Quadrant Future Tek Ltd Achieves Remarkable IPO Success

Quadrant Future Tek Ltd's shares ended with a 55% premium over the IPO price of Rs 290, reaching Rs 448.75 on BSE. The IPO saw 185.82 times subscription. Proceeds will fund working capital, capital expenditures for railway systems, and debt repayment. The company also manufactures specialty cables.

Quadrant Future Tek Ltd experienced a significant boost in its share value, ending Tuesday with a substantial 55% premium over its issue price of Rs 290.

On BSE, the stock debuted at Rs 374, up by 28.96%, closing at Rs 448.75. This marks its upper circuit limit, while on NSE, it began at Rs 370, ending at Rs 444. This surge is attributed to a successful IPO that saw a subscription rate of 185.82 times.

The proceeds will be used to enhance working capital, fund capital expenditures for the electronic interlocking system development, and repay debts. Known for its innovative contributions to railway control systems and cable manufacturing, Quadrant Future Tek is part of the Indian Railways' KAVACH project.

(With inputs from agencies.)