Quadrant Future Tech shares listed at ₹374, up 29%: Issue price was ₹290, company develops train control and signaling systems

The listing ceremony of Quadrant Future Tech Limited took place on the National Stock Exchange.

Shares of Quadrant Future Tech Ltd listed today at ₹374 on the Bombay Stock Exchange (BSE), up 29% from the issue price. The shares listed at ₹370 on the National Stock Exchange (NSE), 27.5% above the issue price. The issue price of Quadrant Future Tech’s IPO was ₹290.

This IPO was open for bidding from January 7 to January 9, which was subscribed a total of 195.96 times. The IPO was subscribed 256.46 times in the retail category, 139.77 times in the qualified institutional buyers (QIB) category and 268.03 times in the non-institutional investors (NII) category.

Quadrant Future Tech’s IPO was worth ₹290 crore.

This issue total of Quadrant Future Tech was ₹290 crore. For this, the company issued 1,00,00,000 fresh shares worth ₹ 290 crore. The existing investors or promoters of the company did not sell even a single share.

Retail investors could bid for maximum 650 shares.

Quadrant Future Tech Limited had fixed the IPO price band at ₹275-₹290. Retail investors could bid for a minimum of one lot i.e. 50 shares. If you had applied for 1 lot at the upper price band of IPO at ₹ 290, you would have had to invest ₹ 14,500.

At the same time, retail investors could apply for a maximum of 13 lots i.e. 650 shares. For this, investors would have to invest ₹ 1,88,500 as per the upper price band.

Company develops train control and signaling systems

Quadrant is a research based company, which develops next generation train control and signaling systems for Indian Railways under the Kavach project. This increases the safety and reliability of railway passengers. The company also has a special cable manufacturing facility along with an electron beam irradiation centre.

What is IPO?

When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.