IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

To be announced

Investor category and sub category

RIIs  |   NIIs  |   QIBs  |   Eligible employees  |  

About Sanstar Limited

Sanstar Limited, a major Indian manufacturer of plant-based speciality products and ingredient solutions. The company's expansive product line includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native and modified maize starches, and co-products such as germs, gluten, fiber, and enriched protein.

These products serve a variety of purposes, acting as ingredients, thickening agents, stabilizers, sweeteners, emulsifiers, and additives in the food industry, nutritional ingredients in animal nutrition, and functional agents in industrial applications.

With an installed capacity of 363,000 tons annually, Sanstar Limited stands as the third-largest producer of maize-based speciality products in India. The company attributes its competitive edge to over five decades of industry presence, advanced manufacturing facilities, a diverse product portfolio, and a strong market presence both domestically and internationally.

Sanstar Limited operates two manufacturing sites spanning approximately 245 acres in Dhule, Maharashtra, and Kutch, Gujarat. These facilities are strategically located near key maize harvesting belts and major seaports, enhancing the company's export capabilities.

The Dhule facility, noted for its sustainability and advanced automation, has received multiple certifications including FSSAI, FSSC 22000:2018, Kosher, HALAL, and ISO 9001:2015. The Kutch unit also boasts similar accolades and is registered with the United States Food and Drug Administration (USFDA).

During the fiscal year 2023, Sanstar Limited achieved significant export revenues, constituting over 30% of its gross revenue, with products reaching 49 countries across various continents.

Industry Outlook:

  1. The Indian Maize Starch market is set to expand at a 3.6% CAGR, reaching 9.5 million tons by 2029, driven by its accessibility and broad use across multiple industries.
  2. The Modified Maize Starch market in India, worth USD 1,222.1 Million in 2023, is projected to grow to USD 1,717.9 Million by 2029, influenced by price sensitivity and cost-related supplier choices.

Sanstar Limited IPO Details

Sanstar Limited IPO Dates

The exact dates are yet to be announced.

Sanstar Limited IPO Price Band

The exact price range is yet to be announced.

Sanstar Limited IPO Lot Size

The exact lot size is not announced yet.

Sanstar Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  • Funding the capital expenditure requirement for expansion of the Dhule facility;
  • Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company and;
  • General corporate purposes

Peer Details

The companies considered by Sanstar as its peers include:

  1. Gujarat Ambuja Exports Limited
  2. Gulshan Polyols Limited
  3. Sukhjit Starch and Chemicals Limited

How to Check the Allotment Status of the Sanstar Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the Individual order details page of the IPO that you had applied for.
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Sanstar Limited IPO

  • Registered office: Sanstar House, near Parimal Under Bridge, opposite Suvidha Shopping Centre, Paldi, Ahmedabad – 380 007, Gujarat, India
  • Phone:+91 79 26651819
  • E-mail:cs@sanstar.in

IPO Financials

Particulars For the period Ended on September 30, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Revenue (in ₹ lakh) 3,771.07 7,608.82 5,047.67 3,101.31
Profit After Tax (PAT) (in ₹ lakh) 218.17 407.36 159.21 139.30
Cash & Cash Equivalents (in ₹ lakh) 16.49 61.15 6.43 4.56
Net Worth (in ₹ lakh) 1,115.43 897.22 489.67 330.19
Debt to Equity Ratio(x) 0.55 0.65 1.00 1.47
Return on Equity (%) 19.56% 45.40% 32.51% 42.19%
Return on Capital Employed (RoCE) (%) 17.83% 37.72% 23.19% 20.98%
Earning Per Share (EPS)-in absolute ₹ 1.48 2.76 1.08 2.04

Know before investing


  1. Sanstar Limited has demonstrated impressive growth, with a Revenue and PAT CAGR of 57% and 71% respectively over Fiscal 2021-2023, indicating strong operational efficiency and market acceptance.

  2. The company operates two major facilities in Gujarat and Maharashtra with a combined installed capacity of 3,63,000 tons per annum, enabling large-scale production and supply capabilities.

  3. Sanstar Limited exported to 49 countries across multiple continents in the first half of Fiscal 2023, showcasing its broad international presence and acceptance of its speciality products.

  4. The Dhule facility features state-of-the-art automation with SCADA and PLC systems, which enhances production efficiency and quality while minimising costs and errors.


  1. Sanstar Limited lacks fixed contracts for maize procurement, its primary raw material, making it vulnerable to price fluctuations and supply disruptions. This instability could severely impact their profitability as raw material costs constituted up to 85.71% of their expenses in recent fiscal periods.

  2. The company requires substantial working capital to purchase and store maize during its peak arrival season. Insufficient funds during this critical time could hinder operations, as they spent ₹2,970.83 million to ₹6,025.94 million annually on raw materials.

  3. Ongoing litigation could adversely affect the company if resolved unfavourably. Legal proceedings increase potential liabilities and expenses, potentially damaging the company's financial health and market reputation.

  4. The recent amalgamation with Sanstar Biopolymers and the acquisition of ECL could lead to integration challenges. Discrepancies in financial statements or operational hurdles post-merger may affect overall business performance.

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Sanstar IPO FAQs

What is Sanstar Limited's IPO?

Sanstar IPO is a book-built IPO. The exact dates and price range are yet to be announced. 

When will Sanstar Limited's IPO be allotted?

The exact dates and price range are yet to be announced. 

When will Sanstar Limited's IPO open for subscription?

The IPO subscription window is not announced yet.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot. However, the lot size has not been announced yet.

When will Sanstar Limited list on exchanges?

The exact date is not announced yet.

How do I check the allotment status of the Sanstar Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

What would be the listing gains on the Sanstar Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The exact date is not announced yet.

I have finished the application process for the Sanstar Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Sanstar Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Sanstar Limited using one PAN?

You can submit only one application using your PAN card.