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Galaxy Surfactants withdraws its IPO

Galaxy Surfactants Limited has withdrawn its IPO, which was scheduled to close for subscription today on May 19, 2011 for categories other than QIB. The IPO had closed for subscription for QIB Investors yesterday on May 18, 2011 and had not managed to garner good support with the IPO getting subscribed barely 30 percent on an overall basis and about 0.59 times in the QIB Category

According the data available on the NSE website, out of the 20,75,500 Equity Shares reserved in the QIB category, Galaxy Surfactants Limited IPO had received bids for 12,26,400 Equity Shares in the category, out of which bids for 10,00,060 shares came from Foreign Institutional Investors (FIIs), 2,05,800 from Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) and bids for 20,540 Equity Shares came from others. No bids were received in the QIB category came from Mutual Funds

For the shares to be listed on the exchanges, there should be a minimum of 90% subscription to the IPO whereas Galaxy Surfactants Limited IPO managed to get only 30% subscription. Motilal Oswal Investment Advisors Private Limited and Centrum Capital Limited were the book running lead managers to the Issue

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