Jyoti CNC Automation Limited, the second largest manufacturers of CNC machines in India, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The Company’s initial public offering comprises a fresh issue of INR 1000 crore.

With the funds expected to be raised, the company aims to utilize the net proceeds towards repayment and/ or pre-payment, in full or part (of certain borrowings), funding long-term working capital requirements and general corporate purposes.

Manufacturer of simultaneous 5-Axis CNC machines, the company accounted for 8 per cent of the market share in India last year and boasts of one of the most diverse portfolios of CNC machines in the country.

With vertically integrated operations, Jyoti CNC Automation counts the likes of ISRO, BrahMos Aerospace Thiruvananthapuram Limited, MBDA, Turkish Aerospace, Uniparts India Limited, AVTEC Limited, Tata Advances System Limited, Tata Sikorsky Aerospace Limited, Bharat Forge Limited, Shakti Pumps (India) Limited, Shreeram Aerospace & Defence LLP, Rolex Rings Limited, Bosch Limited, Elgi Rubber Company Limited, and National Fittings Limited as some of its customers.

The IPO-aspiring company exports to 16 countries outside India and has 29 sales and service centres across 12 states in India. As of June 30, 2023, Jyoti CNC Automation reported to have an order book of INR 31,430.56 million.

“Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue (BRLMs). The equity shares of the company will be listed on BSE and NSE,” shared the company.