Jupiter Wagons Ltd., a provider of mobility solutions encompassing rail, road, and marine transportation, said it had raised ₹800 crore through a Qualified Institutional Placement (QIP).

“The QIP received an overwhelming response, with total demand reaching approximately ₹2,800 crore. This demand, which was 3.5 times the size of the QIP, underscores the robust interest and trust in the company’s future prospects,” the company said in a statement.

The QIP issuance witnessed participation from a diverse range of investors, including ASK, BOI, HSBC Halbis and SBI General Insurance, among others, it added.

Vivek Lohia, Managing Director, Jupiter Wagons Ltd. 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 added.