Jyoti CNC Automation shares were listed at a premium of over 12 per cent on Tuesday compared to the issue price of Rs 331. The stock opened at Rs 372, up 12.38 per cent from the issue price on the BSE, and rose further by 27.68 per cent to Rs 422.65. On the NSE, it began trading at Rs 370, marking an 11.78 per cent increase.
The IPO received a robust response, being subscribed to 38.5 times. Qualified institutional buyers (QIB) led the way, oversubscribing 44.13 times the allocated quota. Retail investors subscribed 26.1 times, while high-net-worth individuals (HNI) purchased 36.4 times their allotted quota.
Prior to listing, the stock traded at an 11 percent premium in the grey market, an unofficial ecosystem where shares are traded before the IPO allotment and continue until the listing day.
IPO details
Jyoti CNC Automation's IPO, consisting entirely of a fresh issue of equity shares worth up to Rs 1,000 crore, had a price band of Rs 315-331 per share. The funds raised from the IPO will be utilized for debt payment, funding the company's long-term working capital requirements, and general corporate purposes.
The company, a manufacturer of Computer Numerical Control (CNC) machines, boasts a clientele including ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System, Tata Sikorsky Aerospace, Bharat Forge, Kalyani Technoforge, and Bosch Ltd.
(WIth PTI inputs)
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