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India’s leading decorative aesthetics player SJS Enterprises made a muted debut on the bourses on November 15. Shares of the company opened for trading flat to its issue price of Rs 542 per share. The stock opened at Rs 542 apiece on the National Stock Exchange (NSE) and at Rs 540 on the BSE.

The issue received a tepid response from investors as it got subscribed 1.59 times. It received bids for 1,67,97,537 shares as against 1,05,46,140 crore shares on offer, according to stock exchange data. The category for Qualified Institutional Buyers (QIBs) received 1.42 times subscription, while that for non institutional investors 2.32 times and retail individual investors (RIIs) 1.38 times.

Ahead of the IPO the company had raised Rs 240 crore from anchor investors.

SJS Enterprises is one of the leading players in the Indian decorative aesthetics industry in terms of revenue in Fiscal 2020 and as on March 31, 2021. The company is a “design-to-delivery” aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of customers primarily in the automotive and consumer appliance industries.

In addition to manufacturing aesthetics products that cater to the requirements for two-wheeler, passenger vehicle and consumer appliance industries, company also manufactures a wide range of aesthetics products that cater to the requirements of the commercial vehicles, medical devices, farm equipment and sanitary ware industries.

The company reported a consolidated net profit of Rs 9.50 crore and sales of Rs 74.27 crore in the quarter ended on June 30, 2021.