Manufacturer and supplier of CNC machines, Jyoti CNC Automation, has announced a price band of ₹315-331 per share for its upcoming IPO in order to raise ₹1,000 crore. The IPO will open for subscription on January 9 and close on January 11, with the anchor book set to open on January 8. The company is trading at a premium of ₹60 in the unlisted market. The net proceeds from the IPO will be used for loan repayment, working capital requirements, and general corporate purposes. The IPO is a completely fresh issue and will not involve any existing shareholders selling their stake. About 75% of the issue size has been reserved for institutional buyers, 15% for high net-worth individuals, and 10% for retail investors. The company has also reserved ₹5 crore worth of shares for its employees, which will be issued at a discount. Jyoti CNC Automation is one of the world’s leading manufacturers of metal-cutting CNC machines, with two manufacturing facilities in Gujarat and one in France. The company has supplied over 8,400 CNC machines to customers in India and across Asia, Europe, North America, and the rest of the world. In FY23, Jyoti CNC’s revenues reached ₹929 crore, and it reported a net profit of ₹15.06 crore for the fiscal year ending March FY23. The equity shares of the company will be listed on BSE and NSE on January 16.