New Delhi, Jan 14 (PTI) Shares of Quadrant Future Tek Ltd on Tuesday listed with a premium of 29 per cent against the issue price of Rs 290.

The stock made its debut with a surge of 28.96 per cent at Rs 374 on the BSE. It further zoomed 54.74 per cent to Rs 448.75.

Also Read | Makar Sankranti Names in Different Indian States: Shishur Saenkraat in Kashmir, Makaravilakku in Kerala, Uttarayan in Gujarat, Here’s How India Celebrates the Harvest Festival.

At the NSE, it climbed 27.58 per cent to Rs 370 in opening trade.

The company's market valuation stood at Rs 1,795 crore.

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for January 14, 2025 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

The initial public offer of Quadrant Future Tek Ltd received 185.82 times subscription on the final day of share sale on Thursday, mirroring strong investors participation.

The initial share sale had a price band of Rs 275-290 per share.

The IPO had 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.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)