te Jyoti CNC Automation sets IPO price band at Rs 315-331 per share | Zee Business

Jyoti CNC Automation sets IPO price band at Rs 315-331 per share

The IPO of Jyoti CNC will open for public subscription on January 9 and end on January 11. The anchor book of the offer will be opened for a day on January 8, the company announced.

Jyoti CNC Automation sets IPO price band at Rs 315-331 per share
Representative image. Source: Pixabay

Gujarat-based Jyoti CNC Automation on Thursday said it has fixed a price band of Rs 315-331 per share for its initial public offering (IPO).

This will be the first public issue of 2024 on the main board of leading stock exchanges BSE and NSE.

The IPO of Jyoti CNC will open for public subscription on January 9 and end on January 11. The anchor book of the offer will be opened for a day on January 8, the company announced.

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Investors can bid for a minimum of 45 equity shares and in multiples thereof, it said.

The company is planning to list its shares for the second time in nearly 10 years.

The IPO is entirely a fresh issue of equity shares worth up to Rs 1,000 crore.

The company has reserved 75 per cent of the issue size for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail individual investors.

Proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes.

Jyoti CNC Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include 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 had an order book of Rs 3,315.33 crore.

Equirus Capital, ICICI Securities, and SBI Capital Markets are the book running lead managers to the issue.

Equity shares of the company will be listed on BSE and NSE.

In 2013, Jyoti CNC had filed draft papers with Sebi to mop up funds through an IPO but later shelved its plan.

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Written By: PTI
Updated: Thu, Jan 04, 2024
04:37 pm
Mumbai, PTI
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