Jyoti CNC Automation IPO: Price band set at ₹315-331 per share; check GMP, issue details, more
- Jyoti CNC Automation IPO price band fixed at ₹315-331 per equity share. Jyoti CNC Automation IPO date of subscription scheduled for January 9-11.
Jyoti CNC IPO price band: The Jyoti CNC Automation IPO price band has been fixed in the range of ₹315 to ₹331 per equity share of the face value of ₹2. The Jyoti CNC Automation IPO date of subscription is scheduled for Tuesday, January 9, and will close on Thursday, January 11. The allocation to anchor investors for the Jyoti CNC Automation IPO is scheduled to take place on Monday, January 8.
The floor price is 157.50 times the face value of the equity shares, and the cap price is 165.50 times the face value of the equity shares. The price-to-earnings ratio based on diluted EPS for the financial year 2023 for the company at the upper end of the price band is 324.51 times and at the lower end of the price band is 308.82 times. The Jyoti CNC Automation IPO lot size is 45 equity shares and in multiples of 45 equity shares thereafter.
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Jyoti CNC Automation IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. A discount of ₹15 per equity share is being offered to eligible employees bidding in the employee reservation portion.
Tentatively, Jyoti CNC Automation IPO basis of allotment of shares will be finalised on Friday, January 12, and the company will initiate refunds on Monday, January 15, while the shares will be credited to the demat account of allottees on the same day following refund. Jyoti CNC share price is likely to be listed on BSE and NSE on Tuesday, January 16.
The company's promoters are Vikramsinh Raghuvirsinh Rana, Parakramsinh Ghanshyamsinh Jadeja, Sahdevsinh Lalubha Jadeja, and Jyoti International LLP.
Jyoti CNC Automation Limited is a CNC machine manufacturer and supplier. The business is headquartered in India and focuses on producing and distributing CNC machinery.
The product line consists of multitasking machines, simultaneous 3-axis and simultaneous 5-axis CNC machining centres, CNC turning centres, CNC turning-milling centres, CNC vertical machining centres (VMCs), and CNC horizontal machining centres (HMCs).
The company's listed peers are Elgi Equipments Limited (with a P/E of 44.30), Lakshmi Machine Works Limited (with a P/E of 37.69), Triveni Turbine Limited (with a P/E of 67.76), TD Power Systems Limited (with a P/E of 46.66), and Macpower CNC Machines Ltd (with a P/E of 51.31), as per Red Herring Prospectus (RHP).
Jyoti CNC Automation IPO details
Jyoti CNC IPO, which is worth ₹1,000 crore, is completely a fresh issue; there is no offer for sale (OFS) component, according to RHP.
The company plans to use the net proceeds from the fresh offering for the following purposes: to finance the company's long-term working capital needs; to pay back and/or prepay, in full or in part, some of the borrowings that the company has taken out; and for general corporate purposes.
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“In addition, our company expects to receive the benefits of listing of equity shares on the stock exchanges including enhancing our company’s visibility and brand image among our existing and potential customers and creating a public market for our company’s equity shares in India,” said Jyoti CNC Automation in its RHP.
The Jyoti CNC Automation IPO's book running lead managers are Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited, and the registrar is Link Intime India Private Ltd.
Jyoti CNC Automation IPO GMP today
Jyoti CNC Automation IPO GMP or grey market premium is +150. This indicates Jyoti CNC Automation share price were trading at a premium of ₹150 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jyoti CNC Automation share price was indicated at ₹481 apiece, which is 45.32% higher than the IPO price of ₹331.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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