Sanstar Ltd. has raised Rs 153 crore from anchor investors ahead of its initial public offering. The company has allotted 1.6 crore shares at Rs 95 apiece to 12 anchor investors, according to an exchange filing on Thursday.
Gagandeep Credit Capital Pvt. has bagged the highest allocation of 22.87%.
Top foreign investors include BofA Securities (5.23% share), Societe Generale (4.57%) and Minerva Ventures LLC (3.27%).
SBI General Insurance Co. was among the other marquee investors in the pre-IPO round of fundraising.
Two domestic mutual funds—Trust Mutual Fund and Bank of India Mutual Fund—had applied through a total of three schemes. They have collectively netted 22.87% of the anchor portion.
About Sanstar IPO
Plant-based specialty products company Sanstar's IPO will open for subscription on July 19 and close on July 23. It has set a price band of Rs 90–95 apiece.
The public issue consists of a fresh issue of 4.18 crore shares and an offer-for-sale component consisting of 1.19 crore shares, according to the red herring prospectus. On the upper end of the price band, the company is looking to raise Rs 510.15 crore via the maiden share sale.
The minimum lot size for bidding will be 150 shares, with further bids to be made in multiples, according to the prospectus.
Gouthamchand Sohanlal Chowdhary, Rani Gouthamchand Chowdhary, and Sambhav Gautam Chowdhary will be among the promoters offloading the shares.
Sanstar is one of the major manufacturers of plant-based specialty products and ingredient solutions in India. The company's specialty products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, and native maize starches, among others.
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