Jyoti CNC Automation, being the first mainboard listing in current year, started off on a positive note and settled with 31 percent gains on the listing day, i.e. January 16, despite volatility in the equity markets.
The closing gains were better than analysts' expectations. The stock opened the day at Rs 370 on the NSE, a 11.8 percent higher compared to issue price of Rs 331 and climbed above Rs 400 mark amid strength in an initial trades.
The stock maintained the said mark throughout session and hit a day's high of Rs 444 in later part of the session. Finally, it closed at Rs 434.20 with 31.2 percent gains on the NSE, while the BSE closing was Rs 433.15, up 30.86 percent.
In terms of volumes, Jyoti CNC traded with 3.16 crore equity shares on the NSE, and 17.31 lakh shares on the BSE.
The India's leading CNC machine manufacturing company has raised Rs 1,000 crore through its initial public offering which comprised of only a fresh issue. Hence, the entire issue proceeds will be used for the company.
Also read: Jyoti CNC Automation lists at 12% premium: Should you buy more, hold, or book profit?
The price band for the offer, which was subscribed 38.53 times during January 9-11, was Rs 315-331 per share.
The Rajkot-based metal cutting CNC machine manufacturer, which operates business through its three manufacturing facilities (of which two in Gujarat and one in Strasbourg, France) with a manufacturing capacity of 4,400 machines per annum in India and 121 machines per annum in France, caters to several sectors aerospace and defence, auto and auto components, general engineering, and dies & moulds.
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Jyoti CNC Automation turned profitable in the last financial year (FY23) by reporting net at Rs 15.06 crore against a loss of Rs 48.3 crore in previous year. It recorded a 24.5 percent on-year growth in revenue at Rs 929.3 crore during the year, while its EBITDA (earnings before interest, tax, depreciation and amortisation) increased 34 percent year-on-year to Rs 97.4 crore with margin expansion of 80 bps YoY at 10.5 percent for the year.
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