Stocks of SJS Enterprises IPO made a flat debut on exchanges on Monday, unlike Policybazar IPO, which opened at a 17% premium and Sigachi Industries that opened on a whooping 250% premium. SJS Enterprises shares opened at Rs 540 per share against issue price of 542 a piece on the BSE.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

See Zee Business Live TV Streaming Below:

"​SJS Enterprise opened negatively on listing at Rs 542.70 on NSE. Book profits due to muted subscriptions by participants. One may add position later based on earnings," said Manoj Dalmia, Founder and Director, Proficient Equities.

"SJS Enterprises Ltd's listing ceremony will be held at the NSE on Monday, 15th November 2021. The spokespersons for the media interactions will be KA Joseph, Managing Director, and Sanjay Thapar, Executive Director, and Chief Executive Officer," said the company.  

The initial public offer of SJS Enterprises had received a lackluster response as the issue was subscribed 1.59 times on the last day. The Rs 800-crore IPO received bids for 1,67,97,537 shares against 1,05,46,140 shares on offer, according to the NSE data. The category for the Qualified Institutional Buyers (QIBs) received 1.42 times subscription, while that for the non-institutional investors 2.32 times and the retail individual investors (RIIs) 1.38 times.  

SJS Enterprises had also raised Rs 240 crore from anchor investors. The company has fixed a price band of Rs 531-542 a share for this public offering. 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. It caters to the requirements of the two-wheeler, passenger vehicle, commercial vehicle, consumer appliance, medical devices, farm equipment and sanitaryware industries.  

Zee Business Manging Editor Anil Singhvi recommended to apply for this IPO with long-term view. He said strong promoters with a good track record, debt-free, cash-rich company with strong cash flows and visible growth opportunities are working well for the company. "The only negative for this IPO is that valuations are not very attractive," said Singhvi.