Sanstar Limited IPO

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Other Agricultural Products

Listed On: Jul 26, 2024 at ₹ 109.0(NSE)

₹ 14250 /150 Shares

Check Allotment

19 Jul, 2024

Open Date

23 Jul, 2024

Close Date

24 Jul, 2024

Allotment Date

26 Jul, 2024

Listing Date

Price Summary

Last Closing

95.25 (0.26%)

52 Week High

137.80

52 Week Low

80.00

Last Update

3-Nov-2025 3:30 PM

Sanstar Limited IPO Issue Details

Issue Price ₹90-95 per equity share
Face Value ₹2 Per Equity Share
Total Issue Size 5,37,00,000 shares(aggregating up to ₹510.15 crore)
Fresh Share 4,18,00,000 shares(aggregating up to ₹397.1 crore)
Offer For Sale 1,19,00,000 shares(aggregating up to ₹113.05 crore)
Listing at BSE, NSE
List Price 109.0(NSE)
Listing Date 2024-07-26
Lead Manager Pantomath Capital Advisors Pvt Ltd
Registrar Link Intime India Private Ltd

Market Lot Size

Investors can bid for a minimum of 150 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	150	₹14,250
Retail(max)	14	2100	₹1,99,500

Sanstar Limited IPO Reservation

Sanstar Limited IPO offers total 53,700,000 shares. Out of which 10,740,000 (20%) allocated to QIB, 8,055,000 (15%) allocated to NII,18,795,000 (35%) allocated to RII, NA (NA%) allocated to employees and 16,110,000 (30%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	16,110,000 (30%)
QIB Shares Offered	10,740,000 (20%)
NII (HNI) Shares Offered	8,055,000 (15%)
bNII < ₹10L	5,370,000 (10%)
sNII < ₹10L	2,685,000 (5%)
Retail Shares Offered	18,795,000 (35%)
Total Shares Offered	53,700,000 (100%)

Sanstar Limited IPO Documents

DRHP

RHP

ANCHOR

Sanstar Limited IPO Details

Sanstar Limited IPO is a book-built issue of ₹510.15 crores, The total issue size is ₹510.15 crores. The IPO of Sanstar Limited is priced at ₹90-95 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Jul 19, 2024 and ends on Jul 23, 2024. The allotment for Sanstar Limited IPO will be finalized on Jul 24, 2024. Sanstar Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jul 26, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 150 shares, extendable to 14,250. The book-running lead manager for the IPO is/are Pantomath Capital Advisors Pvt Ltd.

The total issue ₹510.15 crore, comprising a fresh issue of 4,18,00,000 shares ₹397.1 crore and having Offer for Sale (OFS) of 1,19,00,000 shares to mop up ₹113.05 crore.

The Sanstar Limited IPO sets its price band at 90-95 for each share. A single application for Sanstar Limited IPO must contain at least 150 shares. Sentiment investors need to invest a minimum of 150 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,250

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	10,740,000	8,055,000 5,370,000 2,685,000	18,795,000	37,590,094
Day 1 19-07-24 05:00 PM	0.05 x	9.85 10.73 x 8.07 x	4.07 x	4.16 x
Day 2 22-07-24 05:00 PM	1.29 x	32.85 31.99 x 34.55 x	12.15 x	13.48 x
Day 3 23-07-24 05:00 PM	145.68 x	136.42 149.44 x 110.39 x	24.10 x	82.91 x

Total No of Applications

27,62,240

Subscription on the basis of Applications

Retail:20.57x BHNI:30.17x SHNI:105.85x

Sanstar Limited Valuations

EPS Pre IPO ₹4.75/-

EPS Post IPO ₹3.66/-

P/E Pre IPO 19.98

P/E Post IPO 25.93

ROE 30.92%

ROCE 24.43%

Debt/Equity 0.50

RoNW 30.92%

PAT Margin 6.17

Price to Book Value 6.18

Sanstar Limited Company Financials

In Crs.

In Cr.

	31-Mar-24	31-Mar-23	31-Mar-22
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 & Surplus	225.18	158.41	55.69
Total Borrowing	127.64	111.70	85.22

About Sanstar Limited Company

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:
Food products: as ingredients, thickeners, stabilizers, sweeteners, emulsifiers, and additives (including in baked goods, confectionery, pasta, soups, ketchup, sauces, creams and desserts);
Pet food products: as nutritional ingredients
Other industrial products: as 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 (approx 245 acres) 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.

The company exports its products to companies in 49 countries including Asia, Africa, the Middle East, America, Europe and Oceania. The company also has a pan-India presence where its products are sold in 22 states.As of March 31,2024, the company employed 271 people (including 60 permanent employees) at its plants in Kutch and Dhule and at its headquarters.

