11-Jan-2024
2 mins read
The Jyoti CNC IPO has created quite a buzz in the market, with a remarkable subscription rate of 28.9 times on the final day of bidding. Investors showed strong interest in this public offering, with an overwhelming response from various categories. Let’s dive into the details of this exciting IPO.
Stellar Subscription Figures
On the morning of January 11, the final day of bidding, the Jyoti CNC IPO witnessed a subscription rate of 28.9 times as investors submitted bids for a staggering 50.6 crore shares against the available 1.75 crore shares.
QIBs Lead the Way
Qualified Institutional Buyers (QIBs) took the lead in the subscription race, with an astonishing 30.6 times oversubscription of their allotted quota. This reflects institutional investors’ confidence in Jyoti CNC’s prospects.
Retail and HNI Investors Show Enthusiasm
Retail investors and High net worth individuals (HNIs) also displayed remarkable enthusiasm, subscribing 23.5 times and 29.6 times their respective allocated quotas.
IPO Details
Jyoti CNC’s IPO is valued at Rs 1000 crore and consists entirely of a fresh issue of 3.02 crore shares. The price band for the IPO has been set at Rs 315-331 per share. The offering opened on January 9, and the stock is expected to be listed on both the NSE and BSE on January 16.
Anchor Investors Show Confidence
Prior to the IPO, the company successfully raised Rs 447.75 crore from 37 anchor investors. Renowned names such as Goldman Sachs, Nomura Funds, and Neuberger Berman, among others, expressed their confidence in the Rajkot-based company.
Utilisation of Proceeds
Jyoti CNC Automation has outlined its plans for the net proceeds from the IPO. The funds will be allocated towards long-term working capital requirements, loan repayment, and general corporate purposes.
Key Players in the IPO
Equirus Capital, ICICI Securities, and SBI Capital Markets are the book-running lead managers for the IPO, while Link Intime India serves as the registrar.
About Jyoti CNC Automation
Jyoti CNC Automation is a prominent manufacturer and supplier of computer numerical control (CNC) machines, which play a crucial role in manufacturing by controlling the movement of factory machinery and tools. The company boasts an impressive clientele that includes ISRO, Tata group companies, Bosch Limited, and many more. With manufacturing facilities in India and France, Jyoti CNC continues to be a key player in the CNC machinery industry.
The Jyoti CNC IPO has certainly captured the attention of investors, and its successful subscription figures reflect the market’s optimism about the company’s future. As it prepares for its stock market debut, all eyes are on this exciting opportunity.