SJS Enterprises shares slip nearly 4% on bourses after flat listing; what should investors do now?
The companys shares witnessed a mute debut on the exchanges at Rs 540 per share as same as the issue price of Rs 540 at an upper end.
After making a flat debut earlier on Monday morning, the SJS Enterprises shares are trading weak on intraday today. The stock declined around 4 per cent to Rs 520.75 per share on the BSE intraday as compared to listing (Rs 540) and issue price (Rs 542).
The company’s shares witnessed a mute debut on the exchanges at Rs 540 per share as same as the issue price of Rs 540 at an upper end. Founder & Director of Proficient Equities, Manoj Dalmia, in his post listing commented: “Profits were booked due to muted subscriptions by participants, and one may add position later based on the company’s quarterly earnings.”
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The counter made a 52-week high of Rs 551 per share and registered Rs 508 per share as a 52-week low on the BSE and the NSE during the listing earlier today.
The Rs 800-crore initial public offer (IPO) of SJS Enterprises has received a lackluster response as the issue was subscribed 1.59 times on the final day. The offer was launched between 1-3 November 2021, had received bids for 1,67,97,537 shares against 1,05,46,140 shares offer, as per the NSE data.
Similarly, in his IPO preview, Zee Business Managing Editor Anil Singhvi recommended to apply with a long-term view. He said strong promoters with a good track record, a debt-free, cash-rich company with strong cash flows, and visible growth opportunities are working well for the company.
On the contrary, the managing editor had said, “The only negative for this IPO is that valuations are not very attractive.”
SJS Enterprises is a leading player in the Indian decorative aesthetics industry, offering a wide range of aesthetics products in the country. It is a ‘design-to-delivery’ aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio.
The company caters to the requirements of the two-wheeler, passenger vehicle, commercial vehicle, consumer appliance, medical devices, farm equipment and sanitaryware industries.
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