Shares of SJS Enterprises Limited made weak stock market debut on Monday as it opened for trading at Rs 540 per share compared with its issue price of Rs 542 per share. The stock fell as much as 6.13 per cent to hit an intraday low of Rs 508.75 on the BSE. On the National Stock Exchange, SJS Enterprises shares hit an intraday low of Rs 508.40.
SJS Enterprises share sale via initial public offering (IPO) received tepid response from investors as the issue was subscribed 1.59 times. The company raised Rs 1,600 crore in the IPO which consisted of an offer for sale worth Rs 800 crore from its existing shareholders Evergraph and K.A. Joseph and fresh issue of Rs 800 crore.
Among various category of investors, SJS Enterprises IPO was subscribed 1.42 times by the Qualified Institutional Buyers (QIBs), Non Institutional Investors portion was subscribed 2.32 times while portion set aside for retail investors was subscribed 1.38 times, data from the National Stock Exchange showed.
SJS Enterprises is a 'design-to-delivery' aesthetics solutions provider with a diverse product offering for the automotive and consumer appliance industries. Its product offerings include - decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D lux badges, domes, overlays, aluminum badges, among others.
As of 10:52 am, SJS Enterprises shares were trading 3.73 per cent lower, from its issue price, at Rs 521.80 per share.
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