Sunstar Limited wants to raise ₹510.15 crore through IPO. The price band of Sunstar Limited IPO is Rs 90-95 per share.The company’s shares are likely to be listed on BSE and NSE on July 26.
New Delhi. The Initial Public Offer (IPO) of Sunstar Limited, a company that makes plant-based specialty products and ingredients solutions, opened today. The issue received tremendous support from retail investors and non-institutional investors. Within two hours of opening, the quota of both these categories was fully subscribed. Overall, the Sunstar Limited IPO was filled 4.20 times on the first day today. By 5:30 pm on the first day, the IPO of Rs 510.15 crore received bids for 15,77,98,350 shares as against 3,75,90,000 shares. Even in the gray market, the unlisted shares of Sunstar Limited IPO are trading at a 42 percent premium.
The price band of Sunstar Limited IPO is Rs 90-95 per share. According to the latest data, the retail quota of the IPO got 4.14 times subscription, while the category of non-institutional investors got 9.87 times subscription. The qualified institutional buyers (QIB) category has received 5 percent bids. Investors can bid for the shares of this issue till July 23. The company’s shares are likely to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on July 26.
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Target to raise ₹510.15 crore
Sunstar Limited wants to raise Rs 510.15 crore through this issue. The company has issued 41,800,000 new shares worth Rs 397.10 crore, while the existing investors of the company are selling 11,900,000 shares worth Rs 113.05 crore through Offer for Sale (OFS). Sanstar is one of the leading manufacturers of plant-based specialty products and ingredients solutions in India. The company has factories in Dhule, Maharashtra and Kutch, Gujarat.
35% share reserved for retail investors
The Ahmedabad-based company has reserved half of its issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Shares are making a splash in the gray market
There is tremendous demand for Sunstar IPO shares in the grey market. According to IPOwatch.in, a website that keeps an eye on the grey market, this issue was trading at a premium of Rs 40 in the unlisted market today i.e. on July 19. In this way, according to the upper price band, the company’s shares are likely to be listed at a price of Rs 135. But, IPO investors should always keep one thing in mind that it is not necessary that if the shares of an IPO are trading at a premium in the grey market, then their listing should also be at a premium. The opposite can also happen.
(Disclaimer: Investment made in IPO is subject to market risks. If you want to invest money in any of these, then first consult a certified investment advisor. AyraNews24x7 will not be responsible for any kind of profit or loss of yours.)
Tag: Business News, IPO, Money making tips, Share Market
first published : July 19, 2024, 7:03 pm IST
