Sanstar, an Ahmedabad-based company, has raised Rs.153 crore from anchor investors ahead of its upcoming public issue.
The company notified the stock exchanges that on Thursday, July 18, 2024, it allocated 1,61,10,000 equity shares to anchor investors at Rs.95 per share.
Ahmedabad-based Sanstar Limited secured Rs.153 crore from anchor investors ahead of its initial public offering, scheduled for public subscription starting Friday, July 19, 2024.
The company disclosed to the stock exchanges that it allocated 1,61,10,000 equity shares at Rs.95 per share to anchor investors on Thursday, July 18, 2024.
Sanstar Limited's diverse group of anchor investors comprises 13 entities, including global financial institutions, domestic mutual funds, major insurance and NBFC treasuries, AIFs, and foreign portfolio institutions.
The anchor round included participants such as 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, and Minerva Emerging Fund.
Sanstar Limited is a prominent manufacturer in India specializing in plant-based products and ingredient solutions. They serve diverse sectors such as food, animal nutrition, and various industrial applications. Their products find extensive use in custards, desserts, sauces, instant foods, tablets, baked goods, confectioneries, pastas, soups, mayonnaise, cream fillings, gravies, tomato ketchup, creams, dairy desserts, candies, syrups, ready-to-eat sweets, and bakery items.
Sanstar Limited IPO Details
The company intends to commence its IPO of equity shares on Friday, July 19, 2024, and conclude the offering on Tuesday, July 23, 2024. The price range for the IPO is fixed at Rs.90 to Rs.95 per equity share, aiming to raise up to Rs.510.15 crore if priced at the upper limit of the range.
The IPO comprises a fresh issue of up to 41.80 million equity shares and an offer for sale (OFS) of up to 11.90 million equity shares by the promoter and promoter group selling shareholders.
Sanstar intends to allocate Rs.181.6 crore from the net proceeds of the fresh issue towards expanding the Dhule facility. An additional Rs.100 crore will be utilized to repay debts amounting to Rs.164.23 crore as of May 24 this year. The remainder of the funds will be allocated for general corporate purposes.
Investors can bid for a minimum of 150 equity shares, with subsequent bids in multiples of 150 shares.
The offering follows the Book Building Process, with up to 50 per cent allocated to Qualified Institutional Buyers, a minimum of 15 per cent to Non-Institutional Bidders, and at least 35 per cent to Retail Individual Bidders.