Sanstar gains on debut

Shares of Sanstar were currently trading at Rs 112.70 at 10:12 IST on the BSE, representing a premium of 18.63% as compared with the issue price of Rs 95.

The scrip was listed at Rs 106.40, exhibiting a 12% premium to the issue price.

So far, the stock has hit a high of 115 and a low of 106.40 On the BSE, over 24.52 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Sanstar was subscribed 82.99 times. The issue opened for bidding on 19 July 2024 and it closed on 23 July 2024. The price band of the IPO was fixed at Rs 90 to 95 per share.

 

The IPO comprised 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.

Incorporated on26 February 1982, the Sanstar Group comprised two 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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