Sanstar IPO Oversubscribed by 82.98x on Last Day Led by QIBs – Check GMP, Subscription Status, Key Dates | Stock Market News
Sanstar Ltd’s initial public offering (IPO) was a huge success on the last bidding day, thanks to strong interest from Qualified Institutional Buyers (QIBs). By 17:30 IST, the IPO was oversubscribed 82.98 times, according to BSE data
The IPO received bids for 3,11,93,87,550 shares against an offer of 3,75,90,000 shares, with a price range of ₹90-95 per share. QIBs subscribed 145.68 times, Non-Institutional Investors (NIIs) subscribed 136.49 times, and retail investors subscribed 24.23 times.
On the second day of bidding, the IPO was subscribed 13.48 times, while the first day saw a subscription of 4.16 times. The company allocated 15% of its shares to NIIs, 50% to QIBs, and 35% to retail investors. Sanstar also raised ₹153 crore from anchor investors.
Sanstar Ltd is a major producer of plant-based specialty products and new ingredient solutions in India. They are the fifth-largest maize-based specialty products manufacturer, serving the food industry, animal nutrition, and various industrial applications with an installed capacity of 3,63,000 tons per year.
The basis for share allocation is expected to be finalized on Wednesday, July 24. Refunds will begin on Thursday, July 25, and shares will be deposited into allottees’ demat accounts on the same day. The shares are likely to be listed on the BSE and NSE on Friday, July 26.
Through this IPO, Sanstar aims to raise ₹510.15 crore. The offering includes an offer-for-sale (OFS) of 1.19 crore shares worth ₹113.05 crore by the promoters and a fresh issue of 4.18 crore shares worth ₹397.1 crore by the company. The funds will be used to expand the Dhule Facility, repay or prepay some of the company’s loans, and for general corporate purposes.
The lead manager for the IPO is Pantomath Capital Advisors Private Ltd, and the registrar is Link Intime India Private Ltd.
The grey market premium (GMP) for Sanstar IPO is +31, indicating a potential listing price of ₹126 per share, which is 32.63% higher than the IPO price of ₹95. This suggests strong investor interest and a positive outlook for the listing.
‘Grey market premium’ indicates how much more investors are willing to pay over the issue price.
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