Sanstar IPO
Sanstar IPO — date, price band, lot size & details 2024
Sanstar listed on 26 Jul 2024 at ₹109, 14.7% above the ₹95 issue price.
Sanstar makes plant-based speciality products and ingredient solutions such as maize starches, liquid glucose and maltodextrin for food, animal nutrition and industry. Its total income was Rs 1,081.68 crore in FY2024.
Stock price
Sanstar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 19 Jul 2024
- Close 23 Jul 2024
- Allotment 24 Jul 2024
- Refund/credit 25 Jul 2024
- Listing 26 Jul 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 23 Jul, 2024 |
|---|---|
| Price Band | ₹90 – ₹95 |
| Face Value | ₹2 |
| Lot Size | 150 Shares |
| Issue Size | ₹510.15 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,250 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 150 shares at the ₹95 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 15.92 crore in FY2022 to Rs 66.77 crore in FY2024.
- 02The pre-issue P/E was 19.98 at the upper band of Rs 95, based on EPS of Rs 4.75.
- 03Rs 397.10 crore of the issue was fresh capital for expansion and debt repayment.
- 04The source puts return on net worth at 30.92%.
- 05Net worth grew from Rs 48.97 crore on 31 March 2022 to Rs 215.91 crore on 31 March 2024.
Risks · 5
- 01Total income fell from Rs 1,209.67 crore in FY2023 to Rs 1,081.68 crore in FY2024.
- 02Maize prices drive costs, and the source puts the PAT margin at 6.17%.
- 03The Dhule expansion needs Rs 181.56 crore and carries project risk.
- 04Total borrowing rose to Rs 127.64 crore on 31 March 2024.
- 05Promoters and the promoter group held 99.77% before the issue and 70.37% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Sanstar offer document.
| Metric | 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 |
| Total Borrowing | 127.64 | 111.70 | 85.22 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Sanstar RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Sanstar IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.75 | ₹3.66 |
| P/E Ratio (x) | 19.98 | 25.93 |
| Market Cap at Offer Price (₹ Cr) | ₹1,335.40 | ₹1,733.10 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹95 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹363.49 Cr of the issue is earmarked to named objects.
Sanstar IPO Anchor Investors
13 anchor investors across 7 fund houses committed ₹153.04 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Bofa Securities Europe Sa Odi | Bofa Securities | 842,100 | 8.00 | 5.23% |
| Bank Of India Flexi Cap Fund | Bank Of India Mutual Fund | 1,473,750 | 14.00 | 9.15% |
| Bank Of India Small Cap Fund | Bank Of India Mutual Fund | 1,158,000 | 11.00 | 7.19% |
| SBI General Insurance Company Ltd | SBI Mutual Fund | 2,105,250 | 20.00 | 13.07% |
| Trust Mutual Fund - Trust MF Flexi Cap Fund | - | 1,052,700 | 10.00 | 6.53% |
| Societe Generale - Odi | Societe General | 736,800 | 7.00 | 4.57% |
| Gagandeep Credit Capital Private Limited | - | 3,683,850 | 35.00 | 22.87% |
| Negen Undiscovered Value Fund | Negen | 846,750 | 8.04 | 5.26% |
| Intuitive Alpha Investment Fund | - | 1,052,700 | 10.00 | 6.53% |
| Chattisgarh Investments Ltd | - | 1,052,700 | 10.00 | 6.53% |
| Minerva Emerging Opportunities Fund Limited | - | 526,350 | 5.00 | 3.27% |
| Sb Opportunities Fund I | - | 1,052,700 | 10.00 | 6.53% |
| Finavenue Capital Trust - Finavenue Growth Fund | Finavenue | 526,350 | 5.00 | 3.27% |
| Total anchor allocation | 153.04 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native and modified maize starches, and co-products such as germ, gluten, fibre and fortified proteins.
They are used as ingredients, thickeners, stabilisers, sweeteners and additives in foods, as nutrition in pet food, and in other industrial uses. It has a manufacturing facility at Dhule, Maharashtra.
The IPO was Rs 510.15 crore, with Rs 397.10 crore of fresh issue and Rs 113.05 crore of offer for sale by promoters and promoter group members. Rs 181.56 crore was planned for expanding the Dhule facility and Rs 100.00 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Sanstar IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
20 issues handledBest listing: Astron Paper & Board Mill (+130.0%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sanstar?
The current Grey Market Premium is ₹24, or 25% over the issue price.
What is the Sanstar IPO price band?
₹90 to ₹95, on a face value of ₹2.
When is the allotment?
The basis of allotment is 24 July 2024, with listing on 26 July 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
