Sanstar's initial public offering (IPO) made a decent debut on July 26 with shares of the company listing at Rs 109 on NSE, a premium of 14.7 percent when compared to its issue price of Rs 95.
Sanstar's IPO is a book-built issue totaling Rs 510.15 crore. The IPO is the combination of a fresh issue of 4.18 crore shares, amounting to Rs 397.10 crore, and an offer for sale of 1.19 crore shares, aggregating to Rs 113.05 crore.
The Sanstar IPO opened for bidding on July 19 and closed on July 23. Allotments for the IPO were finalised on July 24. The price band for the IPO was set between Rs 90 and Rs 95 per share.
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Sanstar raised Rs 153.05 crore from anchor investors, with the anchor bid on July 18. The Sanstar IPO was heavily oversubscribed by 82.99 times as of July 23. The public offering saw significant demand across all categories, with the retail segment subscribing 24.23 times, the Qualified Institutional Buyers (QIB) segment 145.68 times, and the Non-Institutional Investors (NII) segment 136.49 times.
Pantomath Capital Advisors Pvt Ltd was the book-running lead manager for the IPO, while Link Intime India Pvt Ltd was the registrar for the issue.
Founded in 1982, Sanstar is a key player in the Indian market for specialty plant-based products and ingredient solutions. The net proceeds from the fresh issue, after deducting the offer expenses allocated to the company, will be used to fund capital expenditures for the expansion of the Dhule Facility, repay/prepay existing borrowings, and address general corporate purposes.
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