Sunstar’s stock got listed on Friday with a premium of 14.73 percent. On the National Stock Exchange (NSE), Sunstar’s share price opened at ₹109 per share on July 26, higher than the issue price of ₹95. On the Bombay Stock Exchange (BSE), Sunstar’s share price opened at ₹106.40 per share, higher by 12% from the issue price. Market experts had predicted Sunstar’s share price to open between ₹125 to ₹130 per share. Earlier, subscription for Sunstar IPO began on July 19, and ended on July 23. On the last day of bidding, Sunstar IPO’s subscription was 82.99 times.
The IPO received 82.99 times oversubscription from investors
The response from qualified institutional buyers (QIBs) was excellent on the last day of the company’s IPO auction. Non-institutional investors (NIIs) outperformed retail investors on the third day. According to BSE data, Sunstar IPO received 82.99 times more subscriptions from investors. QIBs booked 145.68 times, while NIIs received 136.50 subscriptions. The number of subscriptions for retail investors was 24.23 times.
The target is to raise ₹510.15 crore
Sunstar Limited manufactures unique plant-based goods and ingredient solutions for pet food, feed and other industrial applications. Items offered by the firm include liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, indigenous and modified maize starch, and by-products. Sunstar IPO The company aims to raise ₹510.15 crore through its IPO. The IPO will see the company issuing 4.18 crore equity shares worth ₹397.1 crore and an offer for sale (OFS) of 1.19 crore shares worth ₹113.05 crore by the promoters.
Rani Gautamchand Chaudhary will sell 38 lakh equity shares through OFS, while Richa Sambhav and Samiksha Shreyans Chaudhary will sell 33 lakh shares each. Gautamchand Sohanlal Chaudhary, Sambhav Gautam Chaudhary and Shreyans Gautam Chaudhary are the other selling shareholders among the promoters, selling 5 lakh shares each.
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