Jyoti CNC Automation is poised to mark its entry onto Dalal Street on Tuesday, January 16, becoming the first mainboard listing of the year. The IPO, which opened for subscription from January 9 to January 11, presented an issue price of Rs 331 per share and garnered a significant response from investors, raising a total of Rs 1,000 crore.
The grey market premium (GMP) for Jyoti CNC Automation has seen fluctuations, experiencing a correction from its earlier levels. Initially, the company commanded a premium of Rs 80-100 per share before the commencement of the bidding process. However, as of the latest reports, the GMP stands at Rs 40-45 per share, indicating a potential listing pop of 12-15 percent for investors.
The issue, with a price band of Rs 315-331 per share and a lot size of 45 shares, witnessed robust demand across all investor categories, resulting in an overall subscription of 38.53 times. Qualified Institutional Bidders (QIBs) showed significant interest, with their portion oversubscribed by 44.13 times. Non-institutional investors also participated actively, subscribing 36.48 times, while retail investors and employees subscribed 26.17 times and 12.47 times, respectively.
Despite the grey market premium correction, the positive subscription figures across categories underscore the confidence investors have shown in Jyoti CNC Automation. The correction in GMP might be reflective of broader market dynamics and sentiments prevailing in the lead-up to the listing day.
Investors are eagerly anticipating the market debut of Jyoti CNC Automation, with the corrected GMP suggesting a listing pop that remains noteworthy. As the company steps onto the mainboard of Dalal Street, all eyes will be on the opening bell to gauge the initial market response and the trajectory the stock takes in its early trading sessions.