Jyoti CNC Automation shares debut with over 12 pc premium

Shares of Jyoti CNC Automation Ltd listed with a premium of over 12 per cent on Tuesday against the issue price of Rs 331.

The stock listed at Rs 372, up 12.38 per cent from the issue price on the BSE. It further jumped 27.68 per cent to Rs 422.65.

At the NSE, it started the trade at Rs 370, up 11.78 per cent.

The initial public offer of Jyoti CNC Automation got subscribed 38.53 times on the last day of subscription on Thursday.

The initial share sale was entirely a fresh issue of equity shares worth up to Rs 1,000 crore.

The public issue had a price band of Rs 315-331 per share.

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.

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