Jyoti CNC IPO subscribed 38.5x, QIB portion booked 44x on final day bidding

Shares will likely list on January 22

Jyoti CNC IPO had been subscribed 38.5 times on January 11, the final day of bidding, with bids coming in for 67.5 crore shares against the issue size of 1.75 crore shares.

Qualified institutional buyers were at the forefront, picking 44.13 times the allotted quota. Retail investors bought 26.1 times and high net-worth individuals purchased 36.4 times their allotted quota.

Jyoti CNC’s Rs 1000-crore public offer is entirely a fresh issue of 3.02 crore shares. The price band has been fixed at Rs 315-331 a share. The issue opened on January 9 and the stock is expected to list on the NSE and BSE on January 16.

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

Ahead of the IPO, the company raised Rs 447.75 crore from 37 anchor investors. 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, Eastspring Investments India Fund invested in the Rajkot-based company.

The company will use the net proceeds to finance long-term working capital needs, and repay some of the loans and the remaining amount will be used for general corporate purposes, it has said.

Also Read: Jyoti CNC Automation IPO: Financials, shareholding, comparison with peers in 5 charts

The book-running lead managers of the IPO are Equirus Capital, ICICI Securities and SBI Capital Markets while Link Intime India is the registrar.

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

Jyoti CNC Automation is a manufacturer and supplier of computer numerical control (CNC) machines, which play an important role in manufacturing as their software controls the movement of factory machinery and tools.

Jyoti CNC counts 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, and National Fittings among its customers. The company has three manufacturing facilities, two of which are in Rajkot, Gujarat and third one is in Strasbourg, France.