Within hours of launching on January 9, Jyoti CNC Automation Limited’s Rs 1,000-crore initial public offering (IPO) was fully subscribed.
The grey market premium (GMP), which increased by Rs 96, or 29%, above the issue price of Rs 331 on the first day of bidding, was another indication of the excitement among investors. The listing price of Rs 426 is implied by the GMP.
Shares begin trading on the grey market, an unauthorized ecosystem, well in advance of the allotment and continue until the day of listing. Typically, investors monitor the volatile grey market premium (GMP) to gain insight into the listing price.
The initial public offering (IPO), which ends on January 11, is solely a new offering of 3.02 crore shares at a price range of Rs 315–331.
A day earlier, the company had raised Rs 447.75 crore from a number of investors via the anchor book.
Investors in the Rajkot-based company included well-known names such as Goldman Sachs, Nomura Funds, Natixis International Funds, Neuberger Berman Emerging Markets Equity Fund, Optimix Wholesale Global, Prudential Hong Kong, The Master Trust Bank of Japan, Carmignac Portfolio, Allianz Global Investors Fund, and Eastspring Investments India Fund.
Three manufacturing sites are run by the company: two are in Gujarat and one is in Strasbourg, France. 4,400 machines can be produced annually by these factories in France and 121 in India.
Jyoti CNC Automation recorded a profit of Rs 15.06 crore for FY23, compared to a deficit of Rs 48.3 crore for the previous fiscal year. To reach Rs 929.3 crore, the revenue climbed by 24.5 percent.