Galaxy Surfactants sets IPO price band at Rs 325-340 per share
Speciality chemicals maker Galaxy Surfactants today said it will raise about Rs 202 crore through its initial share sale offer, which will begin on May 13.
By PTI | Updated:
NEW DELHI: Speciality chemicals maker Galaxy Surfactants today said it will raise about Rs 202 crore through its initial share sale offer, which will begin on May 13.
The company has set a price band of Rs 325-340 per share for the IPO of 59.3 lakh equity shares, Galaxy Surfactants said in a statement.
The IPO, opening on May 13, would close on May 18 for QIB bidders and on May 19 for non-institutional investors and retail bidders.
At the lower end of price band the company will raise Rs 192.7 crore, while on the upper end it will mop-up Rs 201.6 crore.
The issue would constitute 25.07 per cent of the fully diluted post issue paid-up capital of the company.
The company intends to utilise the IPO proceeds towards funding the capital expenditure of its step down subsidiary Galaxy Chemicals (Egypt) S.A.E, through investment in its subsidiary, Galaxy Holdings Mauritius Limited (GHML).
It would also be funding the capital expenditure for setting up a new manufacturing facility at Jhagadia, Gujarat and towards expanding the capacities of its existing manufacturing units at Taloja and Tarapur.
The equity shares of the company are proposed to be listed on BSE and NSE.
Motilal Oswal Investment Advisors Private Limited and Centrum Capital Limited are the book running lead managers to the issue.
The company has set a price band of Rs 325-340 per share for the IPO of 59.3 lakh equity shares, Galaxy Surfactants said in a statement.
The IPO, opening on May 13, would close on May 18 for QIB bidders and on May 19 for non-institutional investors and retail bidders.
At the lower end of price band the company will raise Rs 192.7 crore, while on the upper end it will mop-up Rs 201.6 crore.
The issue would constitute 25.07 per cent of the fully diluted post issue paid-up capital of the company.
The company intends to utilise the IPO proceeds towards funding the capital expenditure of its step down subsidiary Galaxy Chemicals (Egypt) S.A.E, through investment in its subsidiary, Galaxy Holdings Mauritius Limited (GHML).
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It would also be funding the capital expenditure for setting up a new manufacturing facility at Jhagadia, Gujarat and towards expanding the capacities of its existing manufacturing units at Taloja and Tarapur.
The equity shares of the company are proposed to be listed on BSE and NSE.
Motilal Oswal Investment Advisors Private Limited and Centrum Capital Limited are the book running lead managers to the issue.
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