SJS Enterprises’ IPO fully subscribed on Day-3; NII portion booked 2.32 times

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 1,67,97,537 shares against the offered 1,05,46,140 equity shares, as per the 5:00 pm data available on the bourses.

The portion set aside for non-institutional investors has been subscribed 2.32 times. Qualified institutional buyers had put in bids for 1.42 times of their portion and retail investors 1.38 times. The issue was subscribed 1.59 times.

The initial public offering was entirely an offer for the sale of shares worth Rs 710 crore by Evergraph Holdings Pte Ltd and shares to the tune of Rs 90 crore by KA Joseph.

As per Crisil Research, the size of the decorative aesthetic market in India catering to OEMs was at ~| 1,990 crore in FY21, with 2-W, PV & consumer durables comprising 52-54%, 37-39% and 8-10% of demand, respectively. Globally, the decorative aesthetics industry for major PV markets like US & EU was at US$2.7 billion in CY19, as per Crisil Research. The primary drivers of this growth are emanating from increasing demand for aesthetics from 2 wheelers, passenger vehicles and consumer durables.

Axis Capital Limited, Edelweiss Financial Services Limited and IIFL Securities Limited were the Book Running Lead Managers to the Offer (“BRLM”).

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( With inputs from indiainfoline)