S.J.S. Enterprises’ IPO Retail portion fully subscribed on Day 2

 S.J.S. Enterprises’ IPO Retail portion fully subscribed on Day 2

Mumbai, November 2, 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 53,87,877 shares against the offered 1,05,46,140 equity shares, as per the 5:00 pm data available on the bourses.

Retail investors showed interest in the IPO as the portion set aside and fully subscribed. The reserved portion of non-institutional investors witnessed a subscription of 0.06 times. Qualified institutional investors are yet to bid for subscriptions. Issue was subscribed 0.51 times.

The initial public offering is 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.

Key brokerage houses like ICICI Direct, Canara Bank Securities and HEM Securities have given recommendations of "Subscribe" to the issue for long term perspective while highlighting the key strengths of the company like (a) Long standing customer relationship (b) Advanced technology products (c) Strong manufacturing capabilities and (d) Strong innovation and product design. SJS Enterprises ltd is one of the leading players in the INR 19 billion Indian decorative industry. Furthermore, the company is a design to delivery aesthetics solution provider with strong manufacturing footprint and global distribution capabilities.

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 are the Book Running Lead Managers (“BRLMs”).

Company Information

The Company is one of the leading decorative aesthetics suppliers with the widest product coverage across decorative aesthetics pertaining to major vehicle segments such as two-wheelers, passenger vehicles and consumer durables (source: CRISIL Report). In addition, it 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 (source: CRISIL Report). The Company has supplied over 115 million parts with more than 6,000 stock keeping units in Fiscal 2021 to around 170 customers in approximately 90 cities across 20 countries.

 

The Company designs, develops and manufactures aesthetic products i.e., decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux badges, domes, overlays, aluminium badges, in-mold label or in-mold decorations, lens mask assembly and chrome-plated, printed and painted injection moulded plastic parts.

 (Subscription table below)