SJS Enterprises IPO fully subscribed on final day of bidding, QIB booked 1.4 times

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The initial public offering (IPO) of SJS Enterprises has been subscribed fully at 1.59 times on the final day of bidding, with investors putting bids for 1.67 crore equity shares against the IPO size of 1.05 crore equity shares.

Retail investors portion has been subscribed by 1.38 times, while the portion set aside for non-institutional investors subscribed 2.32 times.

The portion set aside for Qualified Institutional Buyers booked 1.42 times.

Broking house Hem Securities has put a subscribe rating on the issue.

The company, being a leading aesthetics solution provider with an extensive suite of premium products in a growing industry, has strong manufacturing capabilities supported by an established supply chain and delivery mechanism, said Hem Securities.

Company has strong innovation and product design and development capabilities with long-standing customer relationships & has a strong financial position and track record of financial performance, it added.

Also Read - SJS Enterprises IPO | 10 key things to know before subscribing to it

Canara Bank Securitas, ICICI Direct and Choice Equity Broking have also put subscribe recommendations to the issue.

The offer is totally an offer for sale issue of up to Rs 710 crore by Evergraph Holding Pte Ltd; and up to Rs 90 crore by K.A. Joseph.

As it is entirely an offer for sale, the company will not receive any money from the IPO. All the money will go to the promoters.

The object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges.

The company supplied over 115 million parts with more than 6,000 SKUs (stock-keeping units) in FY21 to around 170 customers in approximately 90 cities across 20 countries.

The company will finalise IPO share allotment on November 10 and the funds will be refunded to unsuccessful investors by November 11. Equity shares to eligible investors will be credited to their demat accounts by November 12.

The company will make a debut on the BSE and NSE on November 15.

SJS Enterprises recorded profit of Rs 47.76 crore in the year ended FY21, increasing from Rs 412.85 crore in FY20, and revenue in the same period, increased to Rs 251.61 crore from Rs 216.17 crore. In the quarter ended June 2021, the company had a profit of Rs 9.5 crore on revenue of Rs 74.3 crore.