Investors show interest as WEB Sanstar IPO crosses 50% mark

Investors show interest in the WEB Sanstar IPO, which has crossed 50% mark on the second day of bidding. The IPO received bids for 5,10,15,232 shares against the total issue size of 10,20,30,432 shares, data available with the NSE showed.

The public issue of WEB Sanstar Limited comprises fresh issue of shares worth Rs 3,971 crore and an offer for sale (OFS) of up to 11,900,000 equity shares. The price range for the offer has been fixed at Rs 460-474 per share.

The IPO is expected to raise around Rs 5,101.5 crore. The company plans to utilise the proceeds from the fresh issue for repayment or prepayment of certain borrowings availed by the company and its subsidiaries, besides general corporate purposes.

The shares of WEB Sanstar Limited are proposed to be listed on both the BSE and the NSE.