The IPO of Jyoti CNC Automation Ltd. has been launched, aiming to raise up to Rs 1,000 crore through a fresh issue. The IPO is open for three days and the price band is set at Rs 315–331 per share. The issue size is divided among different investor categories, with 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail individual investors.
Jyoti CNC Automation has already raised Rs 447.7 crore from anchor investors, who were allotted 1,35,27,190 shares at Rs 331 each. The anchor investors include Nippon Life India Trustee, Goldman Sachs Funds, ICICI Prudential Midcap Fund, and Kotak Mahindra Trustee, among others.
Jyoti CNC Automation is a Rajkot-based company that specializes in the manufacturing and supply of computerized numerical control (CNC) machines. Its product range includes turning centers and vertical and horizontal machining centers. The company has a production capacity of 4,400 machines per year in India and 121 machines per year in France. It has supplied over 7,200 machines to more than 3,000 customers, including the Space Applications Center. Jyoti CNC Automation also has sales and service centers in several countries.
As of the first day of subscription, the IPO was subscribed 1.74 times. Non-institutional investors have subscribed 1.99 times, retail investors 6.51 times, and employees 3.03 times.