New Delhi, Jan 7 (PTI) The initial public offer of Quadrant Future Tek Ltd got fully subscribed within minutes of opening for share sale on Tuesday.

The initial share sale received bids for 1,93,57,350 shares against 57,99,999 shares on offer, reflecting 3.34 times subscription, as per NSE data till 10:57 hours.

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The portion for Retail Individual Investors (RIIs) fetched 13.79 times subscription while the quota for non-institutional investors received 3.03 times subscription.

Quadrant Future Tek on Monday said it has raised over Rs 130 crore from anchor investors.

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The public issue, with a price band of Rs 275-290 per share for its initial share sale, will conclude on Thursday.

The Rs 290-crore initial public offering (IPO) is entirely a fresh issue of up to Rs 290 crore with no offer of sale component.

The net proceeds from its fresh issuance will be used to fund the long-term working capital requirements.

IPO proceeds will also be used towards capital expenditures on the development of the electronic interlocking system, debt repayment and the balance for general corporate purposes.

Quadrant is a research-oriented company, engaged in developing new-generation train control and signalling systems under the KAVACH project of the Indian Railways that offers the highest level of safety and reliability to rail passengers.

It also possesses a speciality cable manufacturing facility with an electron beam irradiation centre. The cables manufactured by the Mohali-based firm are used in railways rolling stock and Naval (defence) industry.

For the speciality cable division, the company had an installed capacity of 1,887.60 metric tonnes as of September 30, 2024.

Sundae Capital Advisors is the sole book running lead manager for the issue.

The shares of the company will be listed on the BSE and the National Stock Exchange (NSE).

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