Jyoti CNC IPO was subscribed 2.5 times, retail segment was subscribed 8.2 times on IPO day 2

Jyoti CNC IPO has been subscribed 2.5 times so far on January 10, the second day of the auction, with bids of 4.4 crore against a size of 1.75 crore shares. Retail investors remained in the forefront, increasing 8.25 times the quota received. High net worth individuals (HNI) bought 3.63 times and qualified institutional buyers 0.02 times the share set for them.

Through the company aims to raise Rs 1,000 crore publicly. The offer is all a fresh issue of 3.02 crore shares with a price band set at Rs 315-331 per share. The offer will close on January 11 and the stock is expected to be available on NSE and BSE on January 16.

The company mopped up Rs 447.75 crore from 37 anchor investors a day before the issue was launched. Marquee names such as Goldman Sachs, Nomura Funds, Natixis International Funds, Neuberger Berman Emerging Markets Equity Fund, Optimix Wholesale Global, The Master Trust Bank of Japan, Prudential Hong Kong, Carmignac Portfolio, Allianz Global Investors Fund, and Eastspring Investments India Fund invest in companies located in Rajkot.

Jyoti CNC Automation plans to use the net proceeds to meet long-term working capital needs and partially repay loans, while the remainder will be used for general corporate purposes.

The bookrunners for the IPO are Equirus Capital, ICICI Securities, and SBI Capital Markets, while Link Intime India is the underwriter. The promoters of the company are Parakramsinh Ghanshyamsinh Jadeja, Sahdevsinh Lalubha Jadeja, Vikramsinh Raghuvirsinh Rana and Jyoti International LLP.

Jyoti CNC Automation manufactures and supplies CNC machines to 5o clients such as ISRO, BrahMos Aerospace, Turkish Aerospace, Uniparts India, Tata Advances System, Tata Sikorsky Aerospace, Bharat Forge, Shakti Pumps, Shreeram Aerospace & Defense, Rolex Rings, Harsha Engineers, Bosch Limited, HAWE Hydraulics, Festo India, Elgi Rubber, and National Accessories. It has three factories with two in Rajkot, Gujrat, and the third factory in Strasbourg, France.