Jyoti CNC IPO Day 2: Issue subscribed 2.84 times, retail portion booked 9 times

10 Jan 2024 , 10:34 AM

On the second day of bidding, January 10, the public offering of Jyoti CNC has been oversubscribed 2.84 times, with bids totaling 4,97,41,020 shares against the initial offering of 1,75,39,681 equity shares. Click here to subscribe the IPO.

Retail investors have taken the lead, securing 9.00 times the allotted quota, while high net-worth individuals (HNI) subscribed 4.33 times, and qualified institutional buyers showed marginal interest at 0.02 times their allocated portion.

The company has also reserved a portion for its employees which have been subscribed 4.09 times.

The company aims to raise Rs 1,000 crore through its public debut, offering a fresh issue of 3.02 crore shares at a price band of Rs 315-331 per share. The subscription period concludes on January 11, and the stock is anticipated to be listed on both the NSE and BSE on January 16.

Before the official launch of the issue, Jyoti CNC garnered Rs 447.75 crore from 37 anchor investors.

The net proceeds from the public offering are earmarked for financing long-term working capital requirements and partial repayment of borrowings, with the remainder allocated for general corporate purposes.

Jyoti CNC Automation, a manufacturer and supplier of CNC machines, serves a diverse clientele, including prominent entities such as ISRO, BrahMos Aerospace, Turkish Aerospace, Tata Advances System, Bharat Forge, Shakti Pumps, Rolex Rings, and more. The company operates three manufacturing facilities, with two located in Rajkot, Gujarat, and the third in Strasbourg, France.