Sanstar Limited IPO: Price Band, Lot Size, Financials & Review
Sanstar Limited IPO listed on BSE & NSE on Fri, 26 Jul 2024. The issue was subscribed 82.99x overall.
- Open Date
- 19 Jul 2024
- Close Date
- 23 Jul 2024
Last updated
- Price band
- ₹90 – ₹95
- Lot size
- 150 shares
- Min. investment
- ₹14,250
- Issue size
- ₹510.15 Cr
- Last GMP
- +₹25
- Subscribed
- 🔥 82.99x
Sanstar Limited IPO details
Sanstar Limited IPO is a ₹510.15 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹397.1 Cr (77.84%) with an offer for sale of ₹113.05 Cr (22.16%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Fri, 19 Jul 2024 to Tue, 23 Jul 2024. Allotment was finalised on Wed, 24 Jul 2024, and the shares listed on BSE & NSE on Fri, 26 Jul 2024.
The price band is ₹90 to ₹95 per share and the lot size is 150 shares, so the minimum retail application is ₹14,250. Retail investors can apply for up to 14 lots (2,100 shares, ₹1,99,500).
MUFG Intime India Pvt Ltd is the registrar, and Pantomath Capital Advisors Pvt Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Sanstar Limited IPO GMP before listing was +₹25 (+26.32% against the upper price band of ₹95), implying an estimated listing price of ₹120. Across 10 days of tracking, GMP ranged from +₹30 (22 Jul) to +₹44 (15 Jul).
| Last GMP | +₹25 |
|---|---|
| GMP vs upper band | +26.32% |
| Estimated listing price | ₹120 |
| Highest (15 Jul) | +₹44 |
| Lowest (22 Jul) | +₹30 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Sanstar Limited IPO day-wise GMP.
Subscription
Day-wise subscription →Sanstar Limited IPO was subscribed 82.99x overall: QIB 145.68x, NII 136.50x and retail 24.23x.
| Category | Subscribed |
|---|---|
| QIB | 145.68x |
| NII | 136.50x |
| └ bNII (above ₹10 lakh) | 149.44x |
| └ sNII (₹2–10 lakh) | 110.61x |
| Retail | 24.23x |
| Total | 82.99x |
Final figures at the close of bidding on 23 Jul 2024. Category-wise bids, application-wise breakup and allotment chances are on the Sanstar Limited IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 1,61,10,000 | 30.00% |
| Qualified Institutions | 1,07,40,000 | 20.00% |
| Non-Institutional | 80,55,000 | 15.00% |
| └ BNII | 53,70,000 | 10.00% |
| └ SNII | 26,85,000 | 5.00% |
| Retail Investors | 1,87,95,000 | 35.00% |
| Total | 5,37,00,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Sanstar Limited IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹14,250 |
| Retail (Max) | 14 | 2,100 | ₹1,99,500 |
| S-HNI (Min) | 15 | 2,250 | ₹2,13,750 |
| S-HNI (Max) | 70 | 10,500 | ₹9,97,500 |
| B-HNI (Min) | 71 | 10,650 | ₹10,11,750 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹397.1 Cr (77.84%) with an offer for sale of ₹113.05 Cr (22.16%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹95, the issue is priced at 19.98x pre-issue earnings and 25.93x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 99.77% before the issue to 70.37% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹4.75 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 19.98x |
| EPS (post-issue) EPS on the enlarged share capital | ₹3.66 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 25.93x |
| Promoter holding (pre-issue) | 99.77% |
| Promoter holding (post-issue) | 70.37% |
Sanstar Limited financials
Between 31 Mar 2023 and 31 Mar 2024, Income fell from ₹1,209.67 Cr to ₹1,081.68 Cr, and profit after tax rose from ₹41.81 Cr to ₹66.77 Cr. The PAT margin for 31 Mar 2024 was 6.17%.
