Mumbai,16th January 2024: Equirus, a leading investment banking and financial advisory firm is pleased to announce its role as the left-lead book-running lead manager to Jyoti CNC Automation Limited in its INR 1,000 Crore Initial Public Offering (IPO). This IPO witnessed exceptional demand from investors across various categories with the institutional portion being oversubscribed by approximately 44 times, while the non-institutional investor (NII) portion saw a remarkable oversubscription of around 38 times. Additionally, the retail and employee portions experienced strong demand, with subscription rates of approximately 27 times and 13 times, respectively.
Equirus secured an impressive ~66% of the Anchor Book, further underscoring the confidence and trust placed in the offering by institutional investors. This transaction also stands out on several other fronts, being the largest Left Lead IPO done by Equirus wherein the firm will manage both the role of left lead banker and the post-issue coordination, highlighting the firm’s comprehensive expertise in guiding companies through the entire IPO process. Equirus worked closely with the Company on transaction structuring, positioning, documentation, and valuations to ensure that the company was able to launch the IPO in the 2nd week of January something that has been rarely seen in the Indian capital markets.
Munish Aggarwal, Equirus Managing Director & Head – Equity Capital Markets, stated: “We are thrilled to have played a pivotal role in Jyoti CNC Automation Limited’s successful IPO. The response to the IPO highlights the strong conviction investors have in India manufacturing story and the capabilities Jyoti CNC has created to become a partner of choice for a diverse set of customers. Further, the IPO further reinforces Equirus’ strong credentials in the Industrials sector as well as ECM becoming one of the leading ECM houses in the country. We look forward to supporting Jyoti CNC Automation Limited in its journey as a publicly traded company.”
Equirus Group provides full-service Investment Banking services for corporate clients and offers services covering equity capital markets, debt capital markets, structured finance, PE, M&A, insurance broking, and wealth products. It also offers portfolio management services and research along with institutional equities. Equirus has done more than 240 transactions across M&A, PE, IPOs, QIPs, Rights Issues, and Structure Finance raising. $10.6 billion in the process. Over the last 16 years, Equirus has built impeccable credentials across domains and has created a niche for itself in its ability to structure and deliver transactions in-line with the client’s requirements.