Jupiter Wagons Raises Rs 800 Cr in QIP, Attracts Marquee Investors Interest
The funds raised through the QIP will be predominantly allocated towards establishing a forged rail wheel and axle manufacturing plant
Jupiter Wagons informed the successful completion of its Qualified Institutional Placement (QIP), raising Rs 800 crore. The QIP received an overwhelming response, with total demand reaching approximately Rs 2,800 crore with 3.5 times subscription.
The QIP Issuance witnessed participation from a diverse range of investors, including ASK, BOI, HSBC Halbis and SBI General Insurance, among others.
The funds raised through the QIP will support the company's growth plans. The capital raised will be predominantly allocated towards establishing a forged rail wheel and axle manufacturing plant.
This strategic move is designed to enhance the company’s backward integration and support its long-term growth objectives. Moreover, this initiative will create opportunities to expand into the export market, further strengthening the company's growth and market presence.
Commenting on the achievement, Vivek Lohia, Managing Director of Jupiter Wagons, said, "The capital raised will be majorly allocated towards establishing a forged rail wheel and axle manufacturing plant, a strategic move designed to enhance our backward integration and support our long-term growth objectives. Moreover, this initiative will create opportunities to expand into the export market, further strengthening our growth and market presence."
He further added, "The QIP attracted participation from a diverse range of investors, including ASK, BOI, HSBC Halbis, and SBI General, showcasing strong market confidence in Jupiter Wagons. The issuance of convertible warrants to Tatravagonka A.S. further strengthens our strategic relationship and validates their confidence in the opportunity.”
Systematix Corporate Services and Nuvama Wealth Management (formerly known as Edelweiss Securities) were the Book Running Lead Managers (BRLM) to the QIP.
