Shares of Jyoti CNC Automation are listed on NSE at Rs 371/share with a premium of 11.8%, while the issue price was Rs 331/share. Jyoti CNC has been listed on BSE at Rs 372/share with a premium of 12.4%.
The company’s IPO was opened between 9-11 January. Its issue size was Rs 1,000 crore. All 3.02 crore equity shares present in the IPO were under fresh issue. The IPO was sold in the price band of Rs 315-331. Whereas the lot size was 45 shares.
How much was the subscription?
The issue was subscribed a total of 38.53 times. Subscription to QIBs (Qualified Institutional Buyers) was 44.13 times. Whereas the quota of HNIs (High Net Worth Individuals) was subscribed 36.48 times. Whereas the retail investors and employees’ quotas were subscribed 26.17 times and 12.47 times respectively.
What does the company do?
Jyoti CNC Automation manufactures ‘Metal Cutting Computer Numerical Control Machines’. The company had about 10% market share in FY23, making it the third largest company in its sector.
The funds raised from the IPO will be used to repay the company’s debt, meet long-term working capital needs as well as for general corporate purposes.
After the issue, the promoter’s stake in the company has reduced from 72.1% to 62.5%, while the public shareholding has increased to 37.5%.
