Jyoti CNC Automation IPO Fully Subscribed In Under Three Hours
The Rs 1,000-crore IPO that was fully subscribed on demand from retail investors and employees will continue till Thursday.
The IPO of Jyoti CNC Automation Ltd. was fully subscribed within two and a half hours on the first day, led by demands from retail investors and employees.
The retail basket of the Rs 1,000-crore pure fresh issue initial public offering was subscribed 4.22 times by 12:31 p.m., whereas the portion reserved for eligible employees was subscribed 1.77 times.
The issue is yet to see interest from institutional buyers. HNI have placed bids for 97% of their reserved portion so far.
Jyoti CNC Automation launched its IPO on Tuesday, which will continue till Jan. 11. The offer, which has a price band of Rs 315–331 per share, consists entirely of fresh issue of shares.
Of the total issue size, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail individual investors.
Issue Details
Issue opens: Jan. 9.
Issue closes: Jan. 11.
Total issue size: Rs 1,000 crore.
Face value: Rs 2 apiece.
Fixed price band: Rs 315–331 per share.
Minimum lot size: 45 shares.
Listing: NSE and BSE.
Jyoti CNC Automation Ltd. raised Rs 447.7 crore from anchor investors a day before its IPO opened. The company allotted 1,35,27,190 shares at Rs 331 apiece to 37 anchor investors. It included investors such as Nippon Life India Trustee, Goldman Sachs Funds, ICICI Prudential Midcap Fund and Kotak Mahindra Trustee, among others.
Goldman Sachs Funds secured 5.30% of the allocation, while ICICI Prudential Midcap Fund and ICICI Prudential Infrastructure Funds each netted 1.77%.
Nine domestic mutual funds applied through a total of 21 schemes, the company said in an exchange filing. They have collectively netted 39.11% of the anchor portion of Rs 175.12 crore.
Business
Incorporated in 1991, the Rajkot-based company is a computerised-numerical-control manufacturer and supplier. It has a wide range of CNC machines, with a product range that includes turning centres and vertical and horizontal machining centres.
As of June 30, 2023, Jyoti's production capacity was 4,400 machines per year in India and 121 machines per year in France. In the last three financial years, it has supplied over 7,200 machines to more than 3,000 customers, including the Space Applications Center.
The company also has 29 sales and service centres in Romania, France, Poland, Belgium, Italy and the UK.
