By Jyoti CNC Automation, based in Gujarat, has disclosed a price band of ₹315-331 per share for its upcoming initial public offering (IPO). This IPO marks the first public issue of 2024 on the main board of both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
IPO Details
The IPO of Jyoti CNC is scheduled to open for public subscription on January 9 and will conclude on January 11. Prior to this, the anchor book of the offer will be available for one day on January 8, as announced by the company. Investors have the option to bid for a minimum of 45 equity shares and in multiples thereof.
Fresh Issue and Allocation
This IPO represents an entirely fresh issue of equity shares, with a total value of up to ₹1,000 crore. The company has allocated 75% of the issue size for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail individual investors.
Utilization of Proceeds
The proceeds from the IPO will primarily be utilized for debt repayment, funding the company’s long-term working capital requirements, and general corporate purposes.
Company Profile
Jyoti CNC Automation is a prominent manufacturer of Computer Numerical Control (CNC) machines. Its esteemed clientele includes organizations such as ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System, Tata Sikorsky Aerospace, Bharat Forge, Kalyani Technoforge, and Bosch Ltd.
As of September 2023, the company boasted an order book amounting to ₹3,315.33 crore.
Book Running Lead Managers
Equirus Capital, ICICI Securities, and SBI Capital Markets have been appointed as the book running lead managers to oversee the IPO process.
Listing Details
The equity shares of Jyoti CNC Automation will be listed on both the BSE and the NSE.
Previous IPO Attempt
In 2013, Jyoti CNC had filed draft papers with the Securities and Exchange Board of India (Sebi) to raise funds through an IPO. However, the company later decided to shelve its IPO plan.
