The company had filed its draft red herring prospectus (DRHP) with the market regulator in September 2023. The IPO is completely a fresh issue worth Rs 1,000 crore. The price band for the public offer will be announced soon. The share allotment for the IPO will be finalised on January 12 and the listing date is fixed as January 16.
The company proposes to utilise the net proceeds towards repayment and/or pre-payment of some of its loans in full or part, a company release said on Wednesday. The company had availed funding for long-term working capital requirements and general corporate purposes.
Jyoti CNC Automation IPO | The company will use the proceeds to repay debt of Rs 450 crore, to meet long-term working capital requirements and for general corporate purposes
The company may consider a pre-IPO placement of equity shares worth Rs 200 crore. If such placement is undertaken, the size of the fresh issue will be reduced.