Indian mobility solutions provider Jupiter Wagons secures Rs 125cr via QIP
Jupiter Wagons Limited (JWL), an Indian mobility solutions provider, said that it has raised INR 125 crores through qualified institutional placement (QIP).
The flagship company of the Jupiter Wagons Group revealed that the qualified institutional placement had participation from Tata Mutual Fund, ITI Mutual Fund, Ananta Capital, and other investors.
The money raised through qualified institutional placement will be used to boost Jupiter Wagons’ growth and keep it on its path as one of the fastest growing companies in the space of mobility solutions with increased capabilities in manufacturing.
Jupiter Wagons aims to utilize the funds for the purchase of Stone India, working capital optimization, and other corporate objectives.
The completion of the qualified institutional placement is said to be an important step for Jupiter Wagons affirming its status as a leading supplier of solutions for mobility that are complete and demonstrating its dedication to the infrastructure sector.
Systematix Corporate Services Limited served as the exclusive book running lead manager (BRLM) to the qualified institutional placement.
Vivek Lohia — Jupiter Wagons Managing Director said: “We are ecstatic about the positive response we got in our QIP, which indicates the trust of institutional investors in JWL and its vision. Through this, we intend to improve the efficiency of our working capital, accelerate our growth trajectory through the planned acquisition and pursue other business objectives.
“The company has made its mark in railways through its diverse product portfolio and our entry into the commercial electric vehicle (CEV) business has further strengthened our position as an emerging leader in mobility solutions.
“We see huge potential in this segment and are hopeful that this will contribute significantly to the overall growth of the group.”