Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Sanstar IPO
Price Band
₹90.0–95.0
Issue Size
₹510.15 Cr
Lot Size
150 shares
Min Investment
₹14,250
GMP
+₹25.0 (26.32%)
Issue Price
₹95.0
Subject to Sauda
₹2800
Paid only if allotted
Sanstar IPO AI Summary
- Sanstar IPO is listed on BSE, NSE in the Other Agricultural Products sector.
- Price band: ₹90.0–₹95.0 per share, lot size 150 shares (min. investment ₹14,250).
- Subscription window: 19 Jul–23 Jul 2024, listing on 26 Jul 2024.
- Current GMP is +₹25.0 (26.32%), an estimated listing price of ₹120 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Sanstar IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 23 Jul 2024 — not a current signal.
26 of 34 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Sanstar IPO Grey Market Premium (GMP) Today
GMP
+₹25.0
GMP %
+26.32%
Est. Listing
₹120.0
Updated: 25 Jul 2026 14:05
About the Company
Founded in 1982, Sanstar Limited manufactures specialty plant-based products and ingredient solutions for food, pet food and other industrial applications in India. The company's product portfolio 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 proteins. These products are used in: Food products: as ingredients, thickeners, stabilizers, sweeteners, emulsifiers, and additives (including in baked goods, confectionery, pasta, soups, ketchup, sauces, creams and desserts); Pet food products: as nutritional ingredients; and Other industrial products: as disintegrants, excipients, supplements, coating agents, binders, smoothing and flattering agents, and refining agents. The company has two manufacturing facilities covering a total area of 10.68 million square feet (approx 245 acres) at Dhule in the state of Maharashtra and Kutch in the state of Gujarat. With an installed capacity of 3,63,000 tons per annum (1,100 tons per day), the company is the fifth largest manufacturer of corn-based specialty products and ingredients in India. The company exports its products to companies in 49 countries including Asia, Africa, the Middle East, America, Europe and Oceania. The company also has a pan-India presence where its products are sold in 22 states. As of March 31, 2024, the company employed 271 people (including 60 permanent employees) at its plants in Kutch and Dhule and at its headquarters.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 527.57 | 368.35 | 207.45 |
| Total Income | 1,081.68 | 1,209.67 | 504.77 |
| Profit After Tax | 66.77 | 41.81 | 15.92 |
| NET Worth | 215.91 | 149.28 | 48.97 |
| Reserves and Surplus | 225.18 | 158.41 | 55.69 |
| Total Borrowing | 127.64 | 111.70 | 85.22 |
Key Ratios
EPS
₹4.75
NAV
₹15.37
ROE
30.92%
ROCE
24.43%
RoNW
30.92%
P/B Value
6.18
P/E Ratio
19.98
Market Cap
₹1731.32 Cr
PAT Margin
6.17%
Debt/Equity
0.50
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Sukhjit Starch & Chemicals Ltd. | 321.75 | 9.94% | 15.01 | 31.98 | 31.98 |
| Gulshan Polyols Ltd. | 123.63 | 2.3% | 73.31 | 2.85 | 2.85 |
| Gujarat Ambuja Exports Ltd. | 60.37 | 12.49% | 18.65 | 7.54 | 7.54 |
| Sanstar Limited This IPO | 15.37 | 30.92% | 19.98 | 4.75 | 4.75 |
Promoters
Gouthamchand Sohanlal Chowdhary, Sambhav Gautam Chowdhary and Shreyans Gautam Chowdhary
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the capital expenditure requirement for expansion of our Dhule Facility 181.56 2 Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company and; 100.00 3 General Corporate Purposes 81.93
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹504.77 Cr in the year ending 31 Mar 2022, rising to ₹1,209.67 Cr by 31 Mar 2023. However, it decreased to ₹1,081.68 Cr by 31 Mar 2024, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹15.92 Cr in the year ending 31 Mar 2022, increasing to ₹41.81 Cr by 31 Mar 2023. It further rose to ₹66.77 Cr by 31 Mar 2024, indicating a positive trend in profitability.
Valuation
Priced at roughly 19.98 trailing earnings, versus peers trading at a P/E range of 15.01 to 73.31.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO on its debut day. It reflects the demand and supply dynamics in the unofficial market before the stock is listed on the exchange.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and market conditions.
Who May Want to Wait
Investors with a low risk tolerance or those seeking immediate returns may want to consider avoiding IPOs, as they can be volatile in the short term.
Listing Gains — The Risk
Listing gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock. Investors should be aware that the price can fluctuate significantly on the listing day.
This evaluation is generated from Sanstar's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Sanstar IPO GMP today?
Sanstar IPO GMP today is +₹25.0 (26.32%), indicating an estimated listing price of ₹120. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Sanstar IPO?
The price band of Sanstar IPO is ₹90.0–₹95.0 per share.
When does Sanstar IPO open and close?
Sanstar IPO opens on 19 July 2024 and closes on 23 July 2024.
When does Sanstar IPO list on the stock exchange?
Sanstar IPO listed on 26 July 2024 at ₹120.0.
What is the lot size for Sanstar IPO?
The lot size for Sanstar IPO is 150 shares, requiring a minimum investment of ₹14,250.
What is the price band for the IPO?
The price band for the IPO is ₹90.0 to ₹95.0.
What is the minimum investment required?
The minimum investment required is ₹14,250.
What is the lot size for this IPO?
The lot size for this IPO is 150 shares.
When is the listing date?
The listing date is scheduled for 26 July 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected premium at which the stock might list on the exchange.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Jul 2024
Close
23 Jul 2024
Allotment
24 Jul 2024
Listing
26 Jul 2024
Similar IPOs in Other Agricultural Products
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for Sanstar?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.