Speciality chemicals manufacturer Galaxy Surfactants has filed draft papers with markets regulator to raise an estimated Rs 1,000 crore through an initial public offer, reported PTI. During the initial share sale, as many as 307 shareholders will sell 63,31,674 shares of the company, according to the draft red herring prospectus (DRHP )filed with Sebi. According to merchant banking sources, the initial public offer (IPO) is expected to fetch Rs 1,000 crore.
"The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and the sale of equity shares by the selling shareholders. "Further, our company expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders," the draft papers stated. ICICI Securities, Edelweiss Financial Services and JM Financial Institutional Securities will manage the company's public issue. The company's equity shares are proposed to be listed on the BSE and the NSE. This is the company's second attempt to go public. Earlier in 2011, Galaxy Surfactants had entered the capital markets to raise over Rs 200 crore through an initial share sale. However, it withdrew from the IPO market due to tepid response from investors.