Sat. Mar 2nd, 2024

Jyoti CNC Automation’s ₹1,000 crore IPO to open on January 9

Key Points:

  • Jyoti CNC Automation’s IPO worth up to Rs 1,000 crore will open on January 9.
  • The IPO is a fresh issue of equity shares and the proceeds will be used for debt payment and general corporate purposes.
  • Jyoti CNC Automation is a leading manufacturer of CNC machines and has customers such as ISRO and BrahMos Aerospace.

Gujarat-based Jyoti CNC Automation will open its initial public offering (IPO) worth up to Rs 1,000 crore on January 9. This IPO will be the first public issue of 2024 on the main board of leading stock exchanges BSE and NSE. The three-day IPO will close on January 11, while the anchor book of the offer will be launched for a day on January 8, as per the Red Herring Prospectus (RHP).

The company plans to list its shares for the second time in nearly 10 years. The price band for the offer is yet to be announced. Last month, Jyoti CNC Automation received approval from markets regulator SEBI to float the public issue. The IPO is entirely a fresh issue of equity shares worth up to ₹1,000 crore. The proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes.

Jyoti CNC Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System Ltd, Tata Sikorsky Aerospace Ltd, Bharat Forge Ltd, Kalyani Technoforge Ltd, Rolex Rings Ltd, and Bosch Ltd. As of September 2023, the company had an order book of ₹3,315.33 crore.

Equirus Capital, ICICI Securities, and SBI Capital Markets are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and the NSE. In 2013, Jyoti CNC had filed draft papers with SEBI to raise funds through an IPO but later shelved its plan.