The Jyoti CNC Automation IPO has set its price band at ₹315 to ₹331 per equity share, with the subscription period running from Tuesday, January 9, to Thursday, January 11. The floor price is 157.50 times the face value, and the cap price is 165.50 times the face value.
The price-to-earnings ratio for the financial year 2023 ranges from 308.82 times at the lower end to 324.51 times at the upper end of the price band.
The IPO lot size is 45 equity shares, with a reservation of 75% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 10% for retail investors. Employees participating in the IPO are offered a discount of ₹15 per equity share.
Allocation to anchor investors is scheduled for Monday, January 8, and the basis of allotment will be finalized on Friday, January 12. Refunds are expected to be initiated on Monday, January 15, with shares credited to the demat accounts of allottees on the same day. Jyoti CNC Automation shares are likely to be listed on BSE and NSE on Tuesday, January 16.
The company, a CNC machine manufacturer, plans to raise ₹1,000 crore through a fresh issue in the IPO, with no offer for sale component. The net proceeds will be utilized for long-term working capital needs, repaying borrowings, and general corporate purposes. The IPO aims to enhance the company’s visibility and brand image and create a public market for its equity shares in India.
Jyoti CNC Automation’s promoters include Vikramsinh Raghuvirsinh Rana, Parakramsinh Ghanshyamsinh Jadeja, Sahdevsinh Lalubha Jadeja, and Jyoti International LLP. The book running lead managers for the IPO are Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited, with Link Intime India Private Ltd.
as the registrar. The company’s product line includes multitasking machines, CNC machining centers, CNC turning centers, and more. Listed peers mentioned in the Red Herring Prospectus include Elgi Equipments Limited, Lakshmi Machine Works Limited, Triveni Turbine Limited, TD Power Systems Limited, and Macpower CNC Machines Ltd.
