Quadrant Future Tek IPO sees 3.3x subscription within an hour on Day 1

The much-anticipated Rs 290-crore IPO from Quadrant Future Tek IPO exploded out of the gates on its opening day, January 7, seeing a remarkable 3.3x subscription within just the first hour. In a stunning show of demand, nearly 1.45 crore shares were bid for, far exceeding the offer of 58 lakh shares, according to the data released by NSE.

Retail investors led the charge, with their reserved portion flying off the shelves at an astonishing 13.79 times over-subscription. Meanwhile, the non-institutional investor segment didn’t lag far behind, drawing in 3.03 times the demand. As for the Qualified Institutional Buyers (QIBs), their portion has yet to hit full subscription levels—an intriguing development as the IPO continues to unfold.

The company has set a price band ranging from Rs 275 to Rs 290 per share for this entirely fresh issue of 1 crore equity shares. Interested investors can place flings for a minimum of 50 shares, rephrasing to an original investment of Rs 14,500, with the occasion to apply for further in multiples later. The subscription window is open until January 9, and investors are eagerly anticipating the shares to start trading on stock exchanges by January 14.

In the grey market, the unlisted shares of Quadrant Future Tek were already making waves, commanding a hefty premium of around 69% at Rs 490 per share on January 7, as per data from Investorgain.

Before launching the public offer, the company successfully raised a significant Rs 130.5 crore through its anchor book, securing support from 15 institutional investors. Notably, Bengal Finance and Investment, along with Shine Star Build Cap, emerged as the largest institutional backers, further signaling strong confidence in the company’s prospects.

There’s the offer-for-sale (OFS) segment, which includes 0.35 crore shares, priced at Rs 75.25 crore. With this intricate blend of new issuance and a secondary sale, the offer presents a unique investment opportunity, adding layers of complexity and potential value.