Sanstar lists at premium

There was new listing today - Sanstar got listed on the BSE at Rs.106.40 as against the IPO price of Rs.95. It went up to nRs.127.68 and is currently trading at Rs.121 levels.

The IPO was overall subscribed 82.97x with QIBs subscribing the highest at 145.68x, HNIs at 136.48x and Retail at 24.20x.  

Sanstar manufactures maize based specialty products and ingredients such as liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, gluten, fibre and bran, used for food, animal nutrition and industrial applications like pharma, paper, apparel, personal care etc. It has 2 manufacturing facilities at Dhule, Maharashtra and Kutch, Gujarat, with combined installed capacity of 3.63 lakh tons per annum (1,100 tons per day).

In our IPO Analysis, we had concluded - Healthy financials and ongoing capex make the IPO an ‘apply’.