Sanstar’s IPO to open on July 19

Ahmedabad, july 16, Sanstar Limited’s Initial Public Offering (IPO) to open on Friday, July 19 for subscription.
According to a statement issued by the company here on Tuesday 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), has fixed the price band of Rs 90/- to Rs 95/- per Equity Share of face value Rs 2/- each for its maiden initial public offer. The Initial Public Offering (IPO) 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.