SJS Enterprises had a weak opening; fell 5% below the issue price

SJS Enterprises had a weak opening; fell 5% below the issue price

SJS Enterprises (SJS) made its unlisted stock market debut, with the shares getting listed at Rs 540, a 0.37 per cent discount to its issue price of Rs 542 per share on the BSE. The stock opened at Rs 542 per share on the National Stock Exchange (NSE).

Post listing, the stock touched an intra-day low of Rs 515.10, 5 per cent lower than its issue price. On the other hand, it touched a high of Rs 550 in intra-day trade on BSE. The stock touched a high of Rs 549 and a low of Rs 515 on NSE.

At 10.18 am, SJS was trading at Rs 521, 4 per cent lower, against its issue price on BSE. In comparison, the S&P BSE Sensex was up 0.26 per cent at 60,843 points. Altogether 2.19 million equity shares had changed hands on NSE and BSE till the time of writing of this report.

The initial public offering (IPO) of SJS Enterprises received a weak response as the issue was subscribed twice or less than 1.59 times. The institutional share was subscribed 1.42 times; The data shows that the wealthy investor segment was subscribed 2.32 times and the retail investor segment 1.38 times.

The object of the offer is to satisfy an offer for sale of equity shares by the selling shareholders; And reap the benefits of listing equity shares on the stock exchanges. The Company will not receive any proceeds from the Offer and all such proceeds will go to the selling shareholders.

SJS is a ‘design-to-delivery’ player in the Indian decorative aesthetics industry serving the automotive (75 per cent of sales) and consumer appliance (25 per cent of sales) sectors. The company 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.

ICICI Securities said in the IPO note, “Aesthetics is a growing source of product differentiation for OEMs amidst wide customer preference for aesthetically pleasing, premium products. SJS is a part of a broad product portfolio of traditional as well as advanced technology offerings. With one of the industry leaders.” ,

Decorative aesthetics are unaffected by the EV transition and will instead tend to benefit from a kit value perspective. SJS has been one of the fastest growing players in aesthetics (FY14-20 at CAGR of ~15 per cent), while being the most profitable at EBITDA and PAT levels. It has net-cash b/s with a history of frequent CFO generation. Demonstrated ability to gain wallet share through the introduction of new products and locations; History of established client relationships, the brokerage firm said.

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