S.J.S. Enterprises’ IPO sees constructive response from retail investors; Issue subscribed 32% on Day 1
Mumbai, November 1, 2021: SJS Enterprises Limited (“Company”), one of the leading players in the Indian decorative aesthetics industry in terms of revenue in fiscal 2020, received bids of 34,05,348 shares against the offered 1,05,46,140 equity shares, as per the 5:00 pm data available on the bourses.
Retail investors showed interest in the IPO as the portion set aside for them was subscribed 0.64 times. The reserved portion of non-institutional investors witnessed a subscription of 0.01 times. Qualified institutional investors are yet to bid for subscriptions.
The initial public offering is entirely an offer for sale of shares worth Rs 710 crore by Evergraph Holdings Pte Ltd and shares to the tune of Rs 90 crore by KA Joseph.
The Company raised Rs. 240 crores through the Anchor Book from 14 investors. The Company informed the bourses that it has allocated 44,28,043 equity shares at Rs. 542/- per share on Friday, October 29th, 2021, to anchor investors.
Multiple Foreign Portfolio Investors had participated in the anchor including Goldman Sachs India Equity Portfolio, Macquarie Unit Trust Series- Macquarie Asia New Stars Fund, Macquarie Fund Solutions – Macquarie Asia New Stars Fund amongst others. These investors were allocated 15,22,222 equity shares amounting to approximately Rs. 83 crores i.e., 34% of the total Anchor Book size.
6 Domestic Investors had participated in the anchor including 3 mutual funds across 6 schemes, 1 AIF and 2 life insurance companies) and were allocated a total of 29,05,821 shares amounting to approximately Rs. 157 crores i.e., 66% of the total Anchor Book size. These included Axis Mutual Fund, Franklin Templeton Mutual Fund, Aditya Birla Sun Life Insurance Company, Aditya Birla Sun Life Mutual Fund , Avendus, Edelweiss Tokio Life Insurance Company.
Axis Capital Limited, Edelweiss Financial Services Limited, and IIFL Securities Limited are the Book Running Lead Managers (“BRLMs”).
The Company is one of the leading decorative aesthetics suppliers with the widest product coverage across decorative aesthetics pertaining to major vehicle segments such as two-wheelers, passenger vehicles and consumer durables (source: CRISIL Report). In addition, it 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 (source: CRISIL Report). The Company has supplied over 115 million parts with more than 6,000 stock keeping units in Fiscal 2021 to around 170 customers in approximately 90 cities across 20 countries.
The Company designs, develops and manufactures aesthetic products i.e., decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux badges, domes, overlays, aluminium badges, in-mold label or in-mold decorations, lens mask assembly and chrome-plated, printed and painted injection moulded plastic parts.
(Subscription table below)