Jyoti CNC Automation IPO Fully Subscribed on Day 1, GMP Jumps 29%

Jyoti CNC Automation IPO, worth Rs 1,000 crore, fully subscribed rapidly, with a 29% GMP increase, backed by notable investors, and impressive FY23 performance. Trading commences on January 16, 2024.
Jyoti CNC Automation IPO Fully Subscribed on Day 1, GMP Jumps 29%

Jyoti CNC Automation Limited’s initial public offering (IPO), valued at Rs 1,000 crore, received strong investor interest on January 9, with the IPO being fully subscribed within hours of opening. The grey market premium (GMP) for the company’s shares also surged by 29 percent, reaching Rs 96, indicating a potential listing price of Rs 426. 

In the grey market, shares trade unofficially before the official listing, and investors closely watch the GMP for pricing insights. The IPO, which closes on January 11, offers 3.02 crore fresh shares at a price range of Rs 315-331 per share.

Notable investors, including Goldman Sachs, Nomura Funds, and others, have invested in Jyoti CNC Automation Limited. The company specializes in CNC machines for aerospace, defense, and medical industries, holding the third-largest market share, equivalent to about 10 percent in FY23.

Jyoti CNC Automation operates three manufacturing facilities, two in Gujarat, India, and one in Strasbourg, France, with a combined annual production capacity of 4,400 machines in India and 121 in France. In FY23, the company reported a profit of Rs 15.06 crore, a significant turnaround from the previous fiscal year’s loss of Rs 48.3 crore, with a revenue increase of 24.5 percent to Rs 929.3 crore.

The company’s shares are expected to start trading on January 16.

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