Sanstar
Book Building issueMainboard₹510 Cr issue
+12.00%
Listing gain over issue price
Issue size
₹510 Cr
1 lot at cut-off
₹14,250
Lot size
150shares
Open
19 Jul 2024
Close
23 Jul 2024
Allotment
24 Jul 2024
Listing
26 Jul 2024
Listing performance
Issue price
₹95
Listed at
₹106.40
Listing-day close
₹115.09
Latest price
₹90.23
Close on 23 Oct 2026
Listing gain
+12.00%
Return since issue
-5.02%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jul 2024 – 23 Jul 2024
- Listing date
- 26 Jul 2024
- Face value
- ₹2 per share
- Issue price
- ₹95 per share
- Lot size
- 150 shares
- Issue type
- Book Building issue
- Total issue size
- ₹510 Cr
- Market cap at offer price
- ₹1,731 Cr
- Promoter holding
- 99.77% → 70.37% pre-issue → post-issue
- ISIN
- INE08NE01025
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Sanstar House, near Parimal Under Bridge, Opp.Suvidha Shopping Centre, Paldi, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,61,10,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹14,250 |
| Retail (max) | 14 | 2,100 | ₹1,99,500 |
| S-HNI (min) | 15 | 2,250 | ₹2,13,750 |
| S-HNI (max) | 70 | 10,500 | ₹9,97,500 |
| B-HNI (min) | 71 | 10,650 | ₹10,11,750 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,61,10,000
Anchor portion
₹153 Cr
at ₹95 per share
Valuation and performance
Valuation at offer price
₹95 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.75 | 3.66 |
| P/E (×) | 20.00 | 25.96 |
| Price to book (×) | 6.18 | — |
| Market cap | — | ₹1,731 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.92%
- ROCE
- 24.43%
- Debt / equity
- 0.50
- PAT margin
- 6.17%
- NAV per share
- ₹15.37
- Price to book
- 6.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sanstar
Sanstar Limited, incorporated as Continental Papers Limited in 1982 and renamed in 2012, is one of the major manufacturers of maize-based specialty products and ingredient solutions in India. The company operates two manufacturing facilities in Kutch and Dhule with a combined installed capacity of 363,000 tons per annum. The company generates revenue from three primary industries: Food (58.12% of revenue in Fiscal 2024), Animal Nutrition (10.45%), and Other Industrial Applications including pharmaceuticals, paper, and textiles (31.43%). The company has experienced significant growth with revenue increasing from ₹5,044.02 million in Fiscal 2022 to ₹10,672.71 million in Fiscal 2024 (CAGR of 45.46%), and profit after tax growing from ₹159.21 million to ₹667.67 million. Domestically, the company supplies to Indian customers; internationally, it exports to 49 countries across Asia, Africa, Middle East, Europe, Oceania, and Americas.
Company Analysis
from RHPSanstar Limited manufactures plant-based specialty products and ingredient solutions (starches, derivatives, and co-products) for food, animal nutrition, and industrial applications.
Sanstar Limited, incorporated as Continental Papers Limited in 1982 and renamed in 2012, is one of the major manufacturers of maize-based specialty products and ingredient solutions in India. The company operates two manufacturing facilities in Kutch and Dhule with a combined installed capacity of 363,000 tons per annum. The company generates revenue from three primary industries: Food (58.12% of revenue in Fiscal 2024), Animal Nutrition (10.45%), and Other Industrial Applications including pharmaceuticals, paper, and textiles (31.43%). The company has experienced significant growth with revenue increasing from ₹5,044.02 million in Fiscal 2022 to ₹10,672.71 million in Fiscal 2024 (CAGR of 45.46%), and profit after tax growing from ₹159.21 million to ₹667.67 million. Domestically, the company supplies to Indian customers; internationally, it exports to 49 countries across Asia, Africa, Middle East, Europe, Oceania, and Americas.
