Jyoti CNC Automation Debuts on Bourses with 12% Premium Over IPO Price

16 Jan 2024 , 10:00 AM

Jyoti CNC Automation, a global leader in CNC machine manufacturing, made its stock market debut with a premium of 11.78% on NSE and 12.39% on BSE. The listing price stood at Rs 370 on NSE and Rs 371 on BSE, reflecting strong investor interest.

The IPO, which opened for public bids on January 9, aimed to raise Rs 1,000 crores through a fresh issuance of equity. In the anchor round on January 8, the issue raised Rs 447.75 crores. The retail investor segment witnessed a subscription of 27.5 times, leading to an overall subscription rate of 40.49 times.

The IPO comprised fresh issuance of Rs 1,000 crores, offering 3,02,11,480 equity shares in the price band of Rs 315 to Rs 331. Equirus Capital, ICICI Securities, and SBI Capital served as the book running lead managers, with Link Intime India acting as the registrar to the issue.

As of now, the promoters, including Parakramsinh Ghanshyamsin Jadeja, Sahdevsinh Jadeja, Vikramsinh Jadeja, and Jyoti international LLP, collectively own a 72.66% stake in the company.

In FY23, the firm reported revenue of Rs 952.60 crores, compared to Rs 750.06 crores in FY22. The first quarter of FY24 saw the company achieve revenue of Rs 510 crores. The profit after tax (PAT) increased to Rs 15.06 crores in FY23, compared to a loss of Rs 48.30 crores in FY22, indicating a significant growth of 27% in revenue and 131.18% in PAT. Jyoti CNC Automation specializes in manufacturing and supplying metal-cutting computer numerical control (CNC) machines, with a notable clientele including ISRO, BrahMos Aerospace, Turkish Aerospace, Tata Advances System, Bharat Forge, Shakti Pumps, Harsha Engineers, Bosch Limited, Festo India, Elgi Rubber, and National Fittings. The company operates three manufacturing facilities, two in Gujarat’s Rajkot and one in Strasbourg, France.