Sanstar’s initial public offering (IPO) made a strong debut on the National Stock Exchange (NSE), listing at ₹109 per share, a 14.7% premium over its issue price of ₹95. The IPO, which closed on July 23, was a book-built issue totalling ₹510.15 crores, comprising a fresh issue of 4.18 crore shares worth ₹397.10 crore and an offer for sale of 1.19 crore shares aggregating to ₹113.05 crore.
The IPO opened for bidding on July 19 and saw overwhelming demand, being oversubscribed by 82.99 times. The retail segment was subscribed 24.23 times, the Qualified Institutional Buyers (QIB) segment 145.68 times, and the Non-Institutional Investors (NII) segment 136.49 times. The price band for the IPO was set between ₹90 and ₹95 per share.
Sanstar also raised ₹153.05 crore from anchor investors on July 18. Pantomath Capital Advisors Pvt Ltd served as the book-running lead manager for the IPO, with Link Intime India Pvt Ltd acting as the registrar.
Founded in 1982, Sanstar specializes in speciality plant-based products and ingredient solutions. The net proceeds from the fresh issue will be used for capital expenditures to expand the Dhule Facility, repay or prepay existing borrowings, and for general corporate purposes. The positive response to the IPO reflects strong investor confidence in the company’s growth prospects in the Indian market.
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