SJS Enterprises
Mainboard₹800 Cr issue
-0.37%
Listing gain over issue price
Issue size
₹800 Cr
1 lot at cut-off
₹14,634
Lot size
27shares
Open
01 Nov 2021
Close
03 Nov 2021
Allotment
10 Nov 2021
Listing
15 Nov 2021
Listing performance
Issue price
₹542
Listed at
₹540
Listing-day close
₹510.20
Latest price
₹1,873.50
Close on 23 Oct 2026
Listing gain
-0.37%
Return since issue
+245.66%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Nov 2021 – 03 Nov 2021
- Listing date
- 15 Nov 2021
- Face value
- ₹10 per share
- Issue price
- ₹542 per share
- Lot size
- 27 shares
- Total issue size
- ₹800 Cr
- Market cap at offer price
- ₹1,650 Cr
- Promoter holding
- 98.86% → 50.37% pre-issue → post-issue
- ISIN
- INE284S01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Sy No 28/P16 of Agra Village and, Sy No 85/P6 of B.M Kaval Village, Kengeri Hobli, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 44,28,043 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 27 shares per lot, in multiples, at ₹542
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 27 | ₹14,634 |
| Retail (max) | 13 | 351 | ₹1,90,242 |
| S-HNI (min) | 14 | 378 | ₹2,04,876 |
| S-HNI (max) | 68 | 1,836 | ₹9,95,112 |
| B-HNI (min) | 69 | 1,863 | ₹10,09,746 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
44,28,043
Anchor portion
₹240 Cr
at ₹542 per share
Valuation and performance
Valuation at offer price
₹542 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹1,650 Cr |
About SJS Enterprises
S.J.S. Enterprises Limited is one of the leading players in the Indian decorative aesthetics industry. Originally incorporated as a partnership firm in 1987, it was registered as a private limited company in 2005 and converted to a public limited company in 2021. The company offers the widest range of aesthetics products in India as of March 31, 2021, serving two-wheeler, passenger vehicle, commercial vehicle, consumer appliance, medical devices, farm equipment and sanitary ware industries. It operates as a design-to-delivery provider with capabilities in design, development and manufacturing of diverse aesthetic products. The company generates revenue by manufacturing and supplying decorative aesthetic components and solutions to OEMs and Tier-1 suppliers across multiple industries.
Company Analysis
from RHPS.J.S. Enterprises is a design-to-delivery aesthetics solutions provider manufacturing decorative aesthetic products for the automotive, consumer appliance, medical devices, farm equipment and sanitary ware industries.
S.J.S. Enterprises Limited is one of the leading players in the Indian decorative aesthetics industry. Originally incorporated as a partnership firm in 1987, it was registered as a private limited company in 2005 and converted to a public limited company in 2021. The company offers the widest range of aesthetics products in India as of March 31, 2021, serving two-wheeler, passenger vehicle, commercial vehicle, consumer appliance, medical devices, farm equipment and sanitary ware industries. It operates as a design-to-delivery provider with capabilities in design, development and manufacturing of diverse aesthetic products. The company generates revenue by manufacturing and supplying decorative aesthetic components and solutions to OEMs and Tier-1 suppliers across multiple industries.
Decorative aestheticsAutomotive two-wheelersPassenger vehiclesCommercial vehiclesConsumer appliancesMedical devicesFarm equipmentSanitary ware
Objects of the Issue
- To achieve the benefits of listing the Equity Shares on the Stock Exchanges p.17
- Offer for Sale by the Selling Shareholders ₹8,000.00 million p.1
- The Offer consists of an Offer for Sale by Selling Shareholders. Our Company will not receive any proceeds from the Offer. p.54
- Offer for Sale by Selling Shareholders ₹8,000.00 million p.327
Issue Structure
- Total Issue
- ₹8,000.00 million
- Offer for Sale
- Up to 14,760,146 Equity Shares aggregating up to ₹8,000.00 million
- Price Band
- ₹531 to ₹542 per Equity Share
- Lot Size
- 27 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company operates as a design-to-delivery aesthetics solutions provider, earning revenue by designing, developing and manufacturing decorative aesthetic products and supplying them to original equipment manufacturers (OEMs) and Tier-1 suppliers across automotive, consumer appliances, medical devices, farm equipment and sanitary ware sectors. Revenue generation is through sale of products and services to customers primarily in the automotive two-wheeler, passenger vehicle and consumer durables/appliances industries.
