Galaxy Surfactants Ltd has raised Rs 281.1 crore ($44 million) from anchor investors including the sovereign wealth funds of Abu Dhabi and Kuwait ahead of its initial public offering.
The specialty chemical maker sold about 1.9 million shares at Rs 1,480 apiece, it said in a stock-exchange filing late on Thursday.
Abu Dhabi Investment Authority and Kuwait Investment Authority bought 100,000 shares, each. Other anchor investors mostly included domestic and foreign mutual funds and insurance companies, the filing showed.
The IPO opens on Monday and closes two days later.
The company had received the Securities and Exchange Board of India’s approval to float the IPO earlier this month.
It is the second firm to receive regulatory clearance for an IPO in 2018. As many as 46 firms had received clearance for IPOs in 2017, according to SEBI’s website. Galaxy had filed its draft red herring prospectus in November last year.
The company's previous attempt to go public in May 2011 had failed. At the time, Galaxy had aimed to raise up to Rs 201 crore. However, it withdrew the IPO a day before closing as the issue was subscribed just 30%.
Now, Galaxy’s renewed public offering comprises entirely a sale of 6.33 million shares by promoters and individuals. In all, 307 individuals will sell shares through the IPO. The company will not receive any proceeds from the IPO.
Navi Mumbai-based Galaxy will join peer Fine Organic Industries Pvt. Ltd, which is also preparing for an IPO.
ICICI Securities, Edelweiss Financial Services and JM Financial Institutional Securities are the merchant bankers managing the IPO.
Galaxy, which was incorporated in May 1986, makes surfactants and other specialty ingredients for the personal care and home care industries. Its products are used in consumer-centric personal care and home care products, including, skin care, oral care, hair care, cosmetics, toiletries and detergent products.