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Galaxy Surfactants Ltd IPO withdrawn due to poor response. Lead Manager finally had withdrawn the IPO one day before its official closing date.

As per NSE website:

'Book Running Lead Manager to the issue has informed the Exchange that the Book Building issue of GALAXY SURFACTANTS LIMITED has been withdrawn'.

Ajcon Global came out with a recommendation of ‘Avoid’ for Galaxy Surfactants IPO.  The IPO note published by company says

'We believe the prospects of the company are bright on account of the company  promoted and managed by technocrats, strong product portfolio with marquee clients, dominant presence in its domain, positive operating cashflows, and capacity expansion to drive growth However, there are concerns like GSL having no prior experience of setting up an overseas project, high client concentration risk and competition from large global players. The valuations too, are bit expensive considering the secondary market conditions. With due consideration to the fact of recent dismal performance of IPOs on listing, the stock may be available at a discount to the issue price post listing.  Investors looking for short term listing gains may avoid the issue.  However, higher risk appetite investors with a horizon of two to three years can consider applying the issue.'

Galaxy Surfactants IPO subscribed 0.01 times on its day 1. Galaxy Surfactants IPO opens today on May 13, 2011 and will close on May 19, 2011 for subscription. Galaxy Surfactants has received bids for 13,920 shares as against issue size of 50,40,500 shares.

Subscription Detail for Day 1

Qualified Institutional Buyers (QIBs): 0.00 Times
Non Institutional Investors: 0.00 Times
Retail Individual Investors (RIIs): 0.01 Times

Total: 0.00 Times

Galaxy Surfactants Ltd is entering in the capital markets with an initial public offering, IPO of 5,930,000 Equity Shares of Rs 10 each. The price band for the issue has been