maize-based specialty products and ingredient solutionsfood industryanimal nutritionpharmaceuticalspapertextilespersonal careadhesives
Objects of the Issue
- Funding the capital expenditure requirement for expansion of our Dhule Facility ₹1,815.55 million p.29
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company ₹1,000.00 million p.29
- General corporate purposes p.29
- Funding the capital expenditure requirement for expansion of our Dhule Facility Up to ₹1,815.55 million p.54
- Repayment and/or pre-payment in part or full of certain borrowings availed by our Company Up to ₹1,000.00 million p.56
- General Corporate Purposes p.68
- Funding the capital expenditure requirement for expansion of our Dhule Facility ₹1,815.55 million p.115
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company ₹1,000.00 million p.115
- General corporate purposes [●] p.115
- Funding capex for the expansion of Dhule Facility by 1,000 tons per day ₹2,015.55 million p.242
- Expansion of manufacturing capacities for existing products (native starches, modified starches, liquid glucose, dextrose monohydrate) and new products (dextrose anhydrous) at Dhule facility by installing additional factory building, machineries, equipments and utilities to increase installed capacity by 1,000 TPD, with proposed expansion expected to commence commercial manufacturing during Fiscal 2026 ₹1,815.55 million (out of total estimated cost of ₹2,015.55 million) p.249
- Funding capex for the proposed expansion of Dhule Facility ₹1,815.55 million p.411
- General corporate purposes p.411
Issue Structure
- Total Issue
- Up to 53,700,000 Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to 41,800,000 Equity Shares aggregating upto ₹ [●] million
- Offer for Sale
- Up to 11,900,000 Equity Shares aggregating upto ₹ [●] million
- Price Band
- Floor Price: ₹90 per Equity Share; Cap Price: ₹95 per Equity Share
- Lot Size
- 150 Equity Shares and in multiples of 150 Equity Shares thereafter
- Face Value
- ₹2/- per Equity Share
Business Model
The company manufactures maize-based specialty products through a process requiring controlled temperature and precision conditions. Revenue is generated through sale of starches, derivatives, and co-products to customers in food, animal nutrition, and industrial applications primarily on a purchase order basis without long-term contracts. Cost of material consumed (primarily maize) represented 77.99% of gross revenue in Fiscal 2024. The company sources maize from local mandis (83.97% of purchases in Fiscal 2024) and directly from farmers (16.03%). Domestic sales accounted for 64.47% of revenue in Fiscal 2024, with exports representing 35.53%.
Business Segments
Primary maize-based starch products for food, animal nutrition and industrial applications
Modified starch products derived from maize starches
Co-products from maize processing
Sales of maize-based speciality products to food industry customers
Powder obtained from starchy part of maize used in custard, desserts, sauces, instant foods, tablets, baked foods, confectioneries, pastas, soups and mayonnaise
Physically, enzymatically, or chemically treated native starch used as thickening agent, stabilizer, or emulsifier in pharmaceuticals and coated paper
Clear, viscous, colourless solution used in confectionary, candies, syrups, pharmaceutical excipients, bakery, ready to eat sweets
Monohydrate form of D-glucose used as sweetener, texturizing agent, nutritional supplement, and fermentation substrate in confectioneries, bakery, beverages, pharmaceuticals, and animal nutrition
Provides specialty maize-based ingredients as thickening agents, stabilizers, sweeteners, emulsifiers, and additives used in bakery products, confectionery, pastas, soups, ketchups, sauces, creams, desserts, and other processed foods
Provides nutritional ingredients, binding/pelleting agents, and supplements for animal feed including poultry, cattle, and other livestock
Supplies disintegrants, excipients, supplements, coating agents, binders, and finishing agents for pharmaceuticals, adhesives, textiles, paper, personal care, and other industrial applications
Manufacture of native and modified starches from maize for use in food, paper, textiles, adhesives, pharmaceuticals and other industrial applications. Native starch used as thickening agent in puddings, soups, sauces, snacks. Modified starch finds applications in specialized industries.
Manufacturing of high-margin derivative products including liquid glucose, dextrose monohydrate, dextrose anhydrous, and other sweeteners for use in confectionery, pharmaceuticals, food, and other specialized applications. Revenue contribution from derivatives was 4.26% in Fiscal 2024 and 4.62% in Fiscal 2023.
