look news india
Mumbai, July 26 (HS). The stock of Sanstar Limited, a plant-based special product manufacturing company, was listed on the stock market on Friday with a jump of about 15 percent from its issue price of Rs 95. The company had fixed the price range of Rs 90 to Rs 95 per share for the initial public offering (IPO). The company wants to raise Rs 510.15 crore through this issue.
The company's stock was listed on the National Stock Exchange (NSE) at Rs 109, up 14.73 per cent from the issue price. The company's stock was listed on the Bombay Stock Exchange (BSE) at Rs 106.40, up 12 per cent. The price band of its initial public offering (IPO) was Rs 95. The company's IPO was open for investors to invest from July 19 to July 23.
On the stock market's major index BSE, the company's stock started trading at Rs 106.40 with a gain of 12 percent from the issue price, which later rose to Rs 126.50 with a gain of 33.15 percent. On NSE, it started trading at Rs 109 with a gain of 14.73 percent. The company received 82.99 times subscription on the last day of this issue on Tuesday.
It is noteworthy that Sanstar has an installed capacity of 1,100 tonnes per day through its two manufacturing facilities located in Dhule, Maharashtra and Kutch, Gujarat. The company manufactures plant-based specialty products for food, animal nutrition and industrial use in India. Its products are exported to more than 45 countries including Asia, America, Europe and Oceania, and Middle East Africa. The company earns more than 30 percent of its revenue from the export of these products.