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Saturday, May 14, 2011

CRISIL has assigned an IPO Grade 4/5 to Galaxy Surfactants IPO. CRISIL assigns IPO grades on a scale of IPO Grade 1 to IPO Grade 5 with IPO Grade 1 indicating poor fundamentals and IPO Grade 5 indicating strong fundamentals. An IPO Grade 4 assigned to an IPO indicates that the fundamentals of the IPO are above average relative to the other listed equity securities in India

According to the grading report of CRISIL, The assigned grade takes into account good prospects for surfactants, especially in India and emerging markets, driven by strong growth in end-user personal and home care segments in an improved economic environment. The grade reflects Galaxy’s dominant position in the Indian market (more than 60% market share in its range of personal care performance chemicals). It also reflects favourable business prospects arising from capacity expansion in Egypt to cater to the demand in high-growth markets of Africa, Middle East and Latin America

The report also adds that the grade is moderated by the high client concentration risk faced by the company. Also, the timely execution of its first manufacturing facility in the international market remains a key monitorable. Galaxy is a relatively small company in the global surfactant market with a market share of less than 1% and it faces stiff competition from large and diversified global players. Its ability to withstand strong competition remains a key monitorable too

Click here to download the IPO Grading Document for Galaxy Surfactants Ltd. from CRISIL

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