Jyoti CNC Automation lists at 12% premium on the bourses

Jyoti CNC Automation IPO: Jyoti CNC Automation, a leading manufacturer and supplier of CNC machines, made an impressive debut on the stock exchanges today. The company was listed on the NSE at Rs 370, a premium of 11.78 per cent, and on the BSE at Rs 372, a premium of 12.38 per cent.

Jyoti CNC Automation IPO

The IPO, a book-built issue of Rs 1,000 crore, consisted entirely of a fresh issue of 3.02 crore shares. The bidding window for Jyoti CNC Automation IPO opened on January 9, 2024, and closed on January 11, 2024. The allotment process concluded on Friday, January 12, 2024, paving the way for the stock's listing on both the Bombay Stock Exchange (BSE) and NSE on January 16, 2024.

The price band of the IPO was set at Rs 315 to Rs 331 per share. The minimum lot size for an application was 45 shares, requiring a retail investment of Rs 14,895. Qualified institutional investors (QIBs), non-institutional investors (NIIs), and retail individual investors (RIIs) were allocated specific portions of the offering. Additionally, a reservation of up to 158,227 shares was made for employees at a discounted rate of Rs 15 to the issue price.

Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited served as the book running lead managers for the IPO, while Link Intime India Private Ltd acted as the registrar for the issue.

The IPO saw a robust distribution of shares, with 29.84 per cent allocated to QIBs, 14.92 per cent to NIIs, 9.95 per cent to RIIs, 0.52 per cent to employees, and 44.76 per cent to anchor investors. The minimum lot size investment for non-institutional individual investors (sNII) and business non-individual investors (bNII) was specified at 630 shares, amounting to Rs 208,530 and Rs 1,012,860, respectively.

About Jyoti CNC Automation

Jyoti CNC Automation Limited, established in January 1991, specialises in the manufacturing and supply of CNC machines. The company's diverse product range includes CNC turning centres, CNC vertical and horizontal machining centres, simultaneous 3-axis and 5-axis CNC machining centres, and multi-tasking machines.

With a global customer base, the company has supplied over 7,200 machines to more than 3,000 customers worldwide, including prestigious names such as ISRO, BrahMos Aerospace, and Tata Advances System. The company's extensive network comprises 29 sales and service centers in Europe and the UK.

As of June 30, 2023, Jyoti CNC Automation Limited reported a production capacity of 4,400 machines per year in India and 121 machines per year in France. The company, boasting a substantial order backlog of Rs 31,430.56 million, aims to utilise the IPO's net proceeds for purposes such as repaying or pre-paying certain borrowings, funding long-term working capital requirements, and general corporate objectives.