Sanstar Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 19, 2024 to July 23, 2024 |
| Listing Date | [.] |
| Face Value | ₹ 2 per share |
| Price Band | ₹ 90 to ₹ 95 per share |
| Lot Size | 150 Shares |
| Total Issue Size | 5,37,00,000 shares (aggregating up to ₹ 510.15 Cr) |
| Fresh Issue | 4,18,00,000 shares (aggregating up to ₹ 397.1 Cr) |
| Offer for Sale | 1,19,00,000 shares of ₹2 (aggregating up to ₹ 113.05 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 14,04,44,250 |
| Shareholding post issue | 18,22,44,250 |
About Sanstar Limited IPO
Sanstar is one of the major manufacturers of plant-based specialty products and ingredient solutions in India for food, animal nutrition and other industrial applications. Their 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. They are India's third largest manufacturer of maize-based speciality products and ingredient solutions. Sanstar IPO is a book-built issue of Rs 510.15 crores.
The issue combines a fresh issue of 4.18 crore shares aggregating to Rs 397.10 crores and an offer for sale of 1.19 crore shares aggregating to Rs 113.05 crore. Sanstar IPO opens for subscription on July 19, 2024 and closes on July 23, 2024. Sanstar's IPO price band is set at ₹90 to ₹95 per share. The minimum lot size for an application is 150 Shares. Pantomath Capital Advisors Pvt Ltd is the book-running lead manager of the Sanstar IPO, while Link Intime India Private Ltd is the registrar for the issue.
Sanstar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
EnNutrica IPO Anchor Investors Details
| Bid Date | July 18, 2024 |
| Shares Offered | 16,110,000 |
| Anchor Portion Size (In Cr.) | 153.05 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 23, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 22, 2024 |
Company & Financials
Founded in 1982, Sanstar Limited manufactures specialty plant-based products and ingredient solutions for food, pet food and other industrial applications in India. The company's product portfolio includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and by-products such as germ, gluten, fiber and fortified proteins.
These products are used in:
1. Food products: as ingredients, thickeners, stabilizers, sweeteners, emulsifiers and additives (including in baked goods, confectionery, pasta, soups, ketchup, sauces, creams and desserts)./li>
2. Pet food products: as nutritional ingredients.
3. Other industrial products: disintegrants, excipients, supplements, coating agents, binders, smoothing and flattering agents and refining agents.
The company has two manufacturing facilities covering a total area of 10.68 million square feet at Dhule in the state of Maharashtra and Kutch in the state of Gujarat. With an installed capacity of 3,63,000 tons per annum (1,100 tons per day), the company is the fifth largest manufacturer of corn-based specialty products and ingredients in India.
Sanstar IPO Review
The company is one of the major manufacturers of specialty products and ingredient solutions in India for food, animal nutrition and other industrial applications having a good market share in global and domestic markets. For the reported periods, though it marked inconsistency in its top lines, the bottom line steadily grew. Based on FY24 super earnings, the issue appears aggressively priced. Amidst rising demand for its products, the management is confident of improving the trends reported and its performance post-expanded capacities. Well-informed investors may park moderate funds for the long term.
Sanstar Limited IPO Financial Information
Latest Revenue
1,081.68
₹ Crore
Profit After Tax
66.77
₹ Crore
Net Worth
215.91
₹ Crore
Total Borrowing
127.64
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | 527.57 | 1,081.68 | 66.77 | 215.91 | 127.64 | ||||
| 31 Mar 2023 | 368.35 | 1,209.67 | 41.81 | 149.28 | 111.7 | ||||
| 31 Mar 2022 | 207.45 | 504.77 | 15.92 | 48.97 | 85.22 | ||||
| Amount in ₹ Crore | |||||||||
Sanstar Limited Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 30.92% |
| ROCE | 24.43% |
| Debt/Equity | 0.5 |
| RoNW | 30.92% |
| P/BV | 6.18 |
| PAT Margin (%) | 6.17 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.75 | 3.66 |
| P/E (x) | 19.98 | 25.93 |
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Competitive Strengths
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Sanstar Limited IPO Timeline
| IPO Open Date | Friday, July 19, 2024 |
| IPO Close Date | Tuesday, July 23, 2024 |
| Basis of Allotment | Wednesday, July 24, 2024 |
| Initiation of Refunds | Thursday, July 25, 2024 |
| Credit of Shares to Demat | Thursday, July 25, 2024 |
| Listing Date | Friday, July 26, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 23, 2024 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 150 | ₹14,250 |
| Retail (Max) | 14 | 2100 | ₹199,500 |
| S-HNI (Min) | 15 | 2250 | ₹213,750 |
| S-HNI (Max) | 70 | 10500 | ₹997,500 |
| B-HNI (Min) | 71 | 10,650 | ₹1,011,750 |