NS Initial Public Offering (IPO) SJS Enterprises was subscribed 1.59 times on the last day of subscription on Wednesday. NS The 800 crore IPO received bids for 1,67,97,537 shares, while 1,05,46,140 shares were offered. Issue with price band of 531-542 per share, opened on November 1 and ended on November 3.
The basis of share allocation has been finalized and the equity shares will be credited to the bidders on 12th November, 2021. The company’s shares are expected to be listed next week on November 15, 2021. As per market observers, the shares of SJS Enterprises are available at Rs. at a premium of 38 following the announcement of share allocation in the gray market today.
Qualified institutional buyers (QIBs) were subscribed 1.42 times, while non-institutional investors were subscribed 2.32 times and retail individual investors (RIIs) 1.38 times. SJS Enterprises had picked up 240 crores from anchor investors.
“SJS’ revenue appears to be stable. The IPO, which is purely OFS, will significantly reduce the stake of the promoter which is a matter of concern. In the upper band, the issue price appears to be higher, leaving less on the table for investors. The listing may not be discussed and the issue may get listed at a nominal premium of 10%,” said Abhay Doshi, Founder, UnlistedArena.com
SJS Enterprises is a leading player in the Indian decorative aesthetics industry, offering a wide range of beauty products in the country. It is a “design-to-delivery” aesthetics solutions provider with the capability to design, develop and manufacture a diverse product portfolio. It caters to the requirements of two wheeler, passenger vehicle, commercial vehicle, consumer equipment, medical equipment, agricultural equipment and sanitary ware industries.
Axis Capital Limited, Edelweiss Financial Services Limited and IIFL Securities were the managers of the offer.
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