Sanstar Shares Surge 15% on Debut Trade

By By Rediff Money Desk, New Delhi
Jul 26, 2024 11:29
Sanstar Ltd shares opened at a premium of nearly 15% on the BSE and NSE, reflecting strong investor interest in the plant-based speciality products company.
New Delhi, Jul 26 (PTI) Shares of plant-based speciality products company Sanstar Ltd on Friday listed with a premium of nearly 15 per cent against the issue price of Rs 95.

The stock started the trade at Rs 106.40, up 12 per cent from the issue price on the BSE. It further jumped 33.15 per cent to Rs 126.50.

At the NSE, it opened the trade at Rs 109, a jump of 14.73 per cent.

The initial public offer of Sanstar Ltd received 82.99 times subscription on the closing day of the share sale on Tuesday amid massive participation from institutional buyers.

The Rs 510-crore initial share sale had a fresh issue of up to 4.18 crore equity shares and an offer for sale of up to 1.19 crore equity shares.

The IPO had a price range of Rs 90-95 per share.

Proceeds from the fresh issue to the tune of Rs 181.55 crore will be utilised to fund the capital expenditure requirement for the expansion of the company's Dhule facility, Rs 100 crore for debt payment and a portion will also be used for general corporate purposes.

Sanstar is one of the major manufacturers of plant-based speciality products and ingredient solutions in the country.

The company's speciality products and ingredients add taste, texture, nutrients and increased functionality to foods as ingredients, thickening agents, stabilisers and sweeteners, among others.

It has an installed capacity of 1,100 tonne per day through its two manufacturing facilities at Dhule in Maharashtra and Kutch in Gujarat.

The company exports its products to 49 countries across Asia, Africa, the Middle East, the Americas, Europe, and Oceania and has established its presence across India, distributing its products to 22 states.
Source: PTI
Read More On:
ipoindiabsestock marketnsesharesplant-baseddebut tradesanstarsanstar ltdspeciality products
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Bihar Investment...
Bihar Investment Surge: Adani, Coca-Cola Lead...

Bihar, once perceived as industry-unfriendly, is now attracting major investments from...

India Calls for...
India Calls for Stricter WTO Rules on High Seas...

India has urged the WTO to implement stricter regulations on subsidies provided by...

NCLAT Upholds Sale of Golden Jubilee Hotels,...

The NCLAT upheld the sale of Golden Jubilee Hotels to a Singapore-based entity,...

Aurobindo, Glenmark Recall Products in US Due...

Aurobindo Pharma, Glenmark, and Zydus are recalling products in the US due to...

Sarovar Hotels Expands Highway Hotels & Resorts...

Sarovar Hotels is expanding its focus on highway hotels & resorts near major cities,...

Mexico, Canada, ASEAN Gained More from US-China...

A GTRI report reveals Mexico, Canada, and ASEAN benefited more from the US-China trade...

Auto Expo 2025: Record Participation, 34...

The upcoming Auto Expo 2025 will see a record 34 vehicle manufacturers participate,...

Suchi Semicon Starts Chip Production Without...

Gujarat-based Suchi Semicon has begun semiconductor production without government...

India's Russian Oil Imports Drop in November

India's imports of Russian crude oil fell in November, but Russia remains India's...

Satin Creditcare Focuses on Risk Management for...

Satin Creditcare Network Ltd (SCNL) is prioritizing innovative risk management and...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com