Galaxy Surfactants Rises 13.1% Over IPO Price On Stock Market Debut
Galaxy Surfactants listed at a premium of 3% at Rs 1,525 per share on the NSE, compared to its issue price.
Galaxy Surfactants Ltd. listed at a premium of 3 percent at Rs 1,525 per share on the NSE Ltd., compared to its issue price of Rs 1,480 apiece. The stock rose as much as 13.1 percent to Rs 1,674 thereafter.
The speciality chemicals manufacturer’s Rs 937 crore initial public offer was subscribed 20 times. The IPO was an offer for sale by existing shareholders and the company is not raising capital.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 54.27 times, non-institutional investors 6.96 times and retail investors 6.01 times, as per NSE data.
The company manufactures surfactants—raw materials for personal hygiene and sanitation products—and speciality ingredients—used in sunscreens, fairness creams and other such products. It supplies ingredients to more than 70 countries and generates nearly 65 percent of its revenue from overseas sales.
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