Manufacturing of organic certified starches without use of chemicals, solvents or additives. The company has installed capacity of 1,250 tons per annum of organic starches in India and is registered with APEDA. Used in clean label organic food products including instant soups, sauces, gravies, confectionery, nutraceutical and pharmaceutical industries.
Products sold to food manufacturers as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives in food products such as bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts
Products sold to animal nutrition manufacturers as nutritional ingredients
Products sold for industrial use as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents
Manufacture of starches, its derivatives and by-products
SWOT Analysis
Strengths
- • Major manufacturer of maize-based specialty products in India with strong market position(p.28)
- • Strong revenue and profit growth over three fiscal years(p.48)
- • High customer retention with majority revenue from repeat customers(p.44)
- • Significant international presence with exports to 49 countries(p.45)
- • Established manufacturing infrastructure with two facilities totaling 1,100 TPD capacity(p.44)
- • Diversified product portfolio across food, animal nutrition, and industrial applications(p.28)
- • Comprehensive insurance coverage protecting against operational hazards(p.53)
- • Strategic manufacturing facility locations enabling effective raw material procurement(p.59)
- • State-of-the-art renewable energy infrastructure at Dhule Facility reducing operational costs(p.73)
- • Strong historical revenue growth demonstrating operational capability(p.59)
- • Successful track record of strategic initiatives and facility expansion(p.66)
- • Large manufacturer of maize-based speciality products with diverse portfolio(p.132)
- • Strategic facility locations with state-of-the-art infrastructure(p.132)
- • Strong financial growth and robust performance metrics(p.132)
- • Experienced promoter leadership with two generations of domain knowledge(p.132)
- • Large diversified customer base with long-lasting relationships(p.132)
- • Global presence in high-barrier market(p.132)
- • Strong revenue growth trajectory(p.142)
- • Significant export revenue contribution(p.142)
- • Fifth largest maize starch manufacturer in India with significant installed capacity(p.232)
- • Strategically located manufacturing facilities in maize production belts with proximity to ports(p.242)
- • Strong financial growth with revenue and PAT CAGR of 45% and 105% respectively over 2022-2024(p.245)
- • Experienced management with over 60 years cumulative industry exposure(p.236)
- • Diversified product portfolio across native starches, derivatives and co-products with multiple end-use applications(p.239)
- • Global export presence in 49 countries with Two Star Export House status(p.239)
- • State-of-the-art automated manufacturing facilities with sustainability focus(p.241)
- • Significant storage infrastructure providing cost advantage and supply security(p.243)
- • Experienced promoter-led management with deep sector expertise across procurement, manufacturing, and customer relationships(p.247)
- • Large, diversified customer base with long-term repeat order relationships reducing revenue concentration(p.248)
- • Significant capacity expansion capability with established facilities and room for growth(p.249)
- • USFDA registration enabling access to regulated U.S. market(p.250)
- • Established strong maize sourcing capabilities providing competitive advantage for feedstock-dependent ethanol production(p.253)
- • Expanding export presence across 49 countries with rising export revenue contribution(p.250)
- • Multiple quality certifications and regulatory approvals supporting market credibility(p.256)
- • One of India's largest corn wet millers with significant installed capacity(p.362)
- • Diversified and recognized product portfolio serving multiple industries(p.362)
- • Strong export presence and geographic diversification(p.362)
- • Strategic facility locations near raw material sources and export ports(p.362)
- • State-of-the-art manufacturing with advanced certifications(p.362)
- • Established two-star export house recognition(p.362)
- • Significant export presence and scale(p.365)
