SJS Enterprises Ends 6% Lower On Stock Market Debut

Shares of SJS Enterprises Ltd. declined on market debut after its initial public offering failed to garner investor interest.

The stock listed at Rs 540 apiece, a 0.3% discount to its IPO price of Rs 542, according to Bloomberg data. The stock swung between gains and losses and eventually ended at Rs 510, 5.9% lower.

The IPO witnessed 1.59 times more demand than the shares on offer, the least subscribed issue so far this year after Macrotech Developers.

The initial share sale of the Bengaluru-based maker of aesthetics products for automotive to consumer appliance industries was an offer-for-sale by the subsidiary of private equity firm Everstone, Evergraph Holdings Pte, and promoter KA Joseph.