- By Aditya Pratap Singh
- Wed, 10 Jan 2024 11:00 AM (IST)
- Source:JND
Jyoti CNC IPO GMP: On the second day of the auction, on January 10, Jyoti CNC's public issue was oversubscribed 2.5 times, with 4.4 crore shares being bid against 1.75 crore shares.
Retail investors led the way with 8.25 times the allotted quota followed by High net worth individuals (HNI) with 3.63 times bid and eligible corporate buyers 0.02 times bid against the share reserved for them.
The company has set a target of raising Rs 1,000 crore with the initial public offering. The offer is entirely a new issue of 3.02 crore shares. The company has decided the price range at Rs 315-331 per share. The offer will close on January 11 and the shares are expected to be listed on NSE and BSE on January 16.
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Jyoti CNC Automation raises 447.75 crore
The company raised Rs 447.75 crore from 37 anchor investors a day before the launch of the IPO.
Jyoti CNC Automation plans to use the net proceeds to fund long-term working capital requirements and repay some debt, while the remainder will be used for general corporate purposes.
Jyoti CNC Automation manufactures and supplies CNC machines to clients including ISRO, BrahMos Aerospace, Turkish Aerospace, Tata Advances System, Bharat Forge, Shakti Pumps, Shreeram Aerospace & Defense. The company has three manufacturing facilities, two in Rajkot, Gujrat, and the third in Strasbourg, France.
Jyoti CNC IPO GMP
As per Investorgain, Jyoti CNC's shares are trading with a premium of Rs 77, the same as last session.
Considering the top of the IPO price band and the current premium in the grey market, the estimated list price of Jyoti CNC Automation stock is ₹408 each, which is 23.26% higher than the upper band of the IPO price, which is Rs 331.