Jyoti CNC Automation's Rs 1,000 crore IPO to open on Jan 9

Gujarat-based Jyoti CNC Automation's initial public offering worth up to Rs 1,000 crore will open on January 9. The company has set the price band for its initial public offering at 315-331 rupees per share. Bids can be made for a minimum of 45 equity shares and in multiples of 45 shares thereafter

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

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

The three-day Initial Public Offering (IPO) of Jyoti CNC will close on January 11, while the anchor book of the offer will be launched for a day on January 8, as per the Red Herring Prospectus (RHP).

The price band for the offer is yet to be announced.

Last month, the company got approval from markets regulator Sebi to float the public issue.

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

The 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 Ltd, Tata Sikorsky Aerospace Ltd, Bharat Forge Ltd, Kalyani Technoforge Ltd, Rolex Rings Ltd 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.

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

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

Published on: Thursday, January 04, 2024, 04:20 PM IST