Jyoti CNC Automation Shares End At 29.97% Premium Over IPO Price

Shares of Jyoti CNC Automation Ltd. listed on the BSE on Tuesday at Rs 372 apiece, a premium of 12.39% over its issue price.

On the National Stock Exchange, the stock debuted at Rs 370 apiece, a premium of 11.78% over its IPO price of Rs 331 apiece.

The shares ended at a premium of 29.97% over the IPO price, and advanced 15.65% from its listing price to end at Rs 430.20 apiece, according to BSE data.

The Rs 1,000-crore IPO was subscribed 38.53 times on its third and final day. The bids were led by institutional investors (44.13 times), non-institutional investors (36.48 times), retail investors (26.17 times) and portions reserved for employees (12.47 times).

Jyoti CNC Automation Ltd. has raised Rs 447.7 crore from anchor investors ahead of its initial public offering on Jan. 9.

The company allotted 1,35,27,190 shares at Rs 331 apiece to 37 anchor investors.

It included investors such as Nippon Life India Trustee, Goldman Sachs Funds, ICICI Prudential Midcap Fund and Kotak Mahindra Trustee, among others.

Incorporated in 1991, the Rajkot-based company is a computerised-numerical-control manufacturer and supplier. It has a wide range of CNC machines, with a product range that includes turning centres and vertical and horizontal machining centres.

As of June 30, 2023, Jyoti's production capacity was 4,400 machines per year in India and 121 machines per year in France. In the last three financial years, it has supplied over 7,200 machines to more than 3,000 customers, including the Space Applications Center.

The company also has 29 sales and service centres in Romania, France, Poland, Belgium, Italy and the UK.