Sanstar Limited - Promoter(s)

Gouthamchand Sohanlal Chowdhary

Sambhav Gautam Chowdhary

Shreyans Gautam Chowdhary

Pre Issue Share Holding : 99.77%

Post Issue Share Holding : 70.37%

Sanstar Limited IPO - Issue Objectives

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 Limited IPO - Anchor Investors

Sanstar raises Rs 153 crore from anchor investors.

Five institutional investors such as Societe Generale, BofA Securities Europe SA ODI, Bank of India Mutual Fund, Trust Mutual Fund, and SBI General Insurance Company invested Rs 70 crore in the anchor book.

Among others, Gagandeep Credit Capital, Negen Undiscovered Value Fund, Intuitive Alpha Investment Fund, Chattisgarh Investments, Minerva Emerging Opportunities Fund, SB Opportunities Fund, and Finavenue Capital Trust bought shares worth Rs 83.04 crore.

Sanstar Limited IPO - Peers Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
Sanstar Limited	4.75	4.75	15.37	19.98	30.92	6.18	Consolidated
Gujarat Ambuja Exports Ltd.	7.54	7.54	60.37	18.65	12.49	2.33	Consolidated
Gulshan Polyols Ltd.	2.85	2.85	123.63	73.31	2.3	1.69	Consolidated
Sukhjit Starch & Chemicals Ltd.	31.98	31.98	321.75	15.01	9.94	1.49	Consolidated

Notes:

The current market price (CMP) is the closing market price of the equity shares of the respective companies on NSE on July 05, 2024.
Diluted EPS refers to the diluted earnings per share sourced from the annual reports/annual results as available of the respective company for the year ended March 31, 2024, submitted to stock exchanges.
NAV is computed as the net worth at the end of the year divided by the closing outstanding number of equity shares. For the calculation of NAV for Sanstar Limited on Restated Consolidated basis, revaluation and amalgamation reserve have been excluded in the net worth calculation.
The P/E Ratio has been computed based on the CMP divided by the Basic and Diluted EPS.
RoNW is computed as net profit attributable to owners of the company divided by net worth at the end of the year. For the calculation of RoNW for Sanstar Limited on a Restated Consolidated basis, revaluation reserve and amalgamation reserve have been excluded in the calculation of net worth.

Strength

Sanstar Limited has demonstrated impressive growth, with a Revenue and PAT CAGR of 57% and 71% respectively over Fiscal 2021-2023, indicating strong operational efficiency and market acceptance.

The company operates two major facilities in Gujarat and Maharashtra with a combined installed capacity of 3,63,000 tons per annum, enabling large-scale production and supply capabilities.

Sanstar Limited exported to 49 countries across multiple continents in the first half of Fiscal 2023, showcasing its broad international presence and acceptance of its speciality products.

The Dhule facility features state-of-the-art automation with SCADA and PLC systems, which enhances production efficiency and quality while minimising costs and errors.

Weakness

Sanstar Limited lacks fixed contracts for maize procurement, its primary raw material, making it vulnerable to price fluctuations and supply disruptions. This instability could severely impact their profitability as raw material costs constituted up to 85.71% of their expenses in recent fiscal periods.

The company requires substantial working capital to purchase and store maize during its peak arrival season. Insufficient funds during this critical time could hinder operations, as they spent ₹2,970.83 million to ₹6,025.94 million annually on raw materials.

Ongoing litigation could adversely affect the company if resolved unfavourably. Legal proceedings increase potential liabilities and expenses, potentially damaging the company's financial health and market reputation.

The recent amalgamation with Sanstar Biopolymers and the acquisition of ECL could lead to integration challenges. Discrepancies in financial statements or operational hurdles post-merger may affect overall business performance.

Contact Details

Sanstar Limited

Sanstar House, near Parimal Under Bridge, Opp. Suvidha Shopping Centre, Paldi, Ahmedabad – 380 007

+91 79 26651819

cs@sanstar.in

https://www.sanstar.in/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

sanstar.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html

Sanstar Limited IPO - FAQs

Ans. Sanstar Limited IPO is a Mainboard IPO. The issue is priced at ₹90-95 per equity share. The minimum order quantity is 150 Shares. The IPO opens on Jul 19, 2024, and closes on Jul 23, 2024. Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Sanstar Limited IPO opens on Jul 19, 2024 and closes on Jul 23, 2024.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Sanstar Limited IPO is Total ₹510.15 Cr : #Fresh Issue : 41,800,000 shares(aggregating up to ₹397.10 Cr) + #OFS : 11,900,000 shares of ₹2(aggregating up to ₹113.05 Cr).

Ans. The Sanstar Limited IPO price band is set between ₹90-95 per equity share.

Ans. To apply for Sanstar Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Sanstar Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Sanstar Limited IPO is Jul 24, 2024.

Ans. The Sanstar Limited IPO will be listed on Jul 26, 2024.

Ans. Follow the steps to check the Sanstar Limited IPO allotment status online.