Galaxy Surfactants, a leading manufacturer of performance surfactants and speciality care products, made its stock market debut on Thursday. The company's stocks have been listed on BSE at Rs 1,520, which is 2.7% higher than the issue price of Rs 1,480.
An Initial Public Offering (IPO) was issued last week, which was worth Rs 937 crore and the price band was Rs 1,470-1,480 per share.
NSE (National Stock Exchange) data shows that the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 54.27 times, non-institutional investors were subscribed 6.96 times and Retail Individual Investors (RIIs) 6.01 times.
The Galaxy Surfactants IPO was oversubscribed 20 times and accumulated Rs 281 crore from anchor investors. ICICI Securities, Edelweiss Financial Services, and J M Financial Institutional Securities were the book running lead managers of the IPO.
It was Galaxy Surfactants' second attempt to enter the market through IPO last week. In 2011, the firm had entered the capital markets but withdrew due to an indifferent response from investors.
At 11.26 am on Thursday, the stocks of Galaxy Surfactants were trading at Rs 1,613.15 on BSE.
Navi Mumbai-based Galaxy Surfactants manufactures performance surfactants and specialty care products used for personal care and home care segments of the FMCG industry including, skin care, oral care, hair care, cosmetics, toiletries and detergent products. Galaxy Surfactants' manufacturing facilities are located in India and overseas.
The company delivers products to leading FMCG brands including Cavinkare Private Limited, Colgate-Palmolive (India) Limited, Ayur Herbals, Dabur India Limited, Unilever, LOREAL, and Procter & Gamble Home Products Private Limited etc.