Jyoti CNC Automation, a manufacturer of CNC machines, gets Securities and Exchange Board of India (SEBI) nod for initial public offering (IPO) launch. The company had filed its Draft Red Herring Prospectus (DRHP) with market regulator in September 2023.
The company’s initial public offering comprises a fresh issue of ₹1000 crore.
The company proposes to utilise 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 and general corporate purposes, Jyoti CNC Automation said in a statement.
Jyoti CNC Automation offers over 200 variants across 44 series and during the last 3 financial years, the company has supplied over 7,200 CNC machines to more than 3,000 customers in India and across Asia (excluding India), Europe, North America and rest of the world, it said.
As of June 30, 2023, Jyoti CNC Automation had an order book of ₹ 31,430.56 million including an order of ₹ 2,602.50 million from an entity in the electronics manufacturing services (EMS) industry (as per the end-user industries as specified to us at the time of supply of machines).
Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue (BRLMs).
The equity shares of the company will be listed on BSE and NSE.
(Edited by : Anshul)
First Published: Dec 20, 2023 4:52 PM IST
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