Ahead of its listing, shares of Sanstar were commanding a grey market premium (GMP) of 24 per share, suggesting a listing pop of around 25 per cent for the investors.
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Shares of Sanstar made a decent debut at Dalal Street debut on Friday as the plant-based products maker was listed at Rs 109 on NSE, a premium of 14.74 per cent over the issue price of Rs 95 apiece. Similarly, the stock kicked off its maiden trading session with a premium of 12 per cent over the given issue price at Rs 106.40 on BSE.
Sanstar’s listing has been less-than-expectations. Ahead of its listing, shares of Sanstar were commanding a grey market premium (GMP) of 24 per share, suggesting a listing pop of around 25 per cent for the investors. However, the premium in the unofficial market stood around Rs 26 apiece about 24 hours earlier.
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The IPO of Sanstar could be subscribed between July 19 and July 23 as the company offered its shares in the price band of Rs 90-95 apiece with a lot size of 150 shares. Sanstar raised a total of Rs 510.15 crore from its follow-on offering, which was entirely a fresh share sale of up to 397.10 equity shares and an offer-for-sale up to 1.19 crore equity shares.
The issue of Sanstar was overall subscribed a total of 82.99 times. The quota for qualified institutional bidders (QIBs) was booked a solid 145.68 times The quota for non-institutional investors was subscribed a whopping 136.50. The portions reserved for retail investors saw bidding for only 24.23 times during the three-day bidding process.
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Sanstar is a manufacturer of specialty plant-based products and ingredient solutions for food, pet food and other industrial products in India. Its product portfolio includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and by-products such as germ, gluten, fiber and fortified proteins.
Brokerage firms were mostly positive on the issue suggesting investors to subscribe to it. Pantomath Capital Advisors was the sole book running lead manager of the Sanstar IPO, while Link Intime India served as the registrar for the issue.
