Jyoti CNC Automation IPO opens today: Should you subscribe to the issue?
Jyoti CNC Automation has raised Rs 447.75 crore from anchor investors as it finalised allocation of 1,35,27,190 equity shares at a price of Rs 331 apiece.
- Jan 9, 2024,
- Updated Jan 9, 2024 9:41 AM IST
Jyoti CNC Automation's initial public offering (IPO) opens for bidding on Tuesday, January 9, 2024, marking the inaugural mainboard IPO of the new calendar year. The company has set a price band for the issue at Rs 315-331 per share, with a lot size of 45 equity shares. "We believe the company's commitment to technological advancement is evident in its diverse product range, spanning from entry-level CNC machines to sophisticated multi-axis models. If we analyse it based on price-to-book value, which stands at 6.2 times of FY24, compared to the industry average of 8-9 times which seems this IPO is reasonably priced to its peers," said Mehta Equities. "Hence, considering industrial and company’s future growth rationales along with the primary objective of reducing the debt which could lighten interest burdens which can improve the bottom lines in coming years. Considering all the factors, we recommend investors to subscribe to Jyoti CNC Automation IPO for a long term perspective only," it added.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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Jyoti CNC Automation's initial public offering (IPO) opens for bidding on Tuesday, January 9, 2024, marking the inaugural mainboard IPO of the new calendar year. The company has set a price band for the issue at Rs 315-331 per share, with a lot size of 45 equity shares. "We believe the company's commitment to technological advancement is evident in its diverse product range, spanning from entry-level CNC machines to sophisticated multi-axis models. If we analyse it based on price-to-book value, which stands at 6.2 times of FY24, compared to the industry average of 8-9 times which seems this IPO is reasonably priced to its peers," said Mehta Equities. "Hence, considering industrial and company’s future growth rationales along with the primary objective of reducing the debt which could lighten interest burdens which can improve the bottom lines in coming years. Considering all the factors, we recommend investors to subscribe to Jyoti CNC Automation IPO for a long term perspective only," it added.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Top 5 stocks to watch on January 9, 2024: BEML, Dr Reddy's, Delta Corp and more
Also read: Sensex jumps over 450 points, Nifty tops 21,650; Alok Industries, Trident surge up to 10%