February 18, 2024
Jyoti CNC Automation IPO Makes Lukewarm Debut on Stock Exchanges
Stock Markets Finance

Jyoti CNC Automation IPO Makes Lukewarm Debut on Stock Exchanges

Jyoti CNC Automation IPO Makes Lukewarm Debut on Stock Exchanges

Jyoti CNC Automation IPO Makes Lukewarm Debut on Stock Exchanges

Jyoti CNC Automation’s initial public offering (IPO) had a modest debut on the stock exchanges. On the NSE, Jyoti CNC’s share price started at ₹370 per share, a modest 11.78% higher than its issue price of ₹331. Similarly, on the BSE, the share price commenced at ₹372 apiece, reflecting a 12.39% increase compared to the issue price.

Market analysts had predicted the Jyoti CNC Automation IPO listing price to fall within the range of ₹360 to ₹380 per share. It was anticipated that the IPO listing could yield gains of up to 15% for investors.

The Jyoti CNC IPO, valued at ₹1,000 crore, consisted entirely of a fresh issue, with no offer for sale (OFS) component. The company intends to utilize the net proceeds from the fresh offering for purposes such as financing long-term working capital needs, repaying or prepaying borrowings, and general corporate requirements.

Jyoti CNC Automation expressed expectations of benefiting from the equity shares’ listing on stock exchanges, enhancing visibility and brand image, and creating a public market for its shares in India.

Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited served as the book running lead managers for the IPO, and Link Intime India Private Ltd acted as the registrar.

The grey market premium (GMP) for Jyoti CNC Automation IPO remained at +38, consistent with the previous session. This implies that shares were trading at a premium of ₹38 in the grey market. Considering this premium, the estimated listing price was around ₹369 per share, indicating an 11.48% increase over the IPO price.

The grey market premium serves as an indicator of investors’ willingness to pay more than the issue price for shares.

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