Subscribe to Galaxy Surfactants IPO: KR Choksey

Surfactants and specialty chemicals manufacturer Galaxy Surfactants has entered capital market with its initial public offering of 59.3 lakh equity shares. KR Choksey has recommended subscribing the issue, in its research report.

The issue size will be Rs 192.72 crore at the lower band and Rs 201.62 crore at the upper band. The issue will close for subscription on May 19.

Galaxy Surfactants (GSL) manufactures surfactants and specialty chemicals in India for personal and home care segments, and markets them globally. Having started with only two products in 1980, Galaxy currently manufactures and markets 66 products across 70 countries. GSL currently has three manufacturing units at Tarapur, two manufacturing units at Taloja, Maharashtra and one manufacturing unit in USA. Both the units at Taloja are continuous process plants and one of the units is a 100% Export Oriented Unit (EOU).

According to KR Choksey, at Rs 325-340, the issue is priced around 15 PE of GSL

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