Mon. Jun 17th, 2024

The IPO of Jyoti CNC Automation is set to launch on January 9 and close on January 11, with the goal of raising INR 1,000 crore. The public offer will consist of a fresh issue by the company, without any offer-for-sale component. The allotment is expected to be finalized on January 12, with the shares set to list on the BSE and NSE on January 16. The IPO is being managed by Equirus Capital, ICICI Securities, and SBI Capital Markets.

Jyoti CNC Automation, a Gujarat-based company, plans to use the net proceeds from the IPO to repay debt and cover long-term working capital needs. The remaining funds from the offering will be used for general corporate purposes. The company claims to be the second-largest CNC machine manufacturer in India, with an 8% market share in fiscal 2022. It specializes in manufacturing CNC machines for metal cutting purposes.