The offer received bids for 7.19 crore shares as against 3.75 crore shares on offer.
The initial public offer (IPO) of Sanstar received 7,19,59,350 bids for shares as against 3,75,90,000 shares on offer, according to stock exchange data at 17:00 IST on Thursday (19 July 2024). The issue was subscribed 1.91 times.
The issue opened for bidding on Thursday (19 July 2024) and it will close on Tuesday (23 July 2024). The price band of the IPO is fixed at Rs 90 to 95 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
The IPO comprises fresh issue of up to 4.18 crore equity shares and offer for sale of up to 1.19 crore equity shares.
The net proceeds will be used from the fresh issue to fund capital expenditure of Rs 181.56 crore for expansion of the Dhule facility, repayment and pre-payment, in part or in full, of borrowings of Rs 100 crore, and the balance towards general corporate purposes.
Ahead of the IPO, Sanstar on Wednesday, 18 July 2024, raised Rs 153.04 crore from anchor investors. The board allotted 1.61 crore shares at Rs 95 each to 12 anchor investors.
Incorporated on February 26, 1982, the Sanstar Group comprisedtwo entities: Sanstar and Sanstar Bio Polymers. The group manufactures maize-based specialty products and ingredients solutions and its co-products such as gluten, germ and bran. Sanstar and Sanstar Biopolymers were merged on November 23, 2023.
Sanstars products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein.
The firm reported a net profit of Rs 66.77 crore and sales of Rs 1,067.27 crore for the twelve months ended on 31 March 2024.
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First Published: Jul 19 2024 | 5:41 PM IST
