Galaxy Surfactants files for regulatory nod for IPO

Specialty chemicals maker Galaxy Surfactants Ltd said on Monday it has filed for regulatory approval for an initial public offering of 5.9 million shares.

Proceeds from the issue, about a quarter of the post-issue paid-up capital, will be used to part-finance expansion of its subsidiary GC Egypt, to set up new manufacturing unit in Gujarat and to expand its existing capacities, it said in a statement.

For the year-ended March 2010, it recorded a net profit of Rs 378.8 million on total income of Rs 6.5 billion, it said.

Motilal Oswal Investment Advisors Pvt Ltd and Centrum Capital Ltd are the book running lead managers for the issue.

Galaxy Surfactants, which has a portfolio of 66 products with sales across 70 countries, has 18 patents in India and 10 in the U.S. It has applied for 12 more patents in India and 1 in Europe, it said.