The Jyoti CNC Automation IPO has been oversubscribed on the third day of subscription, with strong response from both retail and non-institutional investors. The retail investors portion was subscribed 26.17 times, while the NII portion was subscribed 36.48 times, and the QIB portion was booked 44.13 times. The GMP for the IPO is +44, indicating a premium of ₹44 in the grey market.
Jyoti CNC Automation IPO has received bids for 67,58,08,200 shares against 1,75,39,681 shares on offer. The retail investors’ portion received bids for 8,26,77,330 shares against 31,58,730 shares on offer, and the non-institutional investors’ portion received bids for 17,28,50,220 shares against 47,38,095 on offer. The QIBs portion received bids for 41,82,01,650 shares against 94,76,190 shares on offer, and the employee portion received bids for 20,79,000 shares against 1,66,666 shares on offer.
The IPO, which is worth ₹1,000 crore, is a completely fresh issue with no offer for sale component. The company plans to use the net proceeds for financing its working capital needs, paying back or prepaying borrowings, and for general corporate purposes. The book running lead managers for the IPO are Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited.
The grey market premium for Jyoti CNC Automation IPO is +44, indicating that investors are willing to pay more than the issue price. This suggests there is strong demand for the shares in the grey market. The estimated listing price is ₹375 per share, which is 13.29% higher than the IPO price of ₹331.