Galaxy Surfactants has withdrawn its initial public offer (IPO) from the market, a day before its closing because of the poor response it received.
The issue, which opened for subscription on May 13, received very poor response garnering only 30% subscription, while a minimum of 90% subscription is required for listing on the bourses. Non-institutional and retail investors subscribed 0.04 times and 0.11 times, respectively till May 18. Only qualified institutional buyers (QIBs) saw a little high interest which was subscribed 0.59 times.
The offer had received bids for 14.8 lakh shares till yesterday, as against 50.4 lakh equities on offer. The company had fixed the price band between Rs 325-340 a share. Motilal Oswal Investment Advisors and Centrum Capital were the book running lead managers to the issue.
Galaxy Surfactants is an established player in surfactants having application in personal care line with more than 60% market share in product ranging from personal care to chemicals.
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