The Rs937 crore initial public offering (IPO) of speciality chemicals manufacturer Galaxy Surfactants Ltd was fully subscribed on Monday, the first day of its share sale.
According to data from stock exchanges, as of 5pm, the portion of shares reserved for institutional investors in the IPO was subscribed 2.71 times, while shares set aside for retail investors were subscribed 0.44 times.
Galaxy Surfactants has set a price band of Rs1,470-1,480 per share for the IPO. The offer will close on 31 January.
The IPO is a pure offer for sale, which will see a total of 307 shareholders, including the promoters, sell 6.33 million shares of the company.
The promoters selling their stake in the IPO are Unnathan Shekhar, Gopalkrishnan Ramakrishnan, Sudhir Dattaram Patil and Shashikant Shanbhag.
On Friday, Galaxy Surfactants raised Rs281.13 crore by selling shares to 33 institutional investors as part of its anchor book allocation. Institutional investors that participated in the anchor book allocation include HDFC Trustee Co. Ltd, ICICI Prudential Equity Income Fund, Abu Dhabi Investment Authority, Kuwait Investment Authority Fund, HSBC Global Investment Funds and Reliance Capital Trustee Co Ltd, among others.
ICICI Securities Ltd, Edelweiss Financial Services Ltd and JM Financial Institutional Securities Ltd are managing the IPO.
Incorporated in 1986 and based in Navi Mumbai, Galaxy Surfactants manufacturers products that are used in consumer-focused personal care and home care products.livemint