Jyoti CNC Automation IPO Day 3: Check Live Subscription Status Here

11 Jan 2024 , 11:47 AM

The initial public offering (IPO) of Jyoti CNC Automation Limited, which commenced public subscription on Tuesday, has garnered a favorable response, particularly from retail investors.

As of the morning of January 11, the final day of bidding, the Jyoti CNC IPO recorded a subscription of 7.87 times, with bids received for 13,79,89,890 shares against the total issue size of 1.75 crore shares. Notably, retail investors took a lead, oversubscribing their allotted quota by 19.24 times, while high net-worth individuals (HNI) subscribed 14.62 times, and qualified institutional buyers showed interest at 0.72 times the allocated portion.

Jyoti CNC’s Rs 1000-crore public offering comprises an entirely fresh issue of 3.02 crore shares, with a price band set at Rs 315-331 per share. The IPO opened on January 9, and the stock is slated to be listed on the NSE and BSE on January 16.

The company plans to utilize the net proceeds for meeting long-term working capital requirements, repaying some loans, and allocating the remaining funds for general corporate purposes.

Equirus Capital, ICICI Securities, and SBI Capital Markets serve as the book-running lead managers for the IPO, with Link Intime India acting as the registrar.