Jyoti CNC Automation made a good first impression, listing at a 12.3 percent premium to its IPO price on January 16. In comparison to the issue price of Rs 331, the stock opened at Rs 370 on the NSE and Rs 372 on the BSE.
Analysts predicted that the stock would trade at a 15-18 percent premium between Rs 380 and Rs 390.
Prior to the IPO, the stock was trading at an 11 percent premium in the grey market, an unofficial ecosystem in which shares begin trading prior to the allotment in the IPO and continue until the day of the listing. Most investors monitor the grey market premium (GMP) to estimate the listing price.
Jyoti CNC Automation IPO received 38.53 subscriptions on day three of the subscription period. On all three days, retail and non-institutional investors (NII) responded positively to the Jyoti CNC Automation IPO. On day 2, the subscription status for Jyoti Automation IPO was 3.92, and the issue was booked 2.52 times on day 1. The retail portion of the Jyoti CNC IPO was fully booked within the first 30 minutes.
On Monday, January 8, Jyoti CNC Automation raised 448 crore from 37 anchor investors at the upper price band of 331 per equity share.
The business will finance its long-term working capital needs with the proceeds, pay back a portion of the loans, and use the remaining funds for general corporate purposes.
Jyoti Automation IPO details
According to RHP, the ₹1,000 crore Jyoti CNC IPO is a totally new issue without any offer for sale (OFS) component.
The net proceeds of the new offering will be utilized by the company for the following purposes: financing the company’s long-term working capital requirements; repaying and/or prepaying some of the borrowed funds, either fully or partially; and general corporate purposes.
Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the book running lead managers for the Jyoti CNC Automation IPO, and Link Intime India Private Ltd is the registrar.
Jyoti CNC Automation IPO GMP today
The IPO GMP or grey market premium for Jyoti Automation is +38, which is consistent with the previous session. As per investorgain.com, this suggests that the Jyoti CNC Automation share price was trading at a premium of ₹38 in the grey market.
Taking into account the upper limit of the IPO price range and the existing premium in the secondary market, the estimated listing price of Jyoti CNC Automation shares was ₹369 each, signifying a 11.48% increase over the IPO price of ₹331.
