Sanstar IPO Debuts with 14.7% Premium on NSE

26 Jul 2024 , 10:27 AM

Sanstar made a modest debut on the stock market on July 26, with its shares listing at ₹109 on the NSE, a 14.7% premium over the issue price of ₹95. The company’s initial public offering (IPO) raised a total of ₹510.15 Crore, consisting of a fresh issue of 4.18 Crore shares worth ₹397.10 Crore and an offer for sale (OFS) of 1.19 Crore shares, aggregating to ₹113.05 Crore.

The IPO was open for subscription from July 19 to July 23, with allotments finalized on July 24. The price band was set between ₹90 and ₹95 per share. Sanstar also raised ₹153.05 Crore from anchor investors on July 18.

The IPO saw overwhelming demand, being oversubscribed by 82.99 times. The retail segment subscribed 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 acted as the book-running lead manager for the IPO, while Link Intime India Pvt Ltd served as the registrar.

Founded in 1982, Sanstar is a significant player in the Indian market for specialty plant-based products and ingredient solutions. The net proceeds from the fresh issue will be utilized for capital expenditures at the Dhule Facility, repayment of existing borrowings, and general corporate purposes.