Shares of SJS Enterprises Ltd. declined on market debut after its initial public offering failed to garner investor interest.
The stock listed at Rs 540 apiece, a 0.3% discount to its IPO price of Rs 542, according to Bloomberg data. The stock swung between gains and losses and eventually ended at Rs 510, 5.9% lower.
The IPO witnessed 1.59 times more demand than the shares on offer, the least subscribed issue so far this year after Macrotech Developers.
The initial share sale of the Bengaluru-based maker of aesthetics products for automotive to consumer appliance industries was an offer-for-sale by the subsidiary of private equity firm Everstone, Evergraph Holdings Pte, and promoter KA Joseph.
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