The issue was fully subscribed upon release, with the retail portion booked more than five times

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Jyoti CNC Automation's IPO was subscribed 1.4 times on the first day of bidding on January 9, with offers for 2.5 crore shares out of an issue size of nearly 1.7 crore shares.

Retail investors led the race, buying 5.5x, high net worth individuals chose 1.5x their allocated quota, while qualified institutional buyers were new to the issue.

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The Rs 1,000-crore public offer closes on January 11. The offer is entirely a fresh issue of shares worth Rs 3.02 crore with the price band fixed at Rs 315-331 per share. The stock is expected to list on NSE and BSE on January 16.

Also read: Jyoti CNC Automation IPO Fully Subscribed on Day 1, GMP Rises 29%

The Company plans to use the net proceeds to fund long-term working capital needs and to repay a portion of borrowings incurred. The remaining amount will be used for general corporate purposes.

The company operates three manufacturing facilities – two in Gujarat and one in Strasbourg, France. These units have an annual production capacity of 4,400 machines in India and 121 in France.

In FY23, Jyoti CNC Automation reported a profit of Rs 15.06 crore as against a loss of Rs 48.3 crore in the previous fiscal. Revenue rose 24.5 percent to Rs 929.3 billion.

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