Jupiter Wagons raises Rs. 403 cr through Qualified Institutional Placement

Jupiter Wagons, a provider of comprehensive mobility solutions encompassing rail, road and marine transportation has announced completion of its fundraising exercise through Qualified Institutional Placement (QIP) for an amount of Rs. 403 Crore. The QIP has received an overwhelming response from investors such as Tata Mutual Fund, Societe General, Bandhan Mutual Fund, HSBC Mutual Fund, Morgan Stanley, ITI Mutual Fund etc. The Funds raised through QIP will be utilized towards the Company’s growth plans. This includes establishing a new foundry at Jabalpur. In addition to an increase in backend capacity which will aid production enhancement across multiple business verticals this will also lead to savings on transportation of products from Kolkata foundry to Jabalpur Unit. Further, the Company will use the funds towards backward integration by way of inorganic growth, working capital optimization and for other corporate purposes.
Commenting on the successful fund raise, Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited said, “We are pleased with the confidence demonstrated by high quality investors in Jupiter Wagons Limited. This speaks volumes about the progress we have made in elevating our track record, scaling our operations, nurturing robust partnerships and introducing innovative technologies across our diverse product portfolio.
The funds raised will be deployed towards expanding capacity, tactfully pursuing backward integration including through inorganic initiatives and for scaling up emerging business verticals. This infusion will serve as a growth catalyst by strengthening our core competencies and positioning us favorably amidst tailwinds in the mobility industry.”