Consider a (motionless) bar with a short lived force $F$ applied a distance $\ell$ from the center of mass. The center of mass is on point C, while the applied load at point B. The result is an instantaneous rotation about point A. But where is A? How do you find $x$?
The total torque applied on the center of mass is equal to the mass moment of inertia times the angular acceleration
$$ \ell\,F = I_{cm} \ddot{\theta}\; \Bigr\} \; \ddot{\theta} = \frac{\ell\,F}{I_{cm}} $$
Also the total force applied equals mass times the acceleration of the center of mass. Since I want to know where A is, I assume the body will rotate about A, giving the center of mass acceleration the value of $\ddot{y}_C = x \, \ddot{\theta}$. There is only one value of $x$ that maintains this relationship.
$$ F = m x \ddot\theta = \frac{m\,\ell\,x}{I_{cm}} F \;\Bigr\}\; x = \frac{I_{cm}}{m\,\ell} $$
So the instant center of rotation A when the bar is loaded at B is given by the distance $x$. For each applied force point B there is different center of rotation A. The point B is called the sweet spot, or the axis of percussion of point A. Technically the two points consist of a pole and a polar of the rigid body.
Only the equipollent torque on the center of mass (and the distance $\ell$) is important when considering the rotational motion of a rigid bar.
Bonus Question
If the applied force is at the center of mass, with $\ell=0$ where is the center of rotation A (and $x$)?