Business Segments
Manufacturing and supply of decorative aesthetic products for two-wheeler manufacturers
Manufacturing and supply of decorative aesthetic products for passenger vehicle manufacturers
Manufacturing and supply of decorative aesthetic products for consumer appliance manufacturers
The company manufactures painted and plated components through painting and plating processes for consumer appliances, automotive and personal care products.
The company manufactures printed and laminated labels, graphic overlays and membrane switches through printing and lamination processes.
Supplies decorative aesthetic components such as decals, 3D lux badges, 2D and 3D appliques and dials, overlays and other aesthetic products to two-wheeler manufacturers and their suppliers
Supplies decorative aesthetic components including 3D appliques and dials, 3D lux badges, IML/IMDs, chrome-plated parts and optical plastics to passenger vehicle manufacturers and their suppliers
Supplies decorative aesthetic components such as overlays, IML/IMDs, 3D lux badges, aluminium badges and chrome-plated parts to consumer appliance and durables manufacturers
Manufactures 3D lux badges, dials, decals, consumer appliance components and in-mould labelling/decoration parts
Entry into chrome plating and surface finishing processes
Manufacturing and selling of self-adhesive labels like automotive dials, overlays, badges and logos for automotive electronics and appliances industry
Supply of decorative aesthetic products to two-wheeler original equipment manufacturers and first-tier suppliers
Supply of decorative aesthetic products to passenger vehicle original equipment manufacturers and first-tier suppliers
Supply of decorative aesthetic products to consumer durables and appliances manufacturers including Whirlpool, Panasonic, Samsung, Eureka Forbes, Godrej and Liebherr
Manufacturing of self-adhesive labels such as automotive dials, overlays, badges and logos for the automotive, electronics and appliances industry
Manufacturing and supply of automobile components and other components (through subsidiary Exotech Plastics Private Limited)
SWOT Analysis
Strengths
- • Leading player in Indian decorative aesthetics industry with widest product range(p.17)
- • Design-to-delivery aesthetics solutions capability with diverse product portfolio(p.17)
- • Multi-industry customer base across automotive, appliances, medical devices and other segments(p.17)
- • Strong rooftop solar power generation reduces electricity costs(p.46)
- • Established manufacturing facility with significant unutilized capacity for expansion(p.45)
- • Growing export presence with expanding international revenue(p.45)
- • Leading aesthetics supplier with widest product coverage across decorative aesthetics in India(p.125)
- • Strong financial performance and track record with superior growth vs peers despite industry headwinds(p.127)
- • Long-standing customer relationships averaging 15 years with top 10 customers(p.127)
- • Flexible manufacturing capabilities with ability to interchange capacity and product mix across categories(p.126)
- • Strong innovation and in-house design capabilities with experienced NPD team representing 8.64% of workforce(p.126)
- • Experienced management team with significant industry tenure(p.128)
- • Strong balance sheet with low leverage and substantial cash reserves(p.128)
- • Diversified customer base with over 170 customers across 20 countries(p.125)
- • Advanced IT infrastructure with ERP and cloud-based disaster recovery systems(p.147)
- • Registered intellectual property including trademark registrations(p.147)
- • LEED Gold rated manufacturing facility and multiple international quality certifications(p.147)
- • Experienced workforce with stable tenure and low unionization risk(p.147)
- • Environmental initiatives including effluent water treatment and renewable energy adoption(p.147)
- • Comprehensive corporate social responsibility programs aligned with sustainable development(p.148)
