On the second day of the public issue, Jyoti CNC has garnered a subscription of 3.2 times, displaying robust demand from investors. The bids for 5.7 crore shares have been received against the issue size of 1.75 crore shares. Retail investors have been particularly active, subscribing 10.16 times their allocated quota. High net-worth individuals (HNI) subscribed 5.2 times, while qualified institutional buyers showed a demand of 0.02 times their reserved portion.
The Rajkot-based company aims to raise Rs 1,000 crore through its IPO, offering 3.02 crore fresh shares at a price band of Rs 315-331 per share. The subscription window closes on January 11, and the stock is slated for listing on both the NSE and BSE on January 16.
Jyoti CNC successfully secured Rs 447.75 crore from 37 anchor investors a day before the IPO launch. Esteemed investors such as Goldman Sachs, Nomura Funds, Natixis International Funds, Neuberger Berman Emerging Markets Equity Fund, and others participated in the anchor book.
The funds raised through the IPO will be utilized for long-term working capital requirements, repayment of borrowings, and general corporate purposes. Equirus Capital, ICICI Securities, and SBI Capital Markets serve as the book-running lead managers, with Link Intime India as the registrar. The company’s promoters include Parakramsinh Ghanshyamsinh Jadeja, Sahdevsinh Lalubha Jadeja, Vikramsinh Raghuvirsinh Rana, and Jyoti International LLP.
Jyoti CNC Automation, specializing in manufacturing and supplying CNC machines, caters to prominent clients like ISRO, BrahMos Aerospace, Turkish Aerospace, and Tata Group entities. With manufacturing facilities in Rajkot, Gujarat, and Strasbourg, France, the company is poised for further expansion and development.
