Sanstar IPO Subscription Status

Sanstar IPO Subscription Status on Day-3 at 82.99 times

Sanstar IPO has received bids for 3,119,460,900 shares, indicating an overall subscription rate of 82.99 times. The breakdown of subscriptions as of the third day of the Sanstar IPO is as follows:

The subscriptions were primarily driven by QIB investors followed by HNI/NII investors and then retail investors. Typically, QIB and NII bids gain momentum on the final day due to the influx of large HNI, corporate and QIB bids. Below are the details of the category wise subscriptions. The overall subscription figures exclude the anchor portion.

Data Source: BSE

Sanstar IPO opened for subscription on Friday, July 19, and closed on Tuesday, July 23, 2024. On the final bidding day, Sanstar IPO was subscribed 82.99 times. Sanstar has a face value of ₹2 per share and the price band for the IPO is set between ₹90 and ₹95 per share. Total IPO includes a fresh issue and an offer for sale of 5,37,00,000 shares amounting to ₹510.15 crore at the upper price band of ₹95 per share.

Subscription period for the Sanstar Ltd IPO closed on July 23, 2024. The allotted shares are expected to be credited to demat accounts by the end of July 25, 2024. For those not allotted shares, the refund process will commence on Thursday, July 25. Individuals who are allotted shares will receive them in their demat accounts on the same day.

The listing date for the Sanstar IPO is set for Friday, July 26. Applicants can check their Sanstar IPO allotment status on the IPO registrar's website, Link Intime India Private Ltd.

Sanstar Ltd manufactures specialty plant-based products and ingredient solutions for the food, pet food, and industrial sectors in India. Their product range 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 protein.
 

Sanstar IPO Subscription Status on Day-2 at 13.47 times

As of 5.05 pm on 22nd July 2024, out of the 375.90 lakh shares on offer in the IPO (excluding anchor portion), Sanstar Ltd saw bids for 5,064.46 lakh shares. This implies an overall subscription of 13.47X at a macro level. The granular break-up of subscriptions as of the close of the second day of the Sanstar IPO was as follows:

The subscriptions were led by HNI / NII investors followed by Retail investors and then QIB investors. QIB and NII bids typically gather momentum on the last day, given the bulk of HNI, corporate bids, and QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes the anchor portion.

Data Source: BSE

The IPO is open up to July 23rd, 2024, at which point we will know the final subscription status of the IPO. As of today, it is only the updated status of IPO subscription as of the end of Day-2 of the IPO.

The stock of Sanstar Ltd has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹90 to ₹95 per share. The total IPO comprises of a fresh issue and an OFS of 5,37,00,000 shares (537.00 lakh shares) which at the upper end of the price band of ₹95 per share aggregates to total issue size of ₹510.15 crore.
The issue closes for subscription on 23rd July 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 25th July 2024 under ISIN (INE08NE01025).

Sanstar IPO Subscription Status on Day-1 at 4.16 times

As of 5.15 pm on 19th July 2024, out of the 375.90 lakh shares on offer in the IPO (excluding anchor portion), Sanstar Ltd saw bids for 1,562.645 lakh shares. This implies an overall subscription of 4.16X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Sanstar Ltd including the overall picture was as under.

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE

The IPO is open up to July 23rd, 2024, at which point we will know the final subscription status of the IPO. As of today, it is only the updated status of IPO subscription as of the end of Day-1 of the IPO.

Sanstar IPO – Share Allocation Across Categories

The entire anchor allocation was made at the upper end of the price band of ₹95 per share. This includes the face value of ₹2 per share plus a share premium of ₹93 per share, taking the anchor allocation price to ₹95 per share. Let us focus on the anchor allotment portion ahead of the Sanstar Ltd IPO, which saw the anchor bidding opening and also closing on 18th July 2024. Post the anchor allocation, here is how the overall allocation looked.

Data Source: Company RHP

Here it must be noted that the 1,61,10,000 shares allocated to the anchor investors on 18th July 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 50.00% before the anchor allocation to 20.00% after the anchor allocation. The overall allocation to QIBs includes the anchor portion, so the anchor shares allotted has been deducted from the QIB quota for the purpose of the public issue.

The total anchor allocation was worth ₹153.05 crore and was spread across 13 anchor investors. All the anchor investors got more than 3% allocation of the anchor quota each at the bare minimum. The anchor bidding opened and also closed on the same day; July 18th, 2024. Out of the total anchor allocation, half of the anchor allocated shares will be locked in for a period of 30 days till August 23, 2024; while the balance 50% will be locked in for a period of 3 months up to October 22, 2024.

About Sanstar IPO

The stock of Sanstar Ltd has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹90 to ₹95 per share. The fresh issue portion of the IPO comprises the issue of 4,18,00,000 shares (418.00 lakh shares), which at the upper price band of ₹95 per share will translate into a fresh issue size of ₹397.10 crore. The offer for sale (OFS) portion of the IPO comprises the sale / offer of 1,19,00,000 shares (119.00 lakh shares), which at the upper price band of ₹95 per share will translate into an OFS size of ₹113.05 crore. The 119 lakh shares in the OFS is being entirely offered by the promoter shareholders and the promoter group shareholders. Therefore, the total IPO will comprise of a fresh issue and an OFS of 5,37,00,000 shares (537.00 lakh shares) which at the upper end of the price band of ₹95 per share aggregates to total issue size of ₹510.15 crore.

The fresh funds will be used for capital expenditure for expanding its Dhule facility, repaying / prepaying some of its outstanding debts and partially for general corporate purposes. The promoters of the company are Gouthamchand Sohanlal Chowdhary, Sambhav Gautam Chowdhary, and Shreyans Gautam Chowdhary. The promoters currently hold 99.77% stake in the company, which will get diluted post the IPO to 70.37. The IPO will be lead managed by Pantomath Capital Advisors Private Ltd, while Link Intime India Private Ltd will be the IPO registrar. The IPO of Sanstar Ltd will be listed on the NSE and the BSE on the IPO mainboard.

Next Steps in the Sanstar IPO

The issue opened for subscription on 19th July 2024 and closes for subscription on 23rd July 2024 (both days inclusive). The basis of allotment will be finalized on 24th July 2024 and the refunds will be initiated on 25th July 2024. In addition, the demat credits are expected to also happen on 25th July 2024 and the stock will list on 26th July 2024 on the NSE and the BSE. Sanstar Ltd will test the appetite for private sector new age specialty plant-based product stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 25th July 2024 under ISIN (INE08NE01025).