- • Growing EBITDA and profitability despite revenue decline(p.377)
- • Strong improvement in profit margins(p.377)
- • Improved return metrics and capital efficiency(p.377)
- • Reduced debt-to-equity ratio indicating deleveraging(p.377)
- • Operational diversification across customer base(p.377)
Weaknesses
- • Heavy dependence on small number of customers for revenue concentration(p.45)
- • Significant raw material cost exposure with limited long-term supplier contracts(p.27)
- • Large working capital requirements during peak maize harvest season(p.27)
- • Missing historical secretarial records prior to 2006(p.49)
- • High inventory levels relative to current assets(p.51)
- • Pending litigation against the company(p.27)
- • High concentration of domestic sales in western India creating regional vulnerability(p.54)
- • Underutilization of manufacturing capacity at Kutch facility limiting returns(p.55)
- • Significant dependence on few raw material suppliers with no contractual arrangements(p.59)
- • Limited business diversification exposing company to industry-specific downturns(p.55)
- • Potential conflict of interest with group company in similar business(p.55)
- • Negative cash flows in prior periods impacting growth capacity(p.57)
- • Dependence on third-party transportation with no long-term agreements(p.59)
- • High debt burden with significant borrowings(p.124)
- • Missing historical secretarial records creating compliance risk(p.45)
- • Dependence on limited number of major customers(p.34)
- • Heavy dependence on few raw material suppliers and unorganized market procurement(p.236)
- • Significant exposure to raw material price volatility affecting margins(p.220)
- • Limited product diversification in derivatives segment relative to core starches(p.239)
- • Customer concentration risk with top 5 suppliers representing 26.38% of purchases(p.237)
- • Seasonal availability and quality variation of maize affecting production consistency(p.215)
- • Dependence on external finance with personal guarantees from promoters on multiple loan facilities(p.283)
- • High number of product rejections relative to revenue indicating quality consistency issues(p.256)
- • Relatively high employee attrition rate at 25% in Fiscal 2023 indicating workforce retention challenges(p.255)
- • Kutch facility capacity underutilization at 81% due to planned maintenance downtime impacting operational efficiency(p.254)
- • Group company SSPPL holds similar business rights creating potential internal competition and conflict of interest(p.306)
- • Registered office occupied on short-term lease from related party with expiry at end of 2024(p.258)
- • High dependence on raw material costs with no forward contracts(p.363)
- • Raw material costs constitute majority of expenses(p.363)
- • Significant debt burden relative to equity(p.358)
- • Substantial increase in inventory levels impacting working capital(p.334)
- • Current borrowings exceed half of total liabilities(p.339)
- • Domestic revenue decline and capacity underutilization(p.382)
- • Significant reliance on foreign exchange hedging(p.392)
- • Dependence on few raw material suppliers(p.393)
- • Customer concentration risk(p.393)
- • Promoter guarantees on borrowings(p.396)
- • Pending approvals and licensing transfers post-merger(p.405)
Opportunities
- • Significant global market growth in maize-based specialty products industry(p.28)
- • Strong growth potential in Indian market over forecast period(p.28)
- • Capacity expansion at Dhule Facility to increase installed capacity to 2,100 TPD(p.43)
- • Growing export opportunities with expanding international customer base(p.45)
- • Product development capabilities with established R&D center(p.51)
- • Planned capacity expansion at Dhule facility to increase production capability(p.54)
- • Growing export market presence across multiple geographies(p.57)
- • Significant growth opportunity in global and domestic food industry(p.58)
- • Future growth strategies including customer diversification and market expansion(p.66)
- • Rising global demand for maize-based specialty products in multiple industries(p.55)
- • Expansion of manufacturing capacity to meet growing demand(p.118)
- • Growing maize production in India supporting input availability(p.152)
- • Rising demand from animal nutrition and poultry sector(p.161)
