Stock market debut: Galaxy Surfactants opens with 3% premium at Rs 1,520

Stock market debut: Galaxy Surfactants opens with 3% premium at Rs 1,520
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Mumbai: Shares of speciality chemicals manufacturer Galaxy Surfactants soared 3% in its debut trade today, over its issue price of Rs 1,480.

The stock listed at Rs 1,520, a gain of 2.70% from the issue price on Bombay Stock Exchange. It later soared 13.64% to Rs 1,682.

On the NSE in Delhi, shares of the company opened at Rs 1,525, a premium of 3% over the issue price.

The company’s market valuation stood at Rs 5,768.49 crore.

Galaxy Surfactants’ Rs 937-crore IPO was subscribed 20 times during January 29-31.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 54.27 times, non institutional investors 6.96 times and retail investors 6.01 times, as per NSE data.

The IPO was of up to 6,331,674 equity shares (including anchor portion of 18,99,500 equity shares).

The IPO was in a price band of Rs 1,470-1,480 per share.

ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities managed the company’s issue.

PTI