Jyoti CNC Automation IPO fully subscribed within hours of opening for bidding

The Initial Public Offer (IPO) of Jyoti CNC Automation was fully subscribed within hours of opening for subscription on Tuesday, largely helped by heavy participation from retail investors.

The IPO received bids for 2,58,91,875 shares against 1,75,39,681 shares on offer, translating into 1.48 times subscription, as per NSE data till 14:00 hours.

The category for Retail Individual Investors (RIIs) got subscribed 5.73 times and that for non-institutional investors received 1.55 times subscription.

Jyoti CNC Automation on Monday raised Rs 448 crore from anchor investors.

The IPO is entirely a fresh issue of equity shares worth up to Rs 1,000 crore.

The public issue, with a price band of Rs 315-331 per share, will conclude on January 11.

Proceeds from the issue would be used for debt payment, funding the 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 customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System, Tata Sikorsky Aerospace, Bharat Forge, Kalyani Technoforge, and Bosch Ltd.

Equirus Capital, ICICI Securities and SBI Capital Markets are the book-running lead managers to the issue.

Equity shares of the company will be listed on BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)