Ahmedabad: Jyoti CNC Automation Limited (the “Company”), manufacturers of metal cutting computer numerical control (“CNC”) machines with the third largest market share in India in Fiscal 2023 and twelfth largest market share globally in calendar year 2022 (Source: F&S Report), proposes to open its initial public offering of Equity Shares (“Issue”) on Tuesday, January 09, 2024. The Anchor Investor Bidding Date is one Working Day prior to Bid/Issue Opening Date, that is, Monday, January 08, 2024. The Bid/ Issue Closing Date will be Thursday, January 11, 2024, the company said in a statement.

“The Price Band for the Issue has been fixed from ₹ 315 per Equity Share to ₹ 331 per Equity Share. Bids can be made for a minimum of 45 Equity Shares and multiples of 45 Equity Shares thereafter. The Company’s initial public offering comprises a Fresh Issue of ₹ 10,000.00 million,” the statement added.

The press statement stated, “The Company proposes to utilize the Net Proceeds towards repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company, funding long-term working capital requirements of the Company, and general corporate purposes.”

“The Equity Shares offered through the Red Herring Prospectus dated January 2, 2024 (“RHP”) are proposed to be listed on both the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”), the press statement further added.

According to the press release, “Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the Issue.”