The initial public offering (IPO) of Jyoti CNC Automation Limited opened for subscription on 9th January 2023 and it is going to close on 11th January 2023 i. e. on today evening.
Hence, investors have just one day in hand to apply for the public issue. The CNC machines maker company has fixed the Jyoti CNC Automation IPO price band at 315 to 331 per equity share. The book build issue is proposed for listing on and NSE.
As per the subscription status, the book build issue has received a strong response from investors in the first two days of bidding. Shares of Jyoti CNC Automation Limited have been available for trade since the weekend. According to observers, Jyoti CNC Automation shares are quoting at a premium of 75 in the grey market today.
As per the stock market observers, Jyoti CNC Automation IPO grey market premium (GMP) today is 75, which is unchanged from yesterday’s GMP of 75. So, Jyoti CNC Automation IPO GMP has remained almost steady in the last two days as Jyoti CNC Automation IPO GMP on Tuesday was 76. Market observers said that strong response by investors and bounceback on Dalal Street during the second half of the Wednesday session are some of the possible reasons for Jyoti CNC Automation IPO GMP remaining steady in the grey market today.
In the first two days of bidding, the book build issue has been subscribed 3. 92 times, the retail portion of the public issue has been subscribed 11. 08 times whereas the NII portion of the public offer has been subscribed 6.
49 times. Jyoti CNC Automation IPO allotment date is most likely on 12th January 2023. Link Intime Private Limited has been appointed as the official registrar of the book build issue.
Jyoti CNC Automation IPO is proposed for listing on BSE and NSE and most likely Jyoti CNC Automation IPO listing date is 16th January 2024. Jyoti CNC Automation IPO: Should you apply? , Marwadi Shares and Financial Services said, “Considering the FY23 EPS of 0. 66 on a post-issue basis, the company is going to list at a P/E of 500x with a market cap of Rs.
75,275 mn, whereas its peers namely Elgi Equipments Limited, Lakshmi Machine Works Limited, Triveni Turbine Limited, TD Power Systems Limited, Macpower CNC Machines Ltd are trading at a P/E of 42. 4x, 35. 2x, 57.
4x, 37. 8x, 46. 3x.
We assign a “Subscribe” rating to this IPO as the company is one of the leading CNC machine manufacturing companies globally with a well-diversified global customer base spread across end-user industries. ” INDSEC has also given a ‘subscribe’ tag to the IPO citing, “On the post-issue basis, the IPO is valued at a P/S of 10. 1x/8.
1x/7. 4x FY22/FY23/FY24E sales on our estimates. The company is a leading CNC manufacturing company with an order book of 33.
2bn leading us to a strong revenue visibility. Out of the total order book, aerospace and defense contribute ~57%. The company has grown its revenue/EBITDA at a 2-year CAGR of 27%/75% respectively backed by increasing utilization and operational efficiencies at play.
We believe, Jyoti CNC is poised to benefit from the ongoing capex cycle and should see healthy growth over the medium term owing to a strong order book. We assign a SUBSCRIBE rating to the IPO. ” HENSEX Securities, Reliance Securities Ventura Securities have also given a ‘subscribe’ tag to this book build issue whereas , Sushil Finance, and have given a ‘neutral’ tag to this IPO.
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