The IPO is entirely an offer for sale (OFS) of shares worth up to Rs 688 crore by Evergraph Holdings and shares aggregating up to Rs 112 crore by KA Joseph, according to the DRHP.
The Bengaluru-based company had filed its Draft Red Herring Prospectus (DRHP) for the IPO with Sebi in July, obtained its final observation and approval on October 5, as per the Sebi processing status on Monday, October 11.
The company designs, develops and manufactures aesthetic products i.e 2D decals and body graphics, 2D appliques and dials, 3D appliques and dials, 3D badges (3D lux), domes, overlays, aluminium badges, IMLs, wheel covers, nameplates, radiator grills, bumper parts, bezels, door handles, instrument panel housings and aftermarket styling products.
Its customers include automotive OEMs such as Suzuki, Mahindra & Mahindra, John Deere, Volkswagen, Honda Motorcycle, Bajaj Auto, Royal Enfield; auto component suppliers such as Marelli, Visteon, Mindarika; consumer durable and appliance companies – Whirlpool, Panasonic, Samsung, Eureka Forbes, Godrej, Liebherr; medical device manufacturers – Sensa Core as well as sanitary ware manufacturers such as Geberit.
A CRISIL report quoted in the DRHP said it is one of the leading players in the Indian decorative aesthetics industry in terms of revenue.
SJS Enterprises reported a 16.4 per cent year-on-year (YoY) jump in its revenue from operations to Rs 251.62 crore for the fiscal 2021 against Rs 216.17 crore a year ago. Its profit after tax during the fiscal year 2021 stood at Rs 47.77 crore versus Rs 41.29 crore a year ago.
Axis Capital, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue.
