New Delhi: The initial public offering of up to Rs 1,000 crore of Gujarat-based Jyoti CNC Automation will open on January 9. The company has set the price band for its initial public offering at Rs 315-331 per share. Bids can be made for a minimum of 45 equity shares and in multiples of 45 shares thereafter
It will also be the first public offering of 2024 on the main boards of major stock exchanges BSE and NSE.
The company is planning to list its shares for the second time in about 10 years.
According to the red herring prospectus (RHP), Jyoti CNC’s three-day initial public offering (IPO) will close on January 11, while the anchor book of the offer will be launched for one day on January 8. The price band for the offer has not been announced yet.
Last month, the company had received approval from market regulator SEBI to issue a public issue. The IPO is entirely a fresh issue of equity shares worth up to Rs 1,000 crore.
The proceeds from the issue will be used for debt repayment, financing long-term working capital requirements of the company and general corporate purposes.
Jyoti CNC Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Limited, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced Systems Limited, Tata Sikorsky Aerospace Limited, Bharat Forge Limited, Kalyani Technoforge Limited, Rolex Rings Limited and Bosch Limited.
As of September 2023, the company had an order book of Rs 3,315.33 crore. Equirus Capital, ICICI Securities and SBI Capital Markets are the book running lead managers to the issue.
The equity shares of the company will be listed on BSE and NSE.
In 2013, Jyothi CNC had filed draft papers with SEBI to raise funds through an IPO, but later shelved its plans.
