– Sanstar IPO continues to attract strong response from investors
– Issue was booked over 4.6 times on the first day of bidding
– Ahmedabad-based Sanstar selling shares in price band of Rs 90-95 apiece
– Looking to raise Rs 510.15 crore via IPO
– Investors made bids for 9.92 times the offered equity shares
– Allocation for NIIs subscribed 23.25 times, retail investors subscribed 9.78 times
– Sanstar manufactures specialty plant-based products for various applications
– Grey market premium of Sanstar has taken a hit
– Brokerage firms positive on the issue, recommending investors to subscribe for long term
– Sanstar raised Rs 153.04 crore from 12 anchor investors before IPO
– Sanstar reported net profit of Rs 66.77 crore for the year ended on March 31, 2024
– Company’s revenue, Ebitda and PAT have shown significant growth
– Market share of Sanstar expected to increase to 14% with capacity expansion
– Pantomath Capital Advisors is the lead manager for the IPO
– Shares to be listed on both BSE and NSE with tentative listing date of July 26
– Readers advised to consult with financial advisor before making investment decisions