Jyoti CNC IPO subscribed over 3 times, retail portion booked over 10x on Day 2

Through the IPO, the Jyoti CNC Automation aims to raise Rs 1,000 crore

The public issue of Jyoti CNC was subscribed 3.2 times so far on January 10, the second day of bidding, with bids for 5.7 crore shares against an issue size of 1.75 crore shares. Retail investors remained at the forefront, picking up 10.16 times the allotted quota. High net-worth individuals (HNI) bought 5.2 times and qualified institutional buyers 0.02 times the portion set aside for them.

Through company aims to raise Rs 1,000 crore by going public. The offer is entirely a fresh issue of 3.02 crore shares with the price band set at Rs 315-331 per share. The offer will close on January 11 and the stock is expected to be listed on the NSE and BSE on January 16.

Also read: Jyoti CNC Automation IPO: Should you subscribe to Rs 1,000-crore issue?

The company mopped up Rs 447.75 crore from 37 anchor investors a day before the issue was launched. Marquee names like Goldman Sachs, Nomura Funds, Natixis International Funds, Neuberger Berman Emerging Markets Equity Fund, Optimix Wholesale Global, The Master Trust Bank of Japan, Prudential Hong Kong, Carmignac Portfolio, Allianz Global Investors Fund, and Eastspring Investments India Fund invested in the Rajkot-based company.

Jyoti CNC Automation plans to use the net proceeds to finance long-term working capital needs and for the repayment of some of the borrowings, while the rest will be used for general corporate purposes.

The book-running lead managers of the IPO are Equirus Capital, ICICI Securities, and SBI Capital Markets, while Link Intime India is the registrar. The promoters of the company are Parakramsinh Ghanshyamsinh Jadeja, Sahdevsinh Lalubha Jadeja, Vikramsinh Raghuvirsinh Rana and Jyoti International LLP.

Also read: Jyoti CNC Automation IPO: 10 things to know before subscribing to the issue

Jyoti CNC Automation manufactures and supplies CNC machines 5o clients like ISRO, BrahMos Aerospace, Turkish Aerospace, Uniparts India, Tata Advances System, Tata Sikorsky Aerospace, Bharat Forge, Shakti Pumps, Shreeram Aerospace & Defense, Rolex Rings, Harsha Engineers, Bosch Limited, HAWE Hydraulics, Festo India, Elgi Rubber, and National Fittings. It has three manufacturing facilities with two of them in Rajkot, Gujrat, and the third one in Strasbourg, France.