- • Established accounting framework and rigorous financial controls(p.201)
- • Comprehensive asset base with significant PP&E value(p.213)
- • Strong intangible asset portfolio including customer relationships and goodwill(p.215)
- • Established market position with recurring customer base(p.241)
Weaknesses
- • High customer concentration with top 5 customers representing 62-64% of revenue(p.31)
- • Manufacturing facilities concentrated in only two locations (Bengaluru and Pune)(p.37)
- • Dependence on spot purchases without long-term supplier contracts(p.36)
- • No firm long-term commitment agreements with customers, relying on purchase orders(p.35)
- • Subsidiary (Exotech) experienced revenue decline of 5.8% in Fiscal 2021(p.30)
- • Land lease from KIADB carries compliance conditions and lack of renewal certainty(p.41)
- • Significant dependence on a few major customers with strict contract terms(p.44)
- • Restrictive non-compete and exclusivity covenants limit business flexibility(p.44)
- • High long-term spare parts supply obligation burdens cash flows(p.44)
- • Limited ability to protect confidential customer information(p.47)
- • Missing secretarial records create regulatory and legal exposure(p.52)
- • Unsecured borrowings subject to recall at any time by lenders(p.54)
- • High customer concentration with top 5 customers representing 62.66% of revenue in FY2021(p.143)
- • Heavy dependence on two-wheeler segment which contributed 58.01% of revenue in FY2021(p.143)
- • Low capacity utilization of only 44.07% at Bengaluru facility in FY2021 despite high installed capacity(p.126)
- • Significant dependence on imported raw materials with 33.74% of materials sourced from outside India(p.145)
- • High raw material costs representing 39.36% of revenue in FY2021(p.144)
- • Dependence on leased facilities with potential renewal and relocation risks(p.148)
- • Involvement in dispute regarding owned land parcel(p.148)
- • Insurance coverage may be inadequate for material risks(p.148)
- • Contingent liability related to disputed freehold land ownership(p.240)
- • Pending income tax disputes across multiple assessment years(p.211)
- • Excise duty dispute under protest(p.211)
- • High dependence on top customers(p.241)
Opportunities
- • Indian aesthetics market expected to grow at CAGR of 20% to reach ₹49.20 billion by FY2026(p.17)
- • Rising consumer demand for premium, aesthetically superior and technologically advanced products(p.17)
- • Exotech acquisition enhancing product portfolio and cross-selling opportunities(p.28)
- • Strategy to pursue selective inorganic growth opportunities and expand geographically(p.28)
- • Development of new technologies including IME, capacitive overlays and laser cutting(p.33)
- • Expansion into growing Indian domestic and export markets(p.45)
- • Production capacity expansion with minimal additional capex(p.45)
- • Growing aesthetic components demand across consumer durables and vehicles(p.48)
- • Indian aesthetics market projected to grow at 20% CAGR to reach ₹49.2 billion by FY2026(p.116)
- • Shift towards premium aesthetics products and technologies with higher realizations(p.125)
- • Growth in demand for advanced products like IML/IMD and optical plastics expected to grow at 32% and 31% CAGR respectively(p.117)
- • Passenger vehicle aesthetics expected to grow fastest at 25% CAGR(p.117)
- • Electric vehicle adoption driving higher aesthetic content and realizations(p.120)
- • Growing chrome-plated parts market expected to increase from 23-25% to 26-28% of total demand(p.129)
- • Expansion opportunities into new geographic markets with exports projected to grow at 11-13% CAGR(p.117)
- • Cross-selling opportunities with newly acquired subsidiary in chrome-plated products(p.129)
- • Expansion of CSR initiatives into new communities and regions(p.148)
- • Growth potential as automotive and consumer appliance industries recover post-COVID(p.150)
