Sanstar Limited, Ahmedabad-based manufacturers of plant-based speciality products and ingredient solutions has filed draft papers with SEBI to raise Rs 425-500 crore through an initial public offering.
As per the draft, the funds will be used for the planned expansion of the company’s Dhule facility. The company has an installed capacity of 1,100 TPD through its two manufacturing facilities at Dhule in Maharashtra and Kutch in Gujarat. The total size of the IPO is up to 4.80 crore equity shares. According to the draft, the company may consider a pre-IPO placement of up to 40 lakh equity shares. If such placement is completed, the fresh issue size will be reduced.