Sanstar IPO ends with blockbuster subscription.
The offer received bids for 311.94 crore shares against 3.75 crore shares available.
Sanstar's initial public offer (IPO) garnered 3,11,94,96,150 bids for shares, compared to the 3,75,90,000 shares on offer, as per stock exchange data at 17:45 IST on Tuesday, 23 July 2024. The issue was subscribed 82.99 times.
The Qualified Institutional Buyers (QIBs) category saw a subscription rate of 145.68 times. The Non-Institutional Investors (NIIs) category was subscribed 136.50 times, and the Retail Individual Investors (RIIs) category was subscribed 24.23 times.The issue opened for bidding on Friday, 19 July 2024, and closed on Tuesday, 23 July 2024. The IPO price band was set at Rs 90 to 95 per share. Investors could place bids for a minimum of 150 equity shares and in multiples thereafter.The IPO includes a fresh issue of up to 4.18 crore equity shares and an offer for sale of up to 1.19 crore equity shares. The net proceeds from the fresh issue will be utilised to fund capital expenditure of Rs 181.56 crore for the expansion of the Dhule facility, repay and prepay, in part or in full, borrowings of Rs 100 crore, and the remaining amount will be allocated for general corporate purposes. Prior to the IPO, Sanstar raised Rs 153.04 crore from anchor investors on Wednesday, 18 July 2024. The board allocated 1.61 crore shares at Rs 95 each to 12 anchor investors.
Established on February 26, 1982, the Sanstar Group initially included two entities: Sanstar and Sanstar Bio Polymers. The group specialises in producing maize-based specialty products and ingredient solutions, along with co-products like gluten, germ, and bran. On November 23, 2023, Sanstar and Sanstar Bio Polymers were officially merged.
Sanstars offers a diverse range of products, including liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and co-products such as germs, gluten, fibre, and enriched protein. For the twelve months ending on 31 March 2024, the company reported a net profit of Rs 66.77 crore and sales amounting to Rs 1,067.27 crore.
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