India’s fifth-largest producer of maize-based specialty products, is set to benefit from global demand and strategic expansion.
MUMBAI, July 19 (The CONNECT) – The public issue of maize-based speciality products maker Sanstar Limited was fully subscribed within 90 minutes of opening of the subscription today.
The company received bids of 15,62,64,450 shares against the offered 3,75,90,000, at a price band of ₹90-95 as a result of which the issue was subscribed 4.16 times.
The Non-Institutional Investors portion subscribed 9.85 times and Retail 4.07 times , whereas the Qualified Institutional Buyer segment subscription was 0.05 times. The issue will close on Tuesday, July 23, 2024.
Sanstar Ltd raised Rs 153 crores from anchor investors yesterday. Foreign and Domestic Institutions who participated in the anchor were BOFA Securities (Division of Bank of America), Societe Generale, BOI Mutual Fund, Trust Mutual Fund, SBI General Insurance, Gagandeep Credit Capital, Chhattisgarh Investments, Negen Undiscovered Value Fund, SB Opportunities Fund, Finavenue Capital Trust, Intuitive Alpha Fund, Minerva Emerging Fund.
Leading brokerage firms like SBI Securities, Reliance Securities, Anand Rathi Research, Deven Choksey Research, Marwadi Financial Services, BP Wealth, Arihant Capital, Swastika Investmart and Ventura Securities have given a “subscribe” rating to the issue highlighting the company’s strong growth prospects driven by capacity expansion, robust export strategies, and diversification into higher-margin products.
Sanstar, India’s fifth-largest producer of maize-based specialty products, is set to benefit from global demand and strategic expansions at its Dhule facility. The company’s financial performance is solid, with significant revenue and profitability growth, supported by debt reduction and sustainable practices. The company’s established market position, expanding customer base, and strategic focus on cost management make it a promising long-term investment.
Pantomath Capital Advisors Limited is the sole book-running lead managers and Link Intime India Private Limited is the registrar to the issue. The equity shares are proposed to be listed on the BSE and NSE.
