The initial public offering of SJS Enterprises Ltd. failed to garner strong investor interest, with the issue subscribing only 1.59 times. It is now the second-least subscribed issue of the year, only ahead of Macrotech Developers.
The issue ended with 32% and 51% subscriptions on day one and two, respectively.
The firm is selling shares at Rs 531-542 apiece, giving it a market value of up to Rs 1,649.7 crore at the upper end.
The initial share sale of the Bengaluru-based maker of aesthetics products for automotive to consumer appliance industries comprises an offer-for-sale by the subsidiary of private equity firm Everstone, Evergraph Holdings Pte, and promoter KA Joseph.
Selling shareholders are putting up 1.47 crore shares worth Rs 800 crore for sale, according to the draft red herring prospectus.
After the IPO, the promoter shareholding will fall to 50.4% from 98.8%.
Subscription Details: Day 3
The IPO was subscribed 1.59 times as of 5 p.m. on Nov. 3.
Institutional investors: 1.42 times.
Non-institutional investors: 2.32 times.
Retail investors: 1.38 times.
Research Reports on SJS Enterprises IPO:
Watch BloombergQuint's IPO Adda with SJS Enterprises:
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