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Goldman Sachs, Nomura, others come to anchor Everstone-backed SJS Enterprises’ IPO
Photo Credit: VCCircle

Goldman Sachs and Nomura are among 18 investors to participate in the Rs 240 crore anchor investment in the initial public offering (IPO) of SJS Enterprises Limited, the company said. 

Everstone Capital-backed SJS Enterprises, which filed IPO draft papers in July end, plans to raise Rs 800 crore. 

The IPO is a pure offer for sale of up to Rs 710 crore by Evergraph Holdings Pte, a subsidiary of Singapore-based private equity firm Everstone Capital, and up to Rs 90 crore by KA Joseph. 

The issue with a price band of Rs 531-542 a share opens for subscription on Monday, November 1 and closes on Wednesday, November 3. 

Other foreign portfolio investors who were anchors were Tara Emerging Asia Liquid Fund, Societe Generale and Citigroup. 

They were allocated 44.28 lakh equity shares at a price of Rs 542 per share. 

Domestic investors include Axis Mutual Fund, Franklin MF, Aditya Birla Sun Life Insurance, Avendus and Edelweiss, which were allocated a total of 21.21 lakh shares amounting to approximately Rs 115 crore, 47.91% of the total anchor book size. 

Axis Capital, Edelweiss Financial Services and IIFL Securities are the book running lead managers to the issue. 

In 2015, private equity firm Everstone Capital had picked up a controlling 51% equity stake in the Bangalore-based auto ancillary manufacturer SJS Enterprises. 

About SJS

SJS Enterprises is one of the leading players in the Indian decorative aesthetics industry, offering the widest range of aesthetics products in India. It 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. 

Its product offerings include 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. 

It has supplied over 11.5 cr parts with more than 6,000 SKUs in fiscal 2021 to around 170 customers in approximately 90 cities across 20 countries. 

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

For fiscal year 2021, its revenue from operation was Rs 251.62 crore against Rs 216.17 crore last year. Net profit for the year stood at Rs 47.77 crore versus Rs 41.29 crore a year ago. 

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