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Jyoti CNC Automation IPO oversubscribed ahead of listing

EditorNatashya Angelica
Published 12-01-2024, 01:52 pm
© Reuters.

MUMBAI - The initial public offering (IPO) of Jyoti CNC Automation, an Indian machine tools manufacturer, has closed with significant investor interest, being oversubscribed by 38.53 times according to collective reports from Thursday. The enthusiastic response from investors indicates strong confidence in the company's market prospects as it prepares for its upcoming stock market debut.

Investors who have applied for the IPO will be able to check the allotment status today via the Bombay Stock Exchange (BSE) or through the registrar of the IPO, Link Intime India Pvt Ltd, using their application numbers or Permanent Account Numbers (PAN).

The company's shares are anticipated to be listed on both the BSE and the National Stock Exchange (NSE) on Tuesday, January 16. Ahead of the listing, the grey market premium suggests that investors could expect a listing gain, reflecting optimistic trading sentiment.

Jyoti CNC Automation's IPO is aimed at raising ₹1,000 crore, which the company plans to use for debt repayment, working capital, and other general corporate purposes. Notably, this IPO does not include an offer for sale (OFS) component, meaning that the funds raised will be directed entirely towards the company's growth and debt reduction initiatives.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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