The initial public offering (IPO) of speciality chemicals manufacturer Galaxy Surfactants, which opened on Monday, was subscribed by 0.99 times or 99% with investors bidding for 44.17 lakh shares of the 44.32 lakh shares on offer. The qualified institutional buyers bid 34.34 lakh shares of the 12.66 lakh shares on the opening day of the IPO. High Net worth Individuals (HNIs) bid for 9,640 shares and retail investors bid for 9.73 lakh shares. The portion reserved for qualified institutional buyers (QIBs) was subscribed 2.71 times, non institutional investors 1% and retail investors 44%. The company had garnered a little over Rs 281 crore from 33 anchor investors last week. The IPO, which is in a price band of Rs 1,470-1,480 per share, will close on January 31.
“At the higher end of the price band of Rs1,480, the issue is priced at P/E of 35.9x on FY17 and 34.9x on H1FY18 basis, which appears to be fairly valued,” said Centrum in a report. Anchor Investors include HDFC equity savings fund, ICICI Prudential Equity Income Fund, Abu Dhabi Investment Authority, HSBC Global Investment Funds, SBI Equity Opportunities, DSP Blackrock Microcap Fund, Reliance Capital Trustee, among others.
