- The Price Band for the Issue has been fixed from ₹315 per Equity Share to ₹331 per Equity Share
- The Anchor Investor Bidding Date is Monday, January 8
- It has reserved ₹5 crore worth of shares for its employees
- Bids can be made for a minimum of 45 Equity Shares and in multiples of 45 Equity Shares thereafter
- This will be the first public issue as well as the first listing in the current calendar year 2024
- The company has 141-strong research and development wing which is located in Rajkot, and Strasbourg, France
NE BUSINESS BUREAU
AHMEDABAD, JAN 5
Vibrant Gujarat’s engineering hub Saurashtra-based Jyoti CNC Automation Limited, one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India in Fiscal 2023 and twelfth largest market share globally in calendar year 2022, on Friday announced its initial public offering of Equity Shares will open on Tuesday, January 9, and will continue till Thursday, January 11.
The Anchor Investor Bidding Date is Monday, January 08, 2024.
The Price Band for the Issue has been fixed from ₹315 per Equity Share to ₹331 per Equity Share for its ₹1,000-crore initial public offering.
Bids can be made for a minimum of 45 Equity Shares and multiples of 45 Equity Shares thereafter.
The IPO consists of only a fresh issue component; hence the entire issue proceeds will go to the Rajkot-based company. It has reserved ₹5 crore worth of shares for its employees and will issue those shares at a discount of ₹15 each to the final issue price.
The company’s initial public offering comprises a fresh issue of ₹10,000.00 million.
“The company was incorporated in January 1991. The company has a wide range of CNC machines with 200 types in 44 series. The company has 141-strong research and development wing which is located in two countries – Rajkot, Gujarat, India and Strasbourg, France,” said Parakramsinh Jadeja, Chairman and MD, Jyoti CNC Automation Limited.
The net proceeds from the issue would be utilised toward repayment or pre-payment, in full or part, of certain borrowings availed by the company. It would also be used for funding of long-term working capital requirements of the company; and general corporate purposes.
Its customer base includes Indian Space Applications Center – ISRO, BrahMos Aerospace Thiruvananthapuram, 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, National Fittings and more.
The company distributes its products worldwide through Huron’s established dealer network and also has 29 sales and service centres in Romania, France, Poland, Belgium, Italy and the UK. The company has three manufacturing facilities, two of which are located in Rajkot, Gujarat, and another in Strasbourg, France.
Of the net offer, 75 per cent shares have been reserved for qualified institutional bidders (QIBs), while 15 per cent shares have been allocated for non-institutional investors (NIIs). Remaining 10 per cent of the net offer shall go to retail investors of the issue.
For the period ended on September 30, 2023, Jyoti CNC reported a net profit of ₹3.35 crore with a revenue of ₹510.53 crore. The company reported a net profit at ₹15.06 crore with a revenue of ₹952.60 crore in the financial year ended on March 31, 2023. It had reported a loss of ₹29.68 crore in FY22.
Shares of the company will be listed on both BSE and NSE on Tuesday, January 16, 2024.
Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the Issue.
