Plant-based speciality products company Sanstar Ltd on Thursday said it has collected Rs 153 crore from anchor investors, a day before its initial share-sale opening for public subscription.

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The diversified anchor book of Sanstar comprises global financial institutions, domestic mutual funds, large insurance & non-banking financial companies (NBFCs) treasuries, AIFs and foreign portfolio institutions.

BOFA Securities, Societe Generale, BOI Mutual Fund, Trust Mutual Fund, SBI General Insurance Company, Gagandeep Credit Capital, Chhattisgarh Investment, Negen Undiscovered Value Fund, SB Opportunities Fund, Finavenue Capital Trust, Intuitive Alpha Fund, and Minerva Emerging Fund were allocated shares in the anchor round.

According to a circular uploaded on the BSE website, the company has allocated 1.61 crore equity shares to 13 funds at Rs 95 apiece, aggregating the transaction size to Rs 153 crore.

The Rs 510-crore issue, with a price band of Rs 90 to Rs 95 a share, will open for public subscription on July 19 and conclude on July 23.

The Ahmedabad-based company's proposed initial public offering (IPO) is a combination of fresh issue of 4.18 crore shares and an offer for sale (OFS) of 1.19 crore shares. At the upper end of the price band, the IPO size is pegged at Rs 510.15 crore.

Proceeds from the fresh issue to the tune of Rs 181.55 crore will be utilised to fund the capital expenditure requirement for the expansion of the company's Dhule facility, Rs 100 crore for debt payment and a portion will also be used for general corporate purposes.

Sanstar is one of the major manufacturers of plant-based speciality products and ingredient solutions in India.

The company's specialty products and ingredients add taste, texture, nutrients and increased functionality to foods as ingredients, thickening agents, stabilisers, and sweeteners, among others.

It has an installed capacity of 1,100 tonnes per day through its two manufacturing facilities at Dhule in Maharashtra and Kutch in Gujarat.

The company exports its products to 49 countries across Asia, Africa, the Middle East, the Americas, Europe, and Oceania and has established its presence across India, distributing its products to 22 states.

Sanstar's revenue from operations has increased at a CAGR of 45.46 per cent to Rs 1,067.27 crore in FY24 from Rs 504.40 crore in FY22, and its profit after tax has grown to Rs 66.77 crore in FY24 from Rs 15.92 crore in FY22.

Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.

Pantomath Capital Advisors is the sole book-running lead manager for the IPO. The equity shares of the company are proposed to be listed on the BSE and the NSE.