Get App
Sanstar IPO is a book-built issue of Rs 510.15 crores. The issue is a combination of 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. The price band for the IPO is set at ₹90 to ₹95 per share. The minimum lot size for an application is 150 Shares.
Company Summary
The company was founded in 1982 and it 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, and these products are used in Food products, Pet food products, Other industrial products.
The company has two manufacturing facilities covering a total area of 10.68 million square feet (approx 245 acres) at Dhule in the state of Maharashtra and Kutch in the state of Gujarat. The company also has a pan-India presence where its products are sold in 22 states.
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.
The company exports its products to companies in 49 countries including Asia, Africa, the Middle East, America, Europe, and Oceania.
Company Strengths
As of March 31, 2024, 2023, and 2022, the Company engaged 60, 54, and 58 employees across their Kutch Facility, Dhule Facility, and Registered Office respectively.
The attrition rate of their Company for Fiscals 2024, 2023, and 2022 was 12.28 %, 25.00 % and 11.00 % respectively.
Their revenue from operations has increased at a CAGR of 45.46% from ₹ 5,044.02 million in Fiscal 2022 to ₹ 10,672.71 million in Fiscal 2024.
Their profit after tax has grown at a CAGR of 104.79% from ₹ 159.21 million in Fiscal 2022 to ₹ 667.67 million in Fiscal 2024, based on their Restated Consolidated Financial Statements.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 202 | 31 Mar 2022 |
| Assets | 527.57 | 368.35 | 207.45 |
| Revenue | 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 |
| Reserves and Surplus | 225.18 | 158.41 | 55.69 |
| Total Borrowing | 127.64 | 111.70 | 85.22 |
Amount in ₹ Crore | |||
Objectives of the IPO
The Net Proceeds of the Fresh Issue are proposed to be utilized in the following manner:
- 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.
Promoters of the company: Gouthamchand Sohanlal Chowdhary, Sambhav Gautam Chowdhary, and Shreyans Gautam Chowdhary are the company’s promoters.
IPO details
| IPO Date | July 19, 2024 to July 23, 2024 |
| Listing Date | Friday, July 26, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹90 to ₹95 per share |
| Lot Size | 150 Shares |
| Total Issue Size | 53,700,000 shares (aggregating up to ₹510.15 Cr) |
| Fresh Issue | 41,800,000 shares (aggregating up to ₹397.10 Cr) |
| Offer for Sale | 11,900,000 shares of ₹2 (aggregating up to ₹113.05 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 150 | ₹14,250 |
| Retail (Max) | 14 | 2100 | ₹199,500 |
| S-HNI (Min) | 15 | 2,250 | ₹213,750 |
| S-HNI (Max) | 70 | 10,500 | ₹997,500 |
| B-HNI (Min) | 71 | 10,650 | ₹1,011,750 |
Allotment Schedule
| Basis of Allotment | Wednesday, July 24, 2024 |
| Initiation of Refunds | Thursday, July 25, 2024 |
| The 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 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 |
To check allotment, click here