Jyoti CNC Automation Secures Rs 448 Crore from Anchor Investors Ahead IPO

9 Jan 2024 , 08:51 AM

Jyoti CNC Automation successfully raised Rs 448 crore from anchor investors a day before its forthcoming initial public offering (IPO), marking the first public issue of 2024 on the main boards of BSE and NSE.

The company allocated 1.35 crore equity shares at Rs 331 each, the upper end of the price band, to 37 funds, as detailed in a circular on BSE’s website. 

The anchor bidding witnessed the participation of esteemed entities such as Goldman Sachs, Nomura, Neuberger Berman Emerging Markets Equity Fund, The Master Trust Bank of Japan, Eastspring Investments India Fund, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, ICICI Prudential Mutual Fund (MF), Axis MF, Nippon India MF, and Edelweiss MF.

The IPO, exclusively offering fresh equity shares totaling up to Rs 1,000 crore, is scheduled to open for public subscription on January 9, concluding on January 11. 

The proceeds will be directed towards debt payment, funding the company’s long-term working capital requirements, and general corporate purposes. 

Jyoti CNC Automation, a leading manufacturer of Computer Numerical Control (CNC) machines, boasts a diverse clientele, including prominent names like ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System, Tata Sikorsky Aerospace, Bharat Forge, Kalyani Technoforge, and Bosch Ltd. As of September 2023, the company’s order book stood at Rs 3,315.33 crore.

Equirus Capital, ICICI Securities, and SBI Capital Markets are serving as the book-running lead managers for the issue, and the equity shares will be listed on both BSE and NSE.