India's Sanstar climbs 30% in debut trade

Sanstar

26/07/2024 07:01

** Shares of Sanstar  SNSA.NS  rise 29.7% to 123.24 rupees
on first day of trading
    ** Shares of SNSA, which makes food ingredients such as corn
syrup, opened at 109 rupees, a 14.7% premium to IPO price of 95
rupees
    ** The stock climbed as much as 35.6%
    ** Co's IPO, which consisted of fresh shares worth 3.97 bln
rupees, was oversubscribed 83X, per exchange data
    ** The IPO received an overwhelming response, with an 82.99
times subscription, reflecting strong investor interest in the
company's growth prospects, says Shivani Nyati of Swastika
Investmart
    ** SNSA says it will use IPO proceeds for expansion at its
facility in Maharashtra state and repayment or pre-payment of
borrowings

 (Reporting by Varun Vyas and Bharath Rajeswaran in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))