- • Strong growth in convenience food and processed food segments(p.161)
- • India's position as largest global exporter of maize starch(p.142)
- • Growing Indian market for maize-based products(p.163)
- • Significant planned capacity expansion at Dhule facility positioning company as third largest player(p.243)
- • Strong growth in Indian derivatives market with emerging applications(p.239)
- • Rising demand from end-use industries including pharma, animal nutrition and convenience foods(p.240)
- • Government support for bioethanol production creating new demand for maize feedstock(p.229)
- • Emerging high-value applications in biomaterials, bioethanol and mock meats(p.231)
- • Low per capita consumption of starch in India compared to developed markets(p.180)
- • Abundant domestic maize supply supporting capacity expansion and feedstock security(p.247)
- • Massive growth in government-mandated ethanol blending creating 500% market expansion opportunity(p.252)
- • Maize-based ethanol feedstock gaining prominence as alternative to molasses with expected production shift(p.253)
- • Rapidly expanding global maize derivatives market growing at 4.33% CAGR with higher margins(p.251)
- • Growing organic starch segment with clean-label consumer demand supporting premiums(p.251)
- • India's position as largest global exporter of maize starch supporting export growth(p.248)
- • Potential to become India's third-largest maize products manufacturer by capacity post-expansion(p.249)
- • Multiple derivative product development opportunities to increase margins and wallet share per customer(p.250)
- • Export market expansion across multiple geographies(p.362)
- • Growing demand across multiple end-use industries(p.364)
- • Potential for capacity expansion and modernization(p.364)
- • Established customer base with growth potential(p.363)
- • Expansion of Dhule facility with significant capex(p.410)
- • Peak seasonal demand for maize products(p.393)
- • Growing export market reach(p.377)
- • Recognition as export house(p.403)
Threats
- • Commodity price volatility for raw materials, particularly maize prices(p.39)
- • Increasing competition from unorganized players in maize-based products industry(p.49)
- • Customer discretion to cancel, modify or reduce orders at any time(p.27)
- • Foreign exchange rate fluctuation risk on export revenues(p.46)
- • Import duties and trade restrictions on exported products(p.27)
- • Dependency on consistent power supply for manufacturing operations(p.48)
- • Regulatory and governmental policy changes affecting operations(p.42)
- • Increasing demand for maize from competing sectors straining raw material supply(p.55)
- • Maize cultivation dependent on water availability and favorable weather conditions(p.58)
- • Global maize price volatility beyond company control affecting profitability(p.60)
- • Post-harvest losses and inadequate farm-level infrastructure affecting raw material costs(p.57)
- • Regulatory restrictions on modified starch usage in key markets(p.61)
- • High customer concentration in food industry creating revenue vulnerability(p.58)
- • Risk of maize starch substitution by alternative crops(p.61)
- • Credit rating downgrades increasing borrowing costs and limiting market access(p.62)
- • Global economic slowdown and financial market instability affecting demand(p.75)
- • Potential equipment breakdown at concentrated manufacturing facilities(p.63)
- • Volatility in maize raw material prices limiting pricing power(p.155)
- • Limited control over commodity product pricing(p.155)
- • Risk of domestic maize supply shortages relative to demand(p.152)
- • Dependence on monsoon and climate conditions affecting raw material(p.152)
- • External cost pressures from fuel and energy requirements(p.167)
- • Potential delays in capital expansion project approvals(p.123)
- • Rising maize prices and supply constraints due to alternative uses like ethanol production(p.171)
- • Intense competition from both organized and unorganized players with pricing pressure(p.171)
- • Availability of substitute products from alternative crop sources(p.171)
- • High post-harvest losses of maize affecting raw material availability and pricing(p.180)
- • Water-intensive cultivation of maize vulnerable to monsoon variability and drought(p.215)
