Jyoti CNC Automation fixed the price range of Rs 315-331 per share for its Rs 1,000-crore initial public offering (IPO). The company manufactures computer numerical control (CNC) machines.
Jyoti CNC IPO Bidding Date
Bidding for the Jyoti CNC Automation IPO will begin on January 9 and continue till January 11, while the anchor book will open for one day on January 8.
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Reserved shares for employees
An IPO is a total new issue component, which means, all proceeds from the public offering will go to the Rajkot-based company. The company has reserved shares worth Rs 5 crore for its employees and will issue them at a discount of Rs 15 each to the final issue price.
The company offers a diverse portfolio of CNC machines to various industries such as aerospace, defence and medical. It enjoyed the third-largest market share in India in FY23 with a market share of around 10 per cent.
Jyoti CNC has two manufacturing facilities in Gujarat and one in France. The company is a leading manufacturer of 5-axis simultaneous CNC machines in India, and it supplies Asia, Europe, North America and other parts of the world.
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10% of Jyoti CNC IPO Reserved for retail investors
Jyoti CNC has reserved 75 per cent of the IPO volume to qualified institutional buyers, 15 per cent to high-net-worth individuals and the remaining 10 per cent to retail investors.
Lot Size Jyoti CNC IPO
Investors have to bid for a minimum of 45 shares and thereafter they can bid in multiples of 45 shares. A minimum investment of Rs 14,895 for 45 shares is needed to bid.
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Shares allotment and listing date of Jyoti CNC IPO
As per the information, the Gujarat-based company will finalize the allotment basis for the IPO shares by January 12 and the shares will be credited to the demat accounts of the successful investors by January 15. According to the IPO schedule, the shares will be listed on the stock exchanges on January 16. The IPO is the first public offering and first public listing in the New Year 2024.
