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Updated January 9th, 2024 at 10:36 IST

Jyoti CNC Automation IPO opens today, seeks to raise Rs 1,000 crores with pioneering CNC Technology

The Jyoti CNC Automation IPO, with a price band of Rs 315 to Rs 331 per share, allows investors to bid for a minimum of 45 shares.

Business Desk
Jyoti CNC Automation IPO
Jyoti CNC Automation IPO | Image:Jyoti Automation Limited
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Jyoti CNC Automation IPO: Jyoti CNC Automation Limited, a leading manufacturer and supplier of CNC machines, is set to embark on its Initial Public Offering (IPO) today, aiming to raise Rs 1,000 crore through a book-built issue. The IPO, entirely comprising a fresh issue of 3.02 crore shares, will be open for subscription until January 11, 2024.

IPO details and timeline

The Jyoti CNC Automation IPO, with a price band of Rs 315 to Rs 331 per share, allows investors to bid for a minimum of 45 shares, with the minimum lot size set at Rs 14,895 for retail investors. High Net Worth Individuals (HNI) have the option to invest in a minimum of 14 lots (630 shares), amounting to Rs 208,530, while for bNII, it is 68 lots (3,060 shares), totaling Rs 1,012,860. The subscription period commences today, January 9, 2024, and concludes on January 11, 2024. The IPO is anticipated to list on both BSE and NSE with a tentative listing date fixed for Tuesday, January 16, 2024.

Jyoti CNC Automation

Established in January 1991, Jyoti CNC Automation Limited is a frontrunner in the manufacturing and supply of CNC machines. With a diverse product range including CNC turning centres, milling centres, vertical and horizontal machining centres, and multi-tasking machines, the company caters to a global customer base. Notable clients include ISRO, BrahMos Aerospace, Tata, Bosch, and many others.

In the last three financial years, Jyoti CNC has supplied over 7,200 machines to more than 3,000 customers worldwide, solidifying its presence in India, Europe, North America, and parts of Asia. The company has a significant order backlog of Rs 31,430.56 million as of June 30, 2023, showcasing robust demand for its cutting-edge CNC technology.

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Utilisation of IPO proceeds

The net proceeds from the IPO will be utilised to repay and/or pre-pay certain borrowings, fund long-term working capital requirements, and for general corporate purposes. With three manufacturing facilities, including one in Strasbourg, France, Jyoti CNC can design, develop, and manufacture its entire product line. As of June 30, 2023, the company's production capacity stands at 4,400 machines per year in India and 121 machines per year in France.

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Jyoti CNC IPO GMP

The grey market premium of Jyoti CNC Automation IPO is Rs 100, as of January 9, according to Investor Gain. With a price band of Rs 331, Jyoti CNC Automation IPO's estimated listing price is Rs 431 (cap price + today's GMP). The expected percentage gain per share is 30.21 per cent.

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Published January 9th, 2024 at 10:35 IST

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