Stock Market

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

Mumbai, November 03, 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 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 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”).
SJS Enterprises 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.

The products include 2D decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D badges (3D lux), domes, overlays, aluminium badges, IMLs, wheel covers, nameplates, radiator grills, bumper parts, bezels, door handles, instrument panel housings and aftermarket styling products.

It has supplied over 11.5 cr parts with more than 6,000 SKUs in Fiscal 2021 to around 170 customers in approximately 90 cities across 20 countries.

This news was shared to Prittle Prattle News via press release.

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