It is among the three issues, opening in the holiday trimmed first week of the new month. PB Fintech and Sigachi Industries are two other issues hitting the primary market during the same window.
According to the data from National Stock Exchange (NSE), the issue garnered bids for 23,33,070 equity shares as of 1.05 pm on the day 1, as against a total issue size of 1,05,46,140 equity shares.
Only retail bidders have shown their interest in the IPO on Day 1 thus far, with their portion subscribed 30 per cent. Institutional and high net worth investors’ quota did not see any bets, the data from NSE suggested.
Majority of analysts are positive about the issue, thanks to its solid track record, robust portfolio, strong relationship with top tier clientage and supply chain network.
“At a higher price band of Rs 542, SJS is demanding a P/E multiple of 31.7x, which seems to be on a higher side. Thus considering the above observations we assign a “Subscribe with Caution” rating for the issue,” said Choice Broking.
SJS Enterprises is a leading player in the Indian decorative aesthetics industry offering the widest range of aesthetics products in the country.
The company is selling its shares in the range of Rs 531-542 apeice, with no major interest from the grey market participants, where activity in its shares has not started yet.
Marwadi Shares and Finance, which has a ‘subscribe’ rating on the issue said that considering the FY-21 adjusted EPS of Rs 15.69 on the post-issue basis, the company is going to list at a P/E of 34.54 with a market cap of Rs 16,497 million.
