| Log in

Galaxy Surfactants Raises $6M From 3 Anchor Investors; Floats IPO

13 May, 2011

Personal and home care products maker Galaxy Surfactants Ltd has raised Rs 30.24 crore or $6.7 million from three anchor investors – ICICI Prudential Life Insurance Company, Goldman Sachs India Fund and Arohi Asset Management Pte, as a precursor to its maiden public issue.

 

The company which manufactures and markets surfactants and specialty chemicals in India, is in the market to scoop up to Rs 201 crore ($45 million) by selling a quarter of the company that will, in effect, value the firm at Rs 804 crore or $180 million.

 

ICICI Prudential Life Insurance Company subscribed to the bulk of the anchor investor portion, investing over Rs 17 crore or $3.8 million. Goldman Sachs India Fund pitched in with Rs 3 crore or $ 0.7 million and Arohi Asset Management Pte Ltd, under Arohi Emerging Asia Master Fund, invested Rs 10 crore or $2.2 million.

 

The three anchor investors picked the shares at Rs 340 a piece, the upper end of the IPO price band of Rs 325-Rs 340 a share.

The public issue opened on Friday and closes on May 18 or next Wednesday for institutional investors and a day later for retail and non-institutional investors.

 

Galaxy intends to utilise the net proceeds of the issue to fund the capital expenditure of its step-down subsidiary Galaxy Chemicals (Egypt) S.A.E. It also plans to part-fund the capital expenditure for setting up a new manufacturing facility at Jhagadia in Gujarat and expanding the capacities of its existing manufacturing units at Taloja and Tarapur from the IPO money.

 

Motilal Oswal Investment Advisors Pvt Ltd and Centrum Capital Ltd are the Book Running Lead Managers to the issue.


Leave Your Comment
Poor Response Trips Up Galaxy Surfactants; IPO Withdrawn

Poor Response Trips Up Galaxy Surfactants; IPO Withdrawn

TEAM VCC 7 years ago
Motilal Oswal Investment Advisors Pvt Ltd and Centrum Capital Ltd, the Book...
Exclusive: Galaxy Surfactants in sale talks with overseas firms

Exclusive: Galaxy Surfactants in sale talks with overseas firms

Ranjani R 1 year ago
Mumbai-based Galaxy Surfactants Ltd., which makes ingredients for soaps and...
GIC, Goldman Sachs among Godrej Agrovet’s anchor investors

GIC, Goldman Sachs among Godrej Agrovet’s anchor investors

Ankit Doshi 2 months ago
Godrej Agrovet Ltd said on Tuesday it has raised Rs 341.19 crore ($52 million)...
No Comments

Galaxy Surfactants Raises $6M From 3 Anchor Investors; Floats IPO

Powered by WordPress.com VIP