- • Subsidiary's planned recycling facility for liquid effluent reuse(p.147)
- • Expansion through acquisitions to enhance product portfolio(p.244)
- • Growth in international markets(p.241)
- • Increased capacity through capital investments(p.214)
Threats
- • COVID-19 pandemic causing disruptions to operations and customer demand uncertainty(p.29)
- • Automotive and consumer appliance industries experienced significant production declines in FY2021(p.33)
- • Cyclical and seasonal nature of automotive industry affecting demand predictability(p.42)
- • Raw material price volatility affecting profit margins(p.40)
- • Highly competitive fragmented aesthetics industry with low entry barriers for certain segments(p.34)
- • Risk of supply chain disruptions due to dependence on limited suppliers(p.36)
- • Regulatory risks related to hazardous chemical imports and restrictions(p.37)
- • Electricity supply disruptions and rising power costs impact profitability(p.46)
- • Hazardous materials handling risks threaten operations and liability exposure(p.47)
- • Transportation and supply chain disruptions from third-party dependencies(p.47)
- • Foreign currency exchange rate volatility affects profitability and export competitiveness(p.45)
- • Restrictive debt covenants limit operational and financial flexibility(p.49)
- • Environmental compliance costs and regulations threaten operations(p.47)
- • Inflation and input cost pressures may not be fully passed to customers(p.55)
- • Domestic production for two-wheelers, passenger vehicles and consumer durables declined 13%, 10% and 19% respectively in FY2021 due to COVID-19(p.126)
- • Second wave of COVID-19 and future lockdowns could impact supply chains and sales(p.125)
- • Highly competitive and fragmented industry with low barriers to entry in certain segments(p.147)
- • Many competitors are larger with greater financial resources and economic advantages(p.147)
- • Risk of customers backward integrating to manufacture competing aesthetic products(p.147)
- • Dependence on crude oil prices for export markets particularly Africa and Latin America(p.105)
- • EV penetration could reduce demand for certain traditional aesthetic components over long term(p.120)
- • COVID-19 pandemic impact on automotive and consumer appliance industries(p.149)
- • Risk of COVID-19 waves causing operational disruptions and demand uncertainty(p.149)
- • Regulatory compliance requirements across multiple environmental and labor laws(p.147)
- • Intellectual property protection challenges(p.147)
- • Dependence on customer evaluations for environment and safety compliance(p.148)
- • Customer concentration risk with top 5 customers comprising majority of revenue(p.241)
- • Exposure to foreign exchange volatility(p.238)
- • Dependence on short-term financing with floating interest rates(p.222)
- • Inventory obsolescence risk requiring provisions(p.217)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Evergraph Holdings Pte. Ltd. | Promoter/Selling Shareholder | 77.86% | — |
| K.A. Joseph | Promoter/Selling Shareholder | 20.74% | — |
| Evergraph | Promoter | 77.86% | 77.86% |
| K.A. Joseph | Promoter | 20.74% | 20.74% |
| K.A. Joseph | Promoter | — | — |
| K.A. Joseph | Promoter | 20.74% | — |
| Evergraph | Promoter Group | — | — |
| Evergraph Holdings Pte. Ltd. | Promoter/Holding Company | 77.86% | — |
| K.A. Joseph | Promoter | 20.74% | — |
| K.A. Joseph | Promoter | — | — |
Leadership
K.A. Joseph · Managing Director
Sanjay Thapar · Executive Director and CEO
Thabraz Hushain W. · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
SJS Enterprises IPO FAQs
What is the lot size of SJS Enterprises IPO?
The minimum lot size of SJS Enterprises IPO is 27 shares. One lot costs ₹14,634 at the cut-off price.
When does SJS Enterprises IPO open and close?
SJS Enterprises IPO opened for subscription on 01 Nov 2021 and closed on 03 Nov 2021.
What is the listing date of SJS Enterprises IPO?
SJS Enterprises IPO listed on 15 Nov 2021.