Gujarat-based Jyoti CNC Automation IPO opens on this date. Check GMP, price band

Jyoti CNC Automation's customers include giants like ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA etc.

Published on: Jan 6, 2024, 22:12:46 IST

By HT News Desk

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Gujarat-based computer numerical control machines manufacturer Jyoti CNC Automation will open its initial public offering (IPO) on January 9 for subscriptions.

It will be the first IPO of this new year on the main board of Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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Jyoti CNC Automation's IPO is a fresh issue of equity shares worth up to ₹1,000 crore.

Jyoti CNC Automation IPO price band

The issue has a fixed price of ₹315-331 per share. The subscription will begin on January 9 and end on January 11. The anchor book will open for a day on January 8.

Anchor investors are qualified institutional buyers (QIB) who are offered shares just before the issue opens to the public for subscription. The investors can bid for a minimum of 45 equity shares and in multiples. Jyoti CNC Automation is planning to list its shares for the second time in nearly a decade. It had filed draft papers with Securities Exchange Board of India (SEBI) for the issue but later shelved the plan.

The IPO is a fresh issue of equity shares worth up to ₹1,000 crore. The CNC manufacturer has reserved 75 per cent of the IPO size for QIBs, 15 per cent for non-institutional investors and the remaining 10 per cent for retail individual investors.

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How will Jyoti CNC Automation utilise funds raised from IPO?

The company is planning to use the proceeds from the issue for funding, debt payment and long term working capital requirements of the company besides the general corporate purposes.

The company's customers include giants like ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA etc. As of September last year, the company had an order book of ₹3,315.33 crore. Equirus Capital, ICICI Securities, and SBI Capital Markets are the book running lead managers to the issue.

Jyoti CNC Automation IPO GMP

The shares of Jyoti CNC Automation are trading at a premium of ₹76 in the grey market. They are expected to be listed at a premium of 22 per cent above the issue price.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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