Sanstar Limited

Sanstar Limited, incorporated in 1982 and headquartered in Ahmedabad, Gujarat, is a manufacturer of plant-based specialty products and ingredient solutions derived primarily from maize. Its product range includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native and modified maize starches, and allied by-products such as germ, gluten, fibre and fortified proteins. These outputs serve as functional ingredients (thickeners, stabilizers, sweeteners, emulsifiers and binders) across food and beverages, animal and pet nutrition, paper, textiles, pharmaceuticals and other industrial applications. The company operates two manufacturing facilities, in Dhule (Maharashtra) and Kutch (Gujarat), together spanning roughly 245 acres with a combined installed capacity of about 363,000 tonnes per annum. By its own account it ranks among the top corn-based specialty ingredient makers in India and exports to customers across roughly 49 countries spanning Asia, Africa, the Middle East, the Americas, Europe and Oceania. Over the three fiscal years preceding its public listing the company scaled revenue considerably alongside improving profitability, aided by capacity additions and a widening product mix. The IPO combined a fresh issue, whose proceeds were earmarked mainly for capacity expansion and working capital, with an offer for sale by existing shareholders. The business is promoted and led by members of the Chowdhary family.

Sanstar raised about Rs 153.05 crore from anchor investors ahead of the issue opening, with anchor shares allotted at the upper end of the price band, Rs 95 per share.