Sanstar IPO listed @ Rs. 109

July 26, 2024 admin Leave a reply Post Comment

Sanstar IPO GMP grey market premium, review, Subscription, allotment, listing estimate @ Chanakyanipothi.com
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Sanstar IPO Promoters
GOUTHAMCHAND SOHANLAL CHOWDHARY, SAMBHAV GAUTAM CHOWDHARY AND SHREYANS GAUTAM CHOWDHARY

Sanstar IPO Company Details to watch

Sanstar is one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein, amongst others.

Its speciality products and ingredients solutions add taste, texture, nutrients and increased functionality to (i) foods as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers and additives (in bakery products, confectionery, pastas, soups, ketchups, sauces, creams, deserts, amongst others),
(ii) animal nutrition products as nutritional ingredients, and
(iii) other industrial products as disintegrants, excipients, supplements, coating agents, binders, smoothing & flattering agents, finishing agents, among others. 
With an installed capacity of 3,63,000 tons per annum (1,100 tons per day), it is the third largest manufacturer of maize based speciality products and ingredient solutions in India. It believes that its leading position in the industry, technical knowledge to bring specific functionality and nutrition to end products, more than five decades of presence, state of the art manufacturing facilities, diverse product portfolio and clientele in domestic and global markets, provide it with competitive advantage.

Sanstar is a recognisedTwo Star Export house from Director General of Foreign Trade, Government of India, while Sanstar Biopolymers Limited, the erstwhile Company which was merged with the Company pursuant to NCLT, Ahmedabadorder dated November 23, 2023, is a recognised Three Star Export House.

During the six months ended September 30, 2023 and Fiscal 2023, its revenue from exports were Rs. 1,887.68 million and Rs. 3,818.07 million respectively, representing 33.07% and 30.93% respectively of our Gross Revenue from Operations, on the basis of its Proforma Consolidated Financial Statements.
The company exported its products to 49 countries across Asia, Africa, Middle East, Americas, Europe and Oceania, during both six months ended September 30, 2023 and Fiscal 2023, on the basis of its Proforma Consolidated Financial Statements. Additionally, the Company has footprints across India, with its products being sold in 21 states.

Its two manufacturing facilities spread across cumulative area of 10.68 million square feet (approximate 245 Acres) are located at Dhule in the state of Maharashtra and Kutch in the state of Gujarat. Its Dhule Facility is the latest, sustainability focused, state of the art, automated facility and has been designed by its in-house team of 24 engineers. The manufacturing facilities are strategically located in terms of both proximity to its raw material sources i.e. maize harvesting belts as well as seaports of Mundra, Kandla, Hazira and Nhava Sheva, for exports of its finished products.

The Dhule Unit has been duly certified in accordance with FSSAI, FSSC 22000:2018, Kosher, HALAL, International Standards for Quality Management Systems as per ISO 9001:2015 and SGS’s Certificate for India’s National Programme for Organic Production Standards, amongst others. Similarly, its Kutch unit is registered with United States Food and Drug Administration (USFDA) and also hold certifications like FSSAI, HACCP, HALAL, ISO 9001:2015.

For more information about the company, click https://www.sanstar.in/

Objects of the IPO

This is fresh issue of capital & offer for sale.
The Company proposes to utilise the Net Proceeds towards funding of the following objects:
1. Funding the capital expenditure requirement for expansion of our Dhule Facility;
2. Repayment and/or pre-payment, in part or full, ofcertain borrowings availed by our Company and;
3. General Corporate Purposes.

Sanstar IPO GMP Details to watch Guidance & Subscription

Sanstar IPO Guidance & Subscription

Sanstar is one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fiber and enriched protein, amongst others. Sanstar’s revenue from operations has grown at a CAGR of 45% from Rs.5,044.02 Mn in FY22 to Rs.10,672.71 Mn in FY24, driven by both domestic and international market expansion, with exports now reaching 49 countries.

Sanstar Limited is poised for significant growth, leveraging its aggressive capacity expansion, robust export strategies, and diversification into higher-margin derivative segments.

With an additional 1,000 tons per day capacity at its Dhule Facility expected to commence by Fiscal 2026, the company aims to meet the increasing global demand for its maize starch, liquid glucose, dextrose monohydrate, and dextrose anhydrous products. The company is also focused on reducing its debt using IPO proceeds, which will lower the interest burden and enhance profitability.

The commissioning of captive solar and biogas power plants is expected to reduce power costs significantly, further boosting profit growth. Adhering to high standards of quality and sustainability, Sanstar’s strategic focus on cost management, operational efficiency in the backdrop of substantial topline growth is expected to drive sustained profitability and market share expansion, making it a formidable player in the industry.

Size: The net size of the IPO is very small and retail portion is only Rs. 178.55 crore and HNI portion is only Rs. 76.52 crore. So huge over subscription is expected.

Review: We have assigned a ‘SUBSCRIBE’ rating for the IPO of Sanstar Ltd as the P/E ratio of 25.9x on FY24 EPS appears lucrative in light of its strong growth potential.

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