Sanstar Limited's initial public offering (IPO) was subscribed 2.4 times on the first day of bidding on July 19 with non-institutional investors leading the charge. The Rs 510.15-crore public offer attracted bids for 7.7 crore equity shares, surpassing the offer size of 3.8 crore equity shares, according to exchange data.

The public offer, which opened for subscription today, has a price band set at Rs 90-95 per share. The bidding is scheduled to close on July 23, 2024.

Non-institutional investors displayed the most enthusiasm, bidding nearly 4 times their allotted quota. Retail investors followed closely, subscribing 2.4 times of their reserved portion. The portion set aside for qualified institutional buyers (QIBs) was subscribed 1 percent.

Sanstar's IPO comprises a fresh issue of 4.18 crore shares worth Rs 397.10 crores and an offer for sale of 1.19 crore shares amounting to Rs 113.05 crores. Pantomath Capital Advisors Pvt Ltd is the book-running lead manager, while Link Intime India Private Ltd is the registrar.

The IPO listing is expected on July 26 on BSE and NSE. Prior to the IPO, the company raised Rs 153.05 crore from anchor investors on July 18.

Founded in 1982, Sanstar specialises in manufacturing plant-based products and ingredient solutions for food, pet food, and various industrial applications. The company's diverse product portfolio includes liquid glucose, maltodextrin powder, dextrose monohydrate, native and modified maize starches, and by-products like germ, gluten, fiber, and fortified proteins. These products play crucial roles in food manufacturing, serving as ingredients, thickeners, stabilizers, sweeteners, emulsifiers, and additives in baked goods, confectionery, pasta, soups, sauces, creams, and desserts.