- • Regulatory restrictions on starch usage limiting market growth compared to international standards(p.216)
- • Raw material price volatility from monsoon-dependent maize production affecting input costs(p.247)
- • Intense competition in speciality products and ingredient solutions industry from established players(p.247)
- • Stringent food safety and regulatory compliance requirements increasing operational costs(p.259)
- • Foreign exchange fluctuations impacting export-dependent revenue and margins(p.250)
- • Environmental regulations and pollution control requirements increasing capex and opex burdens(p.262)
- • Cyclical demand patterns in end-use industries affecting product volumes and pricing(p.248)
- • Insurance coverage gaps creating exposure to uninsured losses from operational hazards(p.257)
- • Raw material price volatility and availability risks(p.363)
- • Seasonal concentration in maize procurement(p.363)
- • Equipment failure and manufacturing disruption risks(p.364)
- • Cyclical demand from dependent end-use industries(p.364)
- • Pricing pressure from customer base(p.364)
- • Foreign exchange volatility exposure(p.365)
- • Operational disruptions from scheduled maintenance(p.382)
- • Regulatory and environmental compliance requirements(p.405)
- • Competition in the industry(p.393)
- • Credit risk from trade receivables(p.392)
- • Maize harvesting seasonality and input price volatility(p.365)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gouthamchand Sohanlal Chowdhary | Promoter | 10.89% | — |
| Sambhav Gautam Chowdhary | Promoter | 23.21% | — |
| Shreyans Gautam Chowdhary | Promoter | 23.11% | — |
| Rani Gouthamchand Chowdhary | Promoter Group | 7.77% | — |
| Richa Sambhav Chowdhary | Promoter Group | 7.74% | — |
| Samiksha Shreyans Chowdhary | Promoter Group | 7.83% | — |
| Gouthamchand Sohanlal Chowdhary | Promoter | — | — |
| Rani Gouthamchand Chowdhary | Selling Shareholder/Promoter Group | — | — |
| Sambhav Gautam Chowdhary | Promoter | — | — |
| Shreyans Gautam Chowdhary | Promoter | — | — |
| Richa Sambhav Chowdhary | Selling Shareholder/Promoter Group | — | — |
| Samiksha Shreyans Chowdhary | Selling Shareholder/Promoter Group | — | — |
| Gouthamchand Sohanlal Chowdhary | Promoter | 10.89% | [●] |
| Sambhav Gautam Chowdhary | Promoter | 23.21% | [●] |
| Shreyans Gautam Chowdhary | Promoter | 23.12% | [●] |
| Richa Sambhav Chowdhary | Promoter Group | 7.74% | [●] |
| Rani Gouthamchand Chowdhary | Promoter Group | 7.77% | [●] |
| Samiksha Shreyans Chowdhary | Promoter Group | 7.83% | [●] |
| Sanstar Gems & Jewels Private Limited | Promoter Group | 7.58% | [●] |
| Sambhav Starch Products Private Limited | Promoter Group | 7.51% | [●] |
| Gouthamchand Sohanlal Chowdhary | Promoter/Chairman and Managing Director | — | — |
| Gouthamchand Sohanlal Chowdhary | Promoter | 15,301,100 shares | — |
| Sambhav Gautam Chowdhary | Promoter | 32,600,000 shares | — |
| Shreyans Gautam Chowdhary | Promoter | 32,465,000 shares | — |
| Gouthamchand Sohanlal Chowdhary | Promoter | 7.50% | — |
| Sambhav Gautam Chowdhary | Promoter | 19.00% | — |
| Shreyans Gautam Chowdhary | Promoter | 18.90% | — |
| Rani Gouthamchand Chowdhary | Promoter Group | 9.79% | — |
| Richa Sambhav Chowdhary | Promoter Group | 11.30% | — |
| Samiksha Shreyans Chowdhary | Promoter Group | 11.40% | — |
| Sambhav Starch Products Private Limited | Promoter Group | 7.68% | — |
| Sanstar Gems & Jewels Private Limited | Promoter Group | 7.75% | — |
| Gouthamchand Sohanlal Chowdhary | Promoter | — | — |
| Sambhav Gautam Chowdhary | Promoter | — | — |
| Shreyans Gautam Chowdhary | Promoter | — | — |
Leadership
Gouthamchand Sohanlal Chowdhary · Chairman and Managing Director
Sambhav Gautam Chowdhary · Joint-Managing Director
Shreyans Gautam Chowdhary · Joint-Managing Director
Harishkumar Shisupaldas Maheshwary · Chief Financial Officer
Fagun Harsh Shah · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Sanstar IPO FAQs
What is the lot size of Sanstar IPO?
The minimum lot size of Sanstar IPO is 150 shares. One lot costs ₹14,250 at the cut-off price.
When does Sanstar IPO open and close?
Sanstar IPO opened for subscription on 19 Jul 2024 and closed on 23 Jul 2024.
What is the listing date of Sanstar IPO?
Sanstar IPO listed on 26 Jul 2024.