Shares of Sanstar Limited shines bright on debut and closes at 21% premium.
The scrip listed Rs 106.40 per share on BSE, a premium of 12% and Rs 109 per share on NSE, a premium of 14.74%. The company's share price closed at Rs 115.09 per share on the BSE, a 21.15% premium, and at Rs 115.19 per share on the NSE, a 21.25% premium.
As per NSE, the total quantity traded stood at 896.76 lakh shares, on BSE the total Quantity stood at 103.45 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1,176.97 crore.
The Market Capitalization of the Company at today’s closing price stood at Rs. 2,097.45 Crore as per BSE and Rs. 2,099.27 Crore as per NSE.
The Initial Public Offering of Allied Blenders & Distillers Limited was subscribed 82.98 times. Qualified Institutional Buyer Portion and Non-Institutional Investors Portion and was subscribed 145.68 times and 136.48 times respectively. Retail Portion was subscribed 24.20 times.
Sanstar Limited is one of the major manufacturers of plant-based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications (Source: Company Commissioned Frost & Sullivan Report, dated May 18, 2024). The majority of Sanstar products are used in food and nutrition industry. The products are used in custard, desserts, sauces, instant foods, tablets, baked foods, confectioneries, pastas, soups and mayonnaise, in cream fillings, gravies, tomato ketchup, creams, dairy desserts, in confectionary, candies, syrups, ready to eat sweets, bakery and so on. Sanstar products also find applications in personal care items, pharmaceuticals, nutrients, textiles and even biodegradable packaging materials amongst others. The Company also provides certified organic starch.
Sanstar exports to over 49 countries across Asia, Americas, Europe and Oceania, Middle East and Africa and derives more than 35% of the revenue from exports. During FY 2024, on a Consolidated basis, the Company generated ₹ ~1,067 crores of revenue, ~98 cores of EBITDA and ~ 67 crores of Profit After Tax (PAT) while ROE and ROCE were ~31% and 25% respectively. Revenue, EBITDA and PAT have grown at a CAGR of ~45%, ~57% and ~105% respectively during FY22-FY24, on a consolidated basis.
Sanstar operates two manufacturing facilities covering a total area of 10.68 million square feet (approximately 245 acres) situated in Dhule, Maharashtra, and Kutch, Gujarat. Notably, the Kutch facility of the Company is registered with United States Food and Drug Administration (USFDA). These facilities collectively boast an installed capacity of 3,63,000 tons per annum (1,100 tons per day). The Company ranks amongst largest manufacturers of maize-based specialty products and ingredient solutions in India (Source: Company Commissioned Frost & Sullivan Report, dated May 18, 2024). The Company has a bio-gas plant with an installed capacity of 1.56 megawatt to generate electricity from plant waste and utilize it as a renewable energy source and an installed solar plant of 3.6-megawatt capacity to generate electricity.
Pantomath Capital Advisors Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the offer.