Galaxy Surfactants raises Rs 281 cr from anchor investors

Speciality chemicals manufacturer Galaxy Surfactants today said it has garnered a little over Rs 281 crore ahead of its initial share-sale, which opens on Monday.
The company's IPO committee has finalised allocation of 18,99,500 equity shares to as many as 25 anchor investors at Rs 1,480 apiece, also the upper price band for the offer, Galaxy Surfactants informed the stock exchanges.
At this price, the total amount works out to be Rs 281.13 crore, it added.
Among the anchor investors are HDFC Trustee Company Ltd - HDFC Equity Savings Fund, ICICI Prudential Equity Income Fund, Abu Dhabi Investment Authority - Behave and HSBC Global Investment Funds - Indian Equity.

Galaxy Surfactants' Rs 937-crore IPO will be open for public subscription during January 29-31, with a price band of Rs 1,470-1,480 per share.
The company plans an IPO of up to 6,331,674 equity shares of face value of Rs 10 each for cash.

ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities will manage the companys public issue. The company's equity shares are proposed to be listed on BSE and NSE.
This is the company's second attempt to go public.
Earlier in 2011, Galaxy Surfactants had entered the capital markets to raise over Rs 200 crore through an initial public offer (IPO). However, it withdrew from the IPO market due to tepid response from investors.