Sanstar was incorporated on February 26, 1982. The company is one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its 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.
| Bidding Dates |
|---|
| 19 Jul 2024 - 23 Jul 2024 |
| Subscription |
|---|
| 82.98x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,500 | 1 | 14 | 150 | 53.7 M | ₹90 - ₹95 | 70.37 % | ₹4833.0 M - ₹5101.5 M | RHP DOC |
Sanstar IPO SUBSCRIPTION STATUS
23 Jul '24Sanstar IPO overall subscription rate was 82.98 times the total available shares
Sanstar IPO retail subscription rate was 24.23 times in the retail segment
Sanstar IPO non-institutional investor subscription rate was 136.49 times in the non-institutional investor category
Sanstar IPO Qualified Institutional Bidder subscription rate was 145.68 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
23 Jul 2024 (Day 3) | 24.23x | 136.49x | 145.68x |
22 Jul 2024 (Day 2) | 12.15x | 32.85x | 1.29x |
19 Jul 2024 (Day 1) | 4.07x | 9.85x | 0.05x |
Sanstar FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 667.7 | 10,672.7 | 286.0 | -122.2 | 9.2% |
| FY23 | 418.1 | 12,050.7 | -60.2 | -806.7 | 6.0% |
| FY22 | 159.2 | 5,044.0 | 297.1 | 279.3 | 7.9% |
Sanstar IPO SUBSCRIPTION STATUS DETAILS
Sanstar had 53.7 M shares on offer
Sanstar IPO offer price was in the range ₹90 - ₹95
Sanstar IPO minimum Investment was ₹13500
Sanstar IPO issue size was ₹ 4833.0 M - ₹ 5101.5 M
Sanstar had a minimum lot size of 150 Shares per application
Sanstar NUMBER OF SHARES ON OFFER
Sanstar IPO IMPORTANT DATES
| Issue Open Date | 19 Jul 2024 |
| Issue close Date | 23 Jul 2024 |
| Allotment Date | 24 Jul 2024 |
| Refund Date | 25 Jul 2024 |
| Demat Account Credit Date | 25 Jul 2024 |
| Listing Date | 26 Jul 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Sanstar Allotment Status | Exchange |
Sanstar IPO subscription opened on 19 Jul 2024, and closed on 23 Jul 2024
IPO allotment for Sanstar was finalized on Wednesday, 24 Jul 2024
IPO listing for Sanstar was on NSE and BSE on Friday, 26 Jul 2024
Sanstar IPO LISTING GAINS
| Issue Price (adjusted) | 95.0 |
| Listing Open Price | 109.0 |
| Listing Close Price | 115.1 |
| Listing Gain% | 14.7% |
| Current Gain% | 19.4% |
Sanstar Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sanstar Ltd. | 113.4 | 2066.8 | 60 | -2.8 | 2.6 | 5 | 4.3 | 796.4 | -18 | 34.4 | -21.3 | 1.9 | -21.3 |
| Varun Beverages Ltd. | 442 | 149504.9 | 44.2 | 2.3 | 6.2 | 15.5 | 11.9 | 22037.7 | 9.5 | 3036.5 | 17 | 10 | 18.9 |
| EID Parry (India) Ltd. | 805.1 | 14327.2 | 25.2 | -0.7 | 0.4 | 6.5 | 1.9 | 38883.4 | 21.6 | 569.5 | -35.2 | 32 | -35.2 |
| Avanti Feeds Ltd. | 906.6 | 12351.3 | 20.4 | 1.4 | 2 | 18.4 | 14.2 | 6276.5 | 8.6 | 606.1 | 14.6 | 44.5 | 14.6 |
| Manorama Industries Ltd. | 1636.2 | 10328.1 | 48.1 | 0.2 | 7.6 | 32 | 18.1 | 1377.1 | 73.9 | 214.9 | 95.8 | 34.1 | 204.8 |
| SKM Egg Products Export (India) Ltd. | 235 | 1237.5 | 11.1 | 0.1 | 1.6 | 26.2 | 17.4 | 767.8 | 50 | 103.8 | 199.7 | 21.1 | 186.9 |
Sanstar INFORMATION ON IPO ISSUE
About Sanstar
Sanstar was incorporated on February 26, 1982. The company is one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its 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.
Object of the Issue
- Funding the capital expenditure requirement for the expansion of the Dhule facility
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company
- General corporate purposes
Sanstar - PROMOTERS
| Name |
|---|
| Gouthamchand Sohanlal Chowdhary |
| Sambhav Gautam Chowdhary |
| Shreyans Gautam Chowdhary |
Sanstar Book running lead manager
Pantomath Capital Advisors Private Limited
sanstar.ipo@pantomathgroup.com
Sanstar Registrar to the issue
Link Intime India Private Limited
sanstar.ipo@linkintime.co.in
Sanstar Strengths
Large manufacturer
The company is one of the largest manufacturers of maize-based specialty products and ingredient solutions in India with a diverse product portfolio. It has grown with revenue and profit CAGR of 45% and 105% over FY22-24
Poised to benefit
The company is a speciality products and ingredients solutions player catering to diverse industry segments and poised to benefit from mega-industrial trends
Global presence
The company has sold its products to 49 countries across Asia, Africa, the Middle East, Europe, North America, South & Central America, and Oceania regions during FY24
Sanstar Risks
Pending litigations
There are pending litigations involving the company. Any unfavourable order or decision in such proceedings may affect our results of operations
Competitive industry
The company operates in a highly competitive industry where it faces competition from other players. An inability to maintain a competitive position may adversely affect the business
Lack of diversification
The company operates only in the industry of maize-based speciality products and ingredient solutions industry and there is a lack of diversification in other business areas
IPO FAQs
This IPO consists of an offer for sale of up to Rs 113.0 crore, of 11,900,000 shares. It also consists of a fresh issue of Rs 397.1 crore.
The promoters of the company are Gouthamchand Sohanlal Chowdhary, Sambhav Gautam Chowdhary and Shreyans Gautam Chowdhary.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 90.0 - 95.0.
The IPO application opens on Jul 19, 2024 and closes on Jul 23, 2024.
The minimum lot size for the IPO is 150. The maximum lot size for the IPO is 2100.
For all category investors, the minimum application amount for this IPO is Rs. 13,500.0, the maximum value for this IPO is Rs 199,500.0.
This IPO will be allotted on Jul 24, 2024.
The refund will be credited to your account on Jul 25, 2024.
The allotted shares will be credited to your demat on Jul 25, 2024.
Sanstar Ltd.’s shares listed on the stock exchanges on Jul 26, 2024.