Galaxy Surfactants shares trade 13% higher on stock market debut
Mumbai: Galaxy Surfactants Ltd has made a tepid stock market debut on Thursday. It was listed at Rs1,520 per share on the BSE, up 2.7% from its issue price of Rs1,480.
At 10.27am, the stock was trading at Rs1,618 a share on the BSE, up 9.38% from its issue price. In the intraday trade, the stock rose 13.6% to Rs1,682. India’s benchmark Sensex index rose 0.87% to 34,378.58 points.
The speciality chemicals manufacturer’s Rs937-crore initial public offering (IPO) was subscribed 20 times during share sale from 29-31 January. The IPO was in a price band of Rs1,470-1,480 per share. It had already raised Rs281.13 crore through allotment to anchor investors.
The company is a manufacturer of surfactants and other speciality ingredients for personal care and home care industries. Its products are used for consumer-centric personal care and home care products, including skin care, oral care, hair care, cosmetics, toiletries and detergent products. Currently, its product portfolio comprises over 200 product grades, which are marketed to more than 1,700 customers in over 70 countries.
The company expects that listing of shares will enhance its visibility and brand image and provide liquidity to its existing shareholders.