SJS Enterprises Ltd IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 14th December 2022 - 09:02 am

The Rs.800 crore IPO of SJS Enterprises Ltd, consisting entirely of offer for sale (OFS) of Rs.800 crore, saw a tepid response on Day-1 and Day-2. However, the issue just about got subscribed on Day-3.

As per the combined bid details put out by the BSE, SJS Enterprises Ltd IPO was subscribed 1.59X overall at the close of Day-3, with just about sufficient demand coming only from retail, QIBs and HNI segments. The issue has already closed on 03rd November.

As of close of 03rd November, out of the 105.46 lakh shares on offer in the IPO, SJS Enterprises Ltd saw bids for 167.98 lakh shares. This implies an overall subscription of 1.59X. The granular break-up of subscriptions was equally distributed across retail investors, HNIs and QIBs. QIB bids and NII bids typically came in only on the last day of the IPO.

SJS Enterprises Ltd IPO Subscription Day-3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	1.42 Times
Non Institutional Investors (NII)	2.32 Times
Retail Individuals	1.38 Times
Employees	N.A.
Overall	1.59 times

QIB Portion

The QIB portion of the IPO saw 1.42X subscription at the close of Day-3. On 29th October, SJS Enterprises Ltd did an anchor placement of 44,28,023 lakh shares at the upper end of the price band of Rs.542 to 18 anchor investors raising Rs.240 crore.

The list of QIB investors including a number of marquee names like Tara Emerging Asia, Societe Generale, Nomura, Goldman Sachs, Citigroup, Axis MF, Franklin Templeton MF, Aditya Birla Sun Life Insurance, Edelweiss, Avendus; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 30.13 lakh shares of which it has got bids for 42.71 lakh shares as of the close of Day-3 of the IPO. QIB bids typically get bunched on the last day, but anchor response had hinted at a much better response for the IPO.

HNI / NII Portion

The HNI portion of the SJS Enterprises IPO got subscribed 2.32X (getting applications for 52.35 lakh shares against the quota of 22.60 lakh shares). This is a decent response at the close of Day-3 and this segment normally sees response on the last day. That is because, bulk of the funded applications and corporate applications, come in on the last day.

Retail Individuals

The retail portion was subscribed 1.38X at the close of Day-3, showing mediocre retail appetite. Retail allocation for this IPO is 35% of the offer size. For retail investors; out of the 52.73 lakh shares on offer, valid bids were received for 72.92 lakh shares, which included bids for 57.90 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.531 – Rs542) has closed for subscription on 03rd November 2021.

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