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Jyoti CNC Automation IPO sees robust demand with over 2x subscription

EditorNatashya Angelica
Published 10-01-2024, 08:54 am
© Reuters.

MUMBAI - Jyoti CNC Automation's initial public offering (IPO) has garnered strong interest from investors, with the subscription rates exceeding twice the number of shares offered. This high demand comes on the heels of the company securing Rs 448 crore from anchor investors on Monday, with shares priced at Rs 331 each.

The IPO, which is set to close on January 11th, attracted significant attention from Retail Individual Investors, who subscribed to over eight times their allocated share amount. Non-Institutional Investors also showed keen interest, subscribing nearly four times. In contrast, Qualified Institutional Buyers participated modestly, subscribing at a two percent rate.

Jyoti CNC Automation aims to raise Rs 1,000 crore through the IPO, with a price band set between Rs 315 to Rs 331 per share. The funds raised are earmarked for debt repayment and to boost the company's working capital. Upon completion, the company is slated to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

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