE and NSE.

(With inputs from agencies.)