Sanstar (IPO) opens on July 19, 2024, and closes on July 23, 2024. The allotment for the Sanstar IPO is anticipated to be completed on Wednesday, July 24, 2024. The IPO will be listed on the NSE and BSE, with a tentative listing date set for Friday, July 26, 2024.
The price band for the Sanstar IPO is set at Rs 90 to Rs 95 per share. The IPO is a book-built issue of Rs 510.15 crores, entirely a fresh issue of 4.18 crores shares.
Sanstar IPO Details
| IPO Date | July 19, 2024 to July 23, 2024 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price | ₹90 to ₹95 per share |
| Lot Size | 150 Shares |
| Total Issue Size | 53,700,000 shares (aggregating up to ₹510.15 Cr) |
| Fresh Issue | 41,800,000 shares (aggregating up to ₹397.10 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre-issue | 140,444,250 |
| Shareholding post issue | 182,244,250 |
| Offer For Sale | 11,900,000 shares of ₹2 (aggregating up to ₹113.05 Cr) |
Sanstar IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 150 | ₹14,250 |
| Retail (Max) | 14 | 2100 | ₹199,500 |
| S-HNI (Min) | 15 | 2250 | ₹213,750 |
| S-HNI (Max) | 70 | 10500 | ₹997,500 |
| B-HNI (Min) | 71 | 10650 | ₹1,011,750 |
Sanstar IPO Objectives
The Net Proceeds of the Fresh Issue, i.e., Gross Proceeds of the Fresh Issue less the offer expenses apportioned to the Company are proposed to be utilized in the following manner:
- Funding the capital expenditure requirement for the expansion of the Dhule Facility;
- General Corporate Purpose.
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company, and;
About Sanstar Limited
Sanstar Limited, headquartered in Ahmedabad, operates in the food and industrial products sector, offering a wide range of products including dried glucose solids, liquid glucose, maltodextrin, dextrose monohydrate, and native and modified starches derived from maize. These products serve various purposes in different industries: in food products, they function as ingredients, thickeners, stabilizers, sweeteners, emulsifiers, and additives, used in items such as baked goods, confectionery, pasta, soups, ketchup, sauces, creams, and desserts; in pet food products, they are utilized as nutritional ingredients.
Sanstar Limited Financial Information
Sanstar Limited’s revenue decreased by -10.58% and profit after tax (PAT) rose by 59.71% between the financial year ending with March 31, 2024, and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 527.57 | 368.35 | 207.45 |
| Revenue | 1,081.68 | 1,209.67 | 504.77 |
| Profit After Tax | 66.77 | 41.81 | 15.92 |
| Net Worth | 215.91 | 149.28 | 48.97 |
| Reserves and Surplus | 225.18 | 158.41 | 55.69 |
| Total Borrowing | 127.64 | 111.70 | 85.22 |
Sanstar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Sanstar IPO Timeline
Sanstar IPO opens on July 19, 2024, and closes on July 23, 2024.
| IPO Open Date | Friday, July 19, 2024 |
| IPO Close Date | Tuesday, July 23, 2024 |
| Basis of Allotment | Wednesday, July 24, 2024 |
| Initiation of Refunds | Thursday, July 25, 2024 |
| A credit of Shares to Demat | Thursday, July 25, 2024 |
| Listing Date | Friday, July 26, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 23, 2024 |
Conclusion
Sanstar Limited’s IPO, opening on July 19, 2024, and closing on July 23, 2024, is a book-built issue with a price band of Rs 90 to Rs 95 per share, aiming to raise Rs 510.15 crores through a fresh issue of 4.18 crores shares. The IPO will be listed on the NSE and BSE with a tentative listing date of July 26, 2024. The funds will be used for capital expenditure for the Dhule facility, general corporate purposes, and debt repayment. Despite a revenue decline of 10.58% from FY 2023 to FY 2024, the company’s profit after tax rose by 59.71%. The allotment will be completed by July 24, 2024, with refunds and share credits processed by July 25, 2024.
