Jyoti CNC Automation IPO Oversubscribed 38.53 Times

New Delhi, Jan 11 (PTI) The initial public offer of Jyoti CNC Automation got subscribed 38.53 times on the last day of subscription on Thursday.

The initial share sale received bids for 67,58,09,325 shares against 1,75,39,681 shares on offer, as per data available with the NSE.

The category for Qualified Institutional Buyers (QIBs) received 44.13 times subscription while the quota for non-institutional investors got subscribed 36.48 times. The portion for Retail Individual Investors (RIIs) fetched 26.17 times subscription.

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

The Initial Public Offer (IPO) was entirely a fresh issue of equity shares worth up to Rs 1,000 crore.

The public issue had a price band of Rs 315-331 per share.

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 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 were the book-running lead managers to the issue.

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