Sanstar's initial public offering attracted robust demand from investors as it got subscribed 82.99 times on the last day of bidding, i.e., July 23. The participants applied for 311.95 crore equity shares of the company, against the offer size of 3.75 crore shares, data from the exchanges showed.

The Ahmedabad-based company opened its Rs 510.15-crore public issue on July 19, with a price band of Rs 90-95 per share. The IPO was a mix of fresh issuance of shares worth Rs 397.1 crore, and an offer-for-sale of 1.19 crore shares worth Rs 113.05 crore by promoters.

Qualified institutional buyers were at the forefront of boosting IPO subscription, buying 145.68 times the allotted quota, followed by non-institutional investors (high networth individuals) who picked 136.5 times. The portion set aside for retail investors was subscribed 24.23 times.

The company will finalise the basis of allotment of IPO shares by July 24, while the equity shares will be credited to demat accounts of eligible investors by July 25.

Given the robust subscription numbers, the allotment of shares will take place on a proportionate basis, thereby leaving out some some investors.

Trading in Sanstar shares will commence on the bourses from July 26.

Grey market participants have given more than 30 percent premium to the stock price over the upper price band, market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing.

Sanstar manufactures plant based speciality products and ingredient solutions for food, and animal nutrition industries. Its products include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches and co-products like germs, gluten, fibre, and enriched protein. The speciality products and ingredients solutions add taste, texture, and nutrients to foods, and animal nutrition products.

The company will utilise the fresh issue proceeds mainly on expanding its Dhule facility and repaying debts. Currently, it has two manufacturing facilities, located at Dhule in Maharashtra and Kutch in Gujarat.