Sanstar IPO is a book-built issue aiming to raise ₹510.15 crores. The issue comprises a fresh issue of 4.18 crore shares aggregating to ₹397.10 crores and an offer for sale of 1.19 crore shares aggregating to ₹113.05 crores.
| Category | Shares | Amount |
|---|---|---|
| Retail (Min) | 150 | ₹14,250 |
| Retail (Max) | 2,100 | ₹199,500 |
| sNII (Min) | 2,250 | ₹213,750 |
| sNII (Max) | 10,500 | ₹997,500 |
| bNII (Min) | 10,650 | ₹1,011,750 |
| Pre-Issue | Post-Issue |
|---|---|
| 140,444,250 | 182,244,250 |
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investors | 16,110,000 (30.00%) | NA |
| QIBs | 10,740,000 (20.00%) | NA |
| NII (HNI) | 8,055,000 (15.00%) | |
| Retail | 18,795,000 (35.00%) | 125,300 |
| Event | Date |
|---|---|
| IPO Open Date | July 19, 2024 |
| IPO Close Date | July 23, 2024 |
| Basis of Allotment | July 24, 2024 |
| Initiation of Refunds | July 25, 2024 |
| Credit of Shares to Demat | July 25, 2024 |
| Listing Date | July 26, 2024 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on July 23, 2024 |
Founded in 1982, Sanstar Limited specializes in manufacturing plant-based products and ingredient solutions. Their portfolio includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, and more. The company operates two facilities in Maharashtra and Gujarat, covering 245 acres, and exports products to 49 countries.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,081.68 | 1,209.67 | 504.77 |
| PAT (₹ Cr) | 66.77 | 41.81 | 15.92 |
| Net Worth (₹ Cr) | 215.91 | 149.28 | 48.97 |
| Total Borrowing (₹ Cr) | 127.64 | 111.70 | 85.22 |
| KPI | Value |
|---|---|
| ROE | 30.92% |
| ROCE | 24.43% |
| Debt/Equity | 0.5 |
| RoNW | 30.92% |
| P/BV | 6.18 |
| PAT Margin | 6.17% |
The net proceeds from the fresh issue are intended for:
Sanstar Limited is a major manufacturer of specialty products with a strong market share. Despite some inconsistencies in top-line growth, the company’s bottom line has steadily improved. The IPO appears aggressively priced based on FY24 earnings. Investors may consider a moderate investment for long-term growth.
As of July 23, 2024:
| Category | Subscription |
|---|---|
| QIB | 145.68 times |
| NII | 136.49 times |
| bNII | 149.44 times |
| sNII | 110.61 times |
| Retail | 24.23 times |
| Total | 82.99 times |
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