Jyoti CNC Automation IPO to hit the exchanges on 16 January; Stock Market LIVE Updates

Jyoti CNC Automation is expected to list on the exchanges on 16 January. Shares of the company are currently trading at a ₹75 premium in the grey market.

The IPO of Jyoti CNC Automation was subscribed 40 times on the final day. Retail investors flocked towards the IPO with the retail portion being subscribed around 27 times. Similarly, the non-institutional investor segment was also subscribed more than 38 times.

The public issue was open for subscription between 9 January and 11 January 2023. The price band for the ₹1,000 crore IPO was ₹315 to ₹331 per share. The lot size for the IPO was 45 shares.

The funds raised through the fresh issue will help cut its debt and fund long-term working capital requirements. The company plans to use around ₹475 crore to reduce its debt and ₹360 crore will be deployed to fund long-term working capital requirements of the company.

Jyoti CNC Automation is one of the world’s leading manufacturers of metal-cutting computer numerical control (CNC) machines. In this space, it has the third-largest market share in India, accounting for around 10% of the sector in FY23. These machines are used for production in diverse industries including aerospace and defence, auto and auto components, general engineering, electronic manufacturing services, dies and moulds, and others.

It offers over 200 variants across 44 series. The company has supplied over 8,400 CNC machines to more than 3,500 customers in India and across Asia , Europe, North America and the rest of the world.