Sanstar Limited fixes price band of ₹90/- to ₹95/- per Equity Share of face value ₹2/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, July 19, 2024, for subscription and close on Tuesday, July 23, 2024. Investors can bid for a minimum of 150 Equity Shares and in multiples of 150 Equity Shares thereafter.
The IPO consists of 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 Selling Shareholders and Promoter Group Selling Shareholders.
The proceeds from the fresh issue to the extent of Rs 181.55 crore will be utilized for funding the capital expenditure requirement for expansion of its Dhule Facility, Rs 100 crore for repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company and general corporate purposes.
The Ahmedabad-based company offers a range of products such as liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and co-products including germs, gluten, fiber, and enriched protein, among others. Their specialty products and ingredient solutions add taste, texture, nutrients and increased functionality to foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives (in bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts, amongst others), animal nutrition products as nutritional ingredients, and other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others.
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