| Period ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 527.57 | 368.35 | 207.45 |
| Total Income | 1,081.68 | 1,209.67 | 504.77 |
| Profit After Tax | 66.77 | 41.81 | 15.92 |
| Net Worth | 215.91 | 149.28 | 48.97 |
| Reserve & Surplus | 225.18 | 158.41 | 55.69 |
| Total Borrowings | 127.64 | 111.70 | 85.22 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | KPI Information |
|---|---|
| ROE % | 30.92 |
| ROCE % | 24.43 |
| Debt / Equity | 0.50 |
| RoNW % | 30.92 |
| PbW | 6.18 |
| Pat Margin % | 6.17 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding the capital expenditure for the expansion of the Dhule facility |
| 2 | Repayment and/or prepayment, in part or in full, of certain borrowings availed by the company |
| 3 | General corporate purposes |
About Sanstar Limited
Established in 1982, Sanstar Limited manufactures plant-based specialty products and ingredient solutions in India for food, animal nutrition, and other industrial applications. The company’s 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, amongst others. According to Frost & Sullivan, the company holds the position of the fifth-largest manufacturer of maize-based specialty products and ingredient solutions in India, boasting an installed capacity of 363,000 tons per annum (1,100 tons per day).
The specialty products and ingredients solutions by the company add taste, texture, nutrients and increased functionality to (i) foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers, and additives (in bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts, amongst others), (ii) animal nutrition products as nutritional ingredients, and (iii) other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others.
The company is a recognized Two Star Export house from the Director General of Foreign Trade, Government of India, while Sanstar Biopolymers Limited, the erstwhile Company that was merged with the Company in 2023 is a recognized Three Star Export House. The company has two manufacturing facilities in Maharashtra and Kutch covering a total area of 245 acres and exports its products to companies in 49 countries including Asia, Africa, the Middle East, America, Europe, and Oceania. The Domestic reach is equitable, with product distribution covering 22 states across India.
Promoters
- Gouthamchand Sohanlal Chowdhary
- Sambhav Gautam Chowdhary
- Shreyans Gautam Chowdhary
Contact details
Sanstar Limited
Sanstar House, near Parimal Under Bridge,
Opp. Suvidha Shopping Centre, Paldi,
Ahmedabad – 380 007
Phone: +91 79 26651819
Email: cs@sanstar.in
Website: https://www.sanstar.in
Sanstar Limited IPO FAQs
- What is the Sanstar Limited IPO price band?
- The Sanstar Limited IPO price band is ₹90 to ₹95 per share.
- What is the Sanstar Limited IPO lot size and minimum investment?
- The Sanstar Limited IPO lot size is 150 shares. The minimum retail investment is ₹14,250 for one lot at the upper price band. Retail investors can apply for up to 14 lots (2,100 shares), costing ₹1,99,500.
- When was Sanstar Limited IPO open for subscription?
- Sanstar Limited IPO was open for subscription from Fri, 19 Jul 2024 to Tue, 23 Jul 2024.
- What is the Sanstar Limited IPO subscription status?
- Sanstar Limited IPO was subscribed 82.99x overall: QIB 145.68x, NII 136.50x and retail 24.23x. Day-wise and category-wise figures are on the subscription page.
- What was the Sanstar Limited IPO GMP before listing?
- The last Sanstar Limited IPO GMP before listing was +₹25 (+26.32% against the upper price band of ₹95), implying an estimated listing price of ₹120. Across 10 days of tracking, GMP ranged from +₹30 (22 Jul) to +₹44 (15 Jul). GMP is an unofficial grey market indicator and can change quickly.
- What is the Sanstar Limited IPO allotment date?
- The Sanstar Limited IPO basis of allotment was finalised on Wed, 24 Jul 2024. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Sanstar Limited IPO listing date?
- Sanstar Limited IPO listed on BSE & NSE on Fri, 26 Jul 2024.
- Is the Sanstar Limited IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹397.1 Cr (77.84%) with an offer for sale of ₹113.05 Cr (22.16%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Sanstar Limited IPO?
- The registrar for the Sanstar Limited IPO is MUFG Intime India Pvt Ltd, and the book running lead manager is Pantomath Capital Advisors Pvt Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.