Gujarat-based auto company Jyoti CNC Automation, known to be one of the biggest vendors of ISRO and Tata Advanced System, has announced the launch of its initial public offering (IPO) next week, on January 9.
Jyoti CNC Automation’s IPO will be the first public issue in the year 2024 on the main board of leading stock exchanges BSE and NSE. This is the second time in 10 years that the company has decided to list its shares.
The public issue of the auto company will start from January 9 and end on January 11, lasting three market sessions. The total issue is worth ₹1000 crore, and the price band of the IPO shares have also been released.
The Jyoti CNC Automation IPO price band has been fixed in the range of ₹315 to ₹331 per equity share of the face value of ₹2. While the issue is set to commence on January 9, the allocation of anchor investors in the firm will take place on Monday, January 8.
As per the details of the IPO, the floor price is 157.50 times the face value of the equity shares, and the cap price is 165.50 times the face value of the equity shares. Here is all you need to know about the initial public offering.
Jyoti CNC Automation IPO: Issue details, listing date
According to the Red Herring Prospectus (RHP) of Jyoti CNC Automation, the IPO dates are January 9 to January 11, with the allocation of shares expected on January 12. It is expected that the listing date of the company will be January 15.
The IPO consists entirely of fresh issues of ₹1000 crore. The price band has been set at ₹315 to ₹331 per equity share of the face value of ₹2. As of September 2023, the company had an order book of ₹3,315.33 crore. The lot size of the subscription is 45 shares or multiple of 45 shares.
The book running lead managers of the IPO are Equirus Capital, ICICI Securities, and SBI Capital Markets.
Jyoti CNC Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System Ltd, Tata Sikorsky Aerospace Ltd, Bharat Forge Ltd, Kalyani Technoforge Ltd, Rolex Rings Ltd and Bosch Ltd.
(With inputs from PTI)