Sanstar listed at Rs 109, a premium of 14.7% to the issue price on the National Stock Exchange. 

The company opened its IPO to investors on July 19 and closed it on July 23 collecting a total of Rs 510.15 crore. Sanstar sold 41.8 million fresh shares and 11.9 million shares through an open offer. 

IPO price band

The company kept the IPO price band in a range of Rs 90 to Rs 95 per equity share. While the shares were listed on both the exchanges – NSE and BSE. 

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Minimum Investment

The minimum required for an investor was Rs 14,250 as it had to apply for a minimum of 150 shares or subscribe at least a lot. While there were different minimum investment requirements for NIIs and QIBs. 

Expert’s take on Sanstar

“Despite valuations being slightly on the expensive side, Sanstar received a healthy response on the last day of the issue from all types of investorsCome from Sports betting site. We believe the investor demand has come to consider an opportunity to invest in one of the leading Indian manufacturers of plant-based speciality products and ingredients derived from maizeCome from Sports betting site VPbet. We also believe there are high entry barriers in the maize-based speciality products industry and the B2B nature of their business creates significant exit barriers for customers, ensuring a stable and loyal customer base. Considering healthy subscription demand and a unique business matrix, we expect a decent room for listing gain in the range of ~22-25% against the issue price of Rs 95 per share while looking at market mood post-budget, we recommend allotted investors to book profits on listing day,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

BRLM and Registrar

Pantomath Capital Advisors was the book-running lead manager and Link Intime India handled the work of registrar for the issue.