CNC machines manufacturer Jyoti CNC Automation has raised Rs 447.75 crore from several investors via anchor book launched for a day on January 8.
The fund raising was a day before the issue opening on January 9. The closing day for the offer will be January 11.
"The IPO committee of the company in consultation with the book running lead managers Equirus Capital, ICICI Securities and SBI Capital Markets, has finalised allocation of 1,35,27,190 equity shares, to anchor investors at a price of Rs 331 per equity share," Jyoti CNC said in its filing to the exchanges.
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.
Domestic institutional investors ICICI Prudential Mutual Fund, Nippon Life India, Kotak Mahindra Trustee, Axis Mutual Fund, Manulife Global Fund, Canara Robeco Mutual Fund, Invesco Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, HDFC Life Insurance Company, and Bajaj Allianz Life Insurance Company also participated in the counter.
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"Out of the total allocation of 1,35,27,190 equity shares to the anchor investors, 52,90,650 equity shares were allocated to 9 domestic mutual funds, which have applied through a total of 21 schemes," the company said.
The metal-cutting computer numerical control (CNC) machines manufacturer intends to raise Rs 1,000 crore through initial public offering at the upper end of price band of Rs 315-331 per share.
The IPO comprises only a fresh issue by the company. Of the total net fresh issue proceeds, Rs 475 crore will be used for repaying debts and further Rs 360 crore for long-term working capital requirements. The remaining net fresh issue money will be set aside for general corporate purposes.
The company that supplies diverse portfolios of CNC machines to industries such as aerospace, defence and medical enjoyed third-largest market share in India accounting approximately 10 percent of the market share in India in FY23.
Also read: Jyoti CNC Automation IPO: 10 things to know before subscribing to the issue
It 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.
As of September 2023, it had an order book of Rs 3,315.33 crore, including an order of Rs 304.92 crore from an entity in the electronics manufacturing services (EMS) industry.
Jyoti CNC Automation turned in black in FY23 with a profit a Rs 15.06 crore as against a loss of Rs 48.3 crore a year back. Revenue from operations during the same period grew 24.5 percent to Rs 929.3 crore. Net profit in the six months period ended September FY24 stood at Rs 3.35 crore on a revenue of Rs 509.8 crore.
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