Jyoti CNC Automation IPO To Open On January 09; Check Full Details

Jyoti CNC Automation IPO: The Initial public offering of Gujarat-based Jyoti CNC Automation will open on January 9. The public offering will be the first in 2024 to list on the major group of leading stock exchanges, BSE and NSE. The company is aiming to raise Rs 1000 cr.

According to the Red Herring Prospectus (RHP), Jyoti CNC's initial public offering (IPO) will close on January 11, while the anchor book of the offering will be published for one day on January 8. The price for the offer has not been announced yet.

Last month, the company received approval from market regulator Sebi to go public. The IPO is a fresh issue of shares with a total value of Rs 1,000 crore.

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The proceeds from the issue will be used for debt repayment, 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 clients include ISRO, Brahmos Aerospace Thiruvananthapuram Limited, Turkish Aerospace, MBTA, 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's order book stood at Rs 3,315.33 crore. Equirus Capital, ICICI Securities and SBI Capital Markets are the lead managers of the issue. The company's shares will be listed on BSE and NSE.

The company plans to list its shares for the second time in about 10 years. The Gujarata-based company, in 2013 filed draft documents with SEBI to raise funds through an IPO but later shelved its plan.

(With PTI Input)

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