SJS Enterprises IPO ends with decent subscription

Published on Nov 04, 2021 17:51

The initial public offer (IPO) of SJS Enterprises received bids for 1,67,97,537 shares as against 1,05,46,140 crore shares on offer. The issue was subscribed 1.59 times.

The qualified institutional buyers` portion was subscribed 1.42 times. The portion set aside for non-institutional investors was subscribed 2.32 times. The retail individual investors category was subscribed 1.38 times.

The issue opened for bidding on 1 November and it closed on 3 November. The price band of the IPO was fixed at Rs 531-542 per share.

The IPO was a complete offer for sale of shares worth Rs 800 crore by existing shareholders -- Evergraph and K.A. Joseph.

K.A. Joseph and Evergraph, promoters of the company, collectively held 98.86% of the pre-offer issued and paid-up equity share capital of the company. The post-IPO shareholding for the same is expected to be around 50.37%.

Ahead of the IPO, SJS Enterprises on 29 October 2021 finalized allocation of 44,28,043 equity shares to anchor investors at an allocation price of Rs 542 per share, aggregating to Rs 239.99 crore.

SJS enterprises is one of the leading players in the Indian decorative aesthetics industry in terms of revenue in Fiscal 2020 and as at 31 March 2021. The company is a "design-to-delivery" aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of customers primarily in the automotive and consumer appliance industries.

In addition to manufacturing aesthetics products that cater to the requirements for two-wheeler, passenger vehicle and consumer appliance industries, company also manufactures a wide range of aesthetics products that cater to the requirements of the commercial vehicles, medical devices, farm equipment and sanitary ware industries.

The company reported a consolidated net profit of Rs 9.50 crore and sales of Rs 74.27 crore in the quarter ended on 30 June 2021.