Jyoti CNC Automation Secures ₹448 Crore from Anchor Investors Ahead of IPO

Jyoti CNC Automation Secures ₹448 Crore from Anchor Investors Ahead of IPO

VoM News Desk | January 8, 2024 | 10:18 PM IST | Breaking News | Follow on Google News

Jyoti CNC Automation Secures ₹448 Crore from Anchor Investors Ahead of IPO

Jyoti CNC Automation Secures ₹448 Crore from Anchor Investors Ahead of IPO

Ahead of its initial public offering (IPO) launch on January 9, Jyoti CNC Automation, a CNC machine manufacturing firm, successfully raised over ₹448 crore from anchor investors on January 8. The company allotted 1,35,27,190 equity shares to anchor investors at ₹331 per share.

In an exchange filing, the company announced, “The IPO Committee of the Company…has finalized allocation of 1,35,27,190 Equity Shares to Anchor Investors at Anchor Investor Allocation Price of Rs. 331 per Equity Share (including share premium of Rs. 329 per Equity Share).”

Jyoti CNC Automation plans to raise ₹1,000 crore through its IPO, set at a price band ranging from ₹315 to ₹331 per share. The IPO entirely consists of a fresh issue by the company. From the net proceeds of the fresh issue, ₹475 crore will be utilized for debt repayment, while an additional ₹360 crore is earmarked for long-term working capital requirements. The remaining funds will be allocated towards general corporate purposes.

In the fiscal year 2023, Jyoti CNC Automation recorded profitability, reporting a profit of ₹15.06 crore, a significant improvement from the previous year’s loss of ₹48.3 crore. During the same period, the company’s revenue from operations rose by 24.5 percent to reach ₹929.3 crore. In the first half of the financial year ending September 2024, the company reported a net profit of ₹3.35 crore and recorded a revenue of ₹509.8 crore.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.