Jyoti CNC Automation’s Rs.1,000-Cr IPO subscribed 38.5x

Rajkot-headquartered Jyoti CNC Automation’s IPO has been oversubscribed. The qualified institutional buyer (QIB) portion of the issue was subscribed 44 times, high networth individual (HNI) portion 36.5 times and retail portion 26 times. Through its maiden share sale, the computer numerical control (CNC) machine manufacturer will raise INR 1,000 crore in fresh capital. At the top-end of the price band of INR 331, Jyoti CNC will be valued at INR 7,527 crore.For the quarter ended September 2023, the company had posted net profit of INR 3.4 crore on revenues of INR 1,706 crore.