Investors subscribe Jyoti CNC Automation IPO 3.92 times on 2nd day

The Initial Public Offer (IPO) of Jyoti CNC Automation got subscribed 3.92 times on the second day of bidding on Wednesday.

The IPO received bids for 6,87,09,015 shares against 1,75,39,681 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) received 11.08 times subscription while the portion for non-institutional investors got subscribed 6.49 times. The quota for Qualified Institutional Buyers (QIBs) attracted 22 per cent subscription.

Jyoti CNC Automation on Monday raised Rs 448 crore from anchor investors.

The IPO is entirely a fresh issue of equity shares worth up to Rs 1,000 crore.

The public issue, with a price band of Rs 315-331 per share, will conclude on Thursday.

Proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes.

Jyoti CNC Automation is a manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, Uniparts India, Tata Advanced System, Tata Sikorsky Aerospace, Bharat Forge, Kalyani Technoforge, and Bosch Ltd.

Equirus Capital, ICICI Securities and SBI Capital Markets are the book-running lead managers to the issue.

Equity shares of the company will be listed on BSE and NSE.