The initial public offering (IPO) of Jyoti CNC Automation will open for subscription on January 9 and close on January 11, to raise ₹1,000 crore. The public offer consists of a fresh issue by the company, devoid of any offer-for-sale component.
The anchor book of the issue will be launched a day before i.e. January 8. The price bands are yet to be announced.
Also read: Jyoti CNC Automation gets SEBI nod to raise ₹1,000 crore via IPO
The allotment for the Jyoti CNC Automation IPO is expected to be finalized on Friday, January 12, 2024. The shares will list on BSE, NSE with tentative listing date fixed as Tuesday, January 16, 2024.
Equirus Capital Private Limited, ICICI Securities Limited and SBI Capital Markets Limited are the book running lead managers of the Jyoti CNC Automation IPO, while Link Intime India Private Ltd is the registrar for the issue.
Also read: Gretex Share Broking files DRHP with SEBI for IPO
The Gujarat-based company has reserved 75% of the net issue for qualified institutional buyers (QIB), 15 percent for high net-worth individuals (non-institutional investors) and the remaining 10 percent for retail investors.
The manufacturer of computer numerical control (CNC) machines for metal cutting purposes plans to allocate ₹475 crore from the net proceeds of the fresh issue to debt repayment and an additional ₹360 crore for long-term working capital needs. The remaining funds from the net fresh issue will be earmarked for general corporate purposes.
Jyoti CNC Automation claims to be the second-largest CNC machine manufacturer in India and accounted for approximately 8% of the market share in fiscal 2022.
Also read: HRH Next Services share price lists at ₹41 apiece on NSE SME, premium of 14% to IPO price
It is a prominent manufacturer of simultaneous 5-Axis CNC machines in India and are a supplier of one of the most diverse portfolios of CNC machines in India (Source: F&S Report) including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs), CNC Horizontal Machining Centers (HMCs), simultaneous 3-Axis CNC machining Centers, simultaneous 5-Axis CNC machining Centers and multi-tasking machines.
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Published: 03 Jan 2024, 06:09 PM IST