Galaxy Surfactants' IPO subscribed four times a day before closing

The Rs 9.3-billion initial public offering (IPO) of Mumbai-based chemicals manufacturer Galaxy Surfactant has seen four times more demand than the shares on offer, a day before the offering closes on Wednesday. 

The price band for the IPO has been set at Rs 1,470 to Rs 1,480 per share. The IPO comprises an offer for sale of 6.33 million shares. The company is a manufacturer of surfactants and other specialty chemicals, used in the personal care and home care industries. Galaxy Surfactants’ clients include leading FMCG companies, such as Colgate-Palmolive, Dabur, Henkel and Procter & Gamble. The company has seven manufacturing facilities, of which five are in Maharashtra; and two are located overseas—in the US and Egypt.