SJS Enterprises Ltd IPO - Subscription Day 2
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 that continued on Day-2 also.
As per the combined bid details put out by the BSE, SJS Enterprises Ltd IPO was subscribed just 0.51X overall at the end of Day-2, with demand coming only from the retail segment with hardly any response from the QIBs or the HNIs. The issue closes on 03rd November.
As of close of 02nd November, out of the 105.46 lakh shares on offer in the IPO, SJS Enterprises Ltd saw bids for 53.88 lakh shares.
This implies an overall subscription of 0.51X. The granular break-up of subscriptions were tilted in favour of retail investors with HNIs and QIBs hardly participating even on the second day of the IPO. QIB bids and NII bids typically come in only on the last day of the IPO.
SJS Enterprises Ltd IPO Subscription Day-2
|
Category |
Subscription Status |
|
Qualified Institutional Buyers (QIB) |
0.00 Times |
|
Non Institutional Investors (NII) |
0.06 Times |
|
Retail Individuals |
1.00 Times |
|
Employees |
N.A. |
|
Overall |
0.51 times |
QIB Portion
The QIB portion of the IPO saw nil subscription at the end of Day-2 also. 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 Nil shares as of Day-2 of the IPO. QIB bids typically get bunched on the last day, but anchor response has been robust and that is good news.
Check - SJS Enterprises Ltd IPO - Subscription Day 1
HNI / NII Portion
The HNI portion got subscribed 0.06X (getting applications for 1.36 lakh shares against the quota of 22.60 lakh shares). This is a very tepid response on Day-2 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, so the actual picture should get better.
Retail Individuals
The retail portion was subscribed a robust 1.00X at the end of Day-2, showing strong 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 52.52 lakh shares, which included bids for 41.96 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.531 – Rs542) and will close for subscription on 03rd November 2021.
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