Jyoti CNC Automation Shares Surge 31% on Debut
Jan 16, 2024 16:19
Jyoti CNC Automation shares ended their debut trade with a 31% premium, closing at Rs 433.15 on the BSE and Rs 431.70 on the NSE. The IPO was subscribed 38.53 times.
New Delhi, Jan 16 (PTI) Shares of Jyoti CNC Automation Ltd ended with a premium of nearly 31 per cent on Tuesday against the issue price of Rs 331.
The stock was listed at Rs 372, up 12.38 per cent from the issue price on the BSE. During the day, it jumped 34.38 per cent to Rs 444.80. Shares of the company ended at Rs 433.15 apiece, higher by 30.86 per cent.
On the NSE, it started the trade at Rs 370, up 11.78 per cent. The stock ended at Rs 431.70 each, reflecting a jump of 30.42 per cent.
The company's market valuation stood at Rs 9,850.83 crore.
In volume terms, 17.31 lakh shares of the company were traded on the BSE and over 3.16 crore shares on the NSE during the day.
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 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.
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