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Gujarat-based <keyword id="20065270" type="General" weightage="80" keywordseo="jyoti-cnc-automation" source="keywords">Jyoti CNC Automation</keyword> on Thursday said it has fixed a price band of ₹315-331 per share for its initial public offering (<keyword id="19898327" type="General" weightage="80" keywordseo="ipo" source="keywords">IPO</keyword>). This will be the first public issue of 2024 on the main board of leading stock exchanges BSE and NSE. The IPO of <keyword id="20052498" type="General" weightage="80" keywordseo="jyoti-cnc" source="keywords">Jyoti CNC</keyword> will open for public subscription on January 9 and end on January 11. The anchor book of the offer will be opened for a day on January 8, the company announced. Investors can bid for a minimum of 45 equity shares and in multiples thereof, it said. The company is planning to list its shares for the second time in nearly 10 years. The IPO is entirely a fresh issue of equity shares worth up to ₹ 1,000 crore. The company has reserved 75 per cent of the issue size for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail individual investors. Proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes. Jyoti <keyword id="20013268" type="General" weightage="100" keywordseo="cnc" source="keywords">CNC</keyword> Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, <keyword id="20065527" type="General" weightage="50" keywordseo="uniparts-india" source="keywords">Uniparts India</keyword>, Tata Advanced System, <keyword id="20065528" type="General" weightage="50" keywordseo="tata-sikorsky-aerospace" source="keywords">Tata Sikorsky Aerospace</keyword>, Bharat Forge, Kalyani Technoforge, and Bosch Ltd. As of September 2023, the company had an order book of Rs 3,315.33 crore. Equirus Capital, ICICI Securities, and SBI Capital Markets are the book running lead managers to the issue. Equity shares of the company will be listed on BSE and NSE. In 2013, Jyoti CNC had filed draft papers with Sebi to mop up funds through an IPO but later shelved its plan. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-13-vs-note-13-pro-vs-note-13-pro-plus-redmi-note-13-series-compared/slidelist/106544325.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-13-vs-note-13-pro-vs-note-13-pro-plus-redmi-note-13-series-compared/slidelist/106544325.cms" target="_blank">Redmi Note 13 series: Base vs Pro vs Pro Plus compared</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank">Vivo X100 review – Top-end camera centric smartphone with sleek design</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-and-x100-pro-camera-centric-smartphones-with-up-to-5400mah-battery-hit-indian-market/articleshow/106537175.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-and-x100-pro-camera-centric-smartphones-with-up-to-5400mah-battery-hit-indian-market/articleshow/106537175.cms" target="_blank">Vivo X100 and X100 Pro camera centric smartphones with up to 5,400mAh battery hit Indian market</a>

Jyoti CNC Automation sets IPO price band at ₹315-331 per share

After at least seven Indian corporate houses ventured into the defence sector, <a href="http://www.businessinsider.in/Aditya-Birla-Group-would-soon-allow-employees-to-take-time-off-for-pursuing-their-entrepreneurial-ideas/articleshow/51024584.cms">The Aditya Birla Group</a> also has decided to take the plunge and add value to Indian government's 'Make in India' initiative. 
 
The conglomerate is controlled by <a href="http://www.businessinsider.in/KM-Birla-thinks-budget-2016-needs-to-reboot-infrastructure/articleshow/50850369.cms">Kumar Mangalam Birla</a>, and its interests range from metals to mobile telephony, now plans to enter into joint ventures with US, Israeli and Russian companies to make components for aerospace and combat vehicles. 
 
Exploratory talks with companies such as Lockheed Martin, the world's largest defence contractor, US helicopter maker Sikorsky and Israel's Rafael Advanced Defense Systems have already been initiated. Not only this, they have also appointed one of the Big Four global consultants to help them with strategies and identify partners for their new division, which would be headed by former strategy head Dev Bhattacharya. 
 
It was only after the government took several policy measures so that armed forces equipments can be locally manufactured that private Indian companies entered into the <a href="http://www.businessinsider.in/Defence-Manufacturing-Is-India-Inc-ready/articleshow/50738348.cms">defence sector</a>. 
 Other <keyword id="460822" type="UNKNOWN" weightage="100" keywordseo="Indian-business-houses">Indian business houses</keyword> that have already started their defence businesses include the Tata Group, <a href="http://www.businessinsider.in/Mahindra-Group-is-letting-its-employees-open-startups-turn-entrepreneurs/articleshow/49841964.cms">Mahindra &amp; Mahindra</a>, Bharat Forge, L&amp;T, Godrej and the Anil Ambani-controlled <a href="http://www.businessinsider.in/Reliance-Defence-signs-pact-with-Rafale-to-set-up-JV-in-India/articleshow/51603010.cms">Reliance Group</a>. 
 
<a href="http://i.huffpost.com/gen/3390290/images/o-KUMAR-MANGALAM-BIRLA-facebook.jpg">Image source</a>

Now Aditya Birla Group joins the Defence equipment manufacturing party

Since the launch of ‘<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>’ program, considerable thrust has been given to <keyword id="2377476" type="UNKNOWN" weightage="20" keywordseo="defence-manufacturing">defence manufacturing</keyword>. Transformation from being one of the largest importers of arms into a credible defence equipment manufacturer takes a lot. 
 
Country’s defence spending is expected to go beyond USD 600 billion by 2022 and every private company indulged into defence manufacturing wants a pie of that, especially when USD 150 billion of contracts are there to be awarded within a few years. 
 
Current scenario of Imports: 
 
 
 
 
Some of the Indian Companies in Defence Sector: 
· Mazagon Dock Ltd 
· Mishra Dhatu Nigam Ltd 
· Mahindra Defence Systems with Bae Systems &amp; Seabird Aviation (Private Player) 
· Rolta ( A Private Player) 
· Tata Advanced Systems with Boeing,Sikorsky Aircraft Corporation &amp; Israeli Aerospace Industries 
· Ashok Leyland ( Private Player) 
· Bharat Dynamics Ltd 
· Bharat Earth Movers Ltd 
· Bharat Electronics Ltd ( BEL) 
· Bharat Forge 
· Electronics Corporation of India Ltd (ECIL) 
· Garden Reach Shipbuilders &amp; Engineers Ltd 
· Goa Shipyard Ltd 
· HCL with Boeing &amp; Circore Aerospace Inc (Private Player) 
· Hindustan Aeronautics Ltd ( HAL) 
· Reliance Defence 
 
Defence Manufacturing, Exports and its future: 
 
Indian exports are negligible when it comes to the total market share on a global level. India has exported defence equipment to 22 countries over last one year, including UK, US, Israel and Russia. India exported forging equipment, electronic assemblies, flight panel controls to the US. 
 
India exported transmitting tubes to UK and MIG &amp; Sukhoi 30 aircraft spares and services to Russia. India’s major exports included Cheetal helicopters to Afghanistan, Dhruv helicopters and bulletproof jackets to Nepal, Sukhoi avionics and MIG spares to Malaysia, offshore petrol vessels and ammunition to Mauritius and Jaguar aircrafts and spares to Oman. 
 
Indian private players are looking for foreign partners as the foreign direct investment in defence sector is pushed up to 49%. Reliance defence had signed a manufacturing and maintenance deal potentially worth $6 billion with Russia's Almaz-Antey, the maker of an air defence system. Apart from the Akash air defence system, the government had cleared the purchase of five S-400 air defence systems that are estimated to cost about $4.5 billion. 
 
Similarly kalyani group tied up with Rafael of Israel to make Spike Anti-tank missiles for the Indian military. 
 
Indian private players are still far away from accessing the key sensitive technologies related to fighter aircrafts and nuclear submarines however they are approaching fast by the virtue of transfer of technology and domestic manufacturing set-up under the make in India program. What must is to invest heavily in R&amp;D facilities along with the collaboration of key government institutions like DRDO with the private partners. Incoming demands for defence equipment is heavy and it should only be fulfilled by boosting the manufacturing process along with minimum government interference and a feasible policy framework. 
 
(Image: Indiatimes)

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