SJS Enterprises slides on debut

Shares of SJS Enterprises were currently trading at Rs 531.45 at 10.09 IST on the BSE, a discount of 1.95% compared with the issue price of Rs 542.

The scrip was listed at Rs 540, a discount of 0.37% to the issue price.

So far, the scrip has hit a high of 550.05 and a low of 515.10 in the trading session. Over 75,000 shares of the company changed hands in the counter on the BSE.

The initial public offer (IPO) of SJS Enterprises was subscribed 1.59 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%.

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.

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