Jupiter Wagons, a provider of mobility solutions for rail, road, and marine transportation, announced it had raised ₹800 crore through a qualified institutional placement (QIP).

Shares of Jupiter Wagons rose over 5 percent following the announcement of raising ₹800 crore via QIP. The floor price for the QIP was set at ₹689.47 per share, and the company issued and allotted 12.2 million equity shares at ₹655.5 per share.

Morgan Stanley Asia (Singapore) PTE, Bank of India – Mutual Fund, and Edelweiss – Mutual Fund are among the entities that received more than 5 percent of the equity shares offered in the issue.

“The capital raised will primarily be used to establish a forged rail wheel and axle manufacturing plant, a strategic move designed to enhance our backward integration and support our long-term growth objectives,” said Vivek Lohia, managing director of Jupiter Wagons.

At 1:03 pm, Jupiter Wagons shares were trading over 1 percent higher at ₹705.15 on the National Stock Exchange (NSE). So far in the day, a total of 1.8 million shares of the company changed hands on the BSE and NSE combined.

The stock has surged around 120 percent this year, more than doubling investors’ money. Over the past year, the stock has risen over 289 percent, while the benchmark Nifty increased by around 27 percent during the same period.

In the March quarter, Jupiter Wagons recorded a 156 percent rise in standalone net profit, reaching ₹104.22 crore, driven by higher income. Total income for the quarter increased to ₹1,121.34 crore from ₹712.71 crore in the same period last year.

EBITDA for the quarter rose 59 percent year-on-year to ₹147.72 crore. As of March 31, 2024, the company’s order book stood at ₹7,101.66 crore. During the March quarter, Jupiter Wagons secured three major orders: ₹957 crore from the Ministry of Railways, ₹473 crore from the Ministry of Defence, and ₹100 crore for Double Decker Automobile Carrier Wagons.

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