Sanstar, a leading manufacturer of plant-based specialty products and ingredient solutions, has raised ₹153.04 Crore from 12 anchor investors on July 18, just a day before its IPO opens. The initial public offering (IPO) is set to begin on July 19 and will be open for bidding until July 23.
Key Details of the Anchor Investment
Five major institutional investors have played a significant role in this anchor investment:
These institutions collectively invested ₹70 Crore. Additionally, other notable investors, including Gagandeep Credit Capital, Negen Undiscovered Value Fund, Intuitive Alpha Investment Fund, Chattisgarh Investments, Minerva Emerging Opportunities Fund, SB Opportunities Fund, and Finavenue Capital Trust, contributed ₹83.04 Crore.
Sanstar has finalized the allocation of 1,61,10,000 equity shares to these anchor investors at a price of ₹95 per share. The company announced that 36,84,450 shares were allocated to two domestic mutual funds through a total of three schemes.
IPO Details
Sanstar aims to raise ₹510.15 Crore through its IPO, which comprises:
The price band for the IPO is set at ₹90-95 per share. Of the total issue size:
Investors can bid for a minimum of 150 equity shares and in multiples of 150 shares thereafter.
Utilization of Funds
The proceeds from the fresh issue will be utilized for the following purposes:
About Sanstar
Sanstar, based in Ahmedabad, is renowned for its diverse range of products, including liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and various co-products like germs, gluten, fiber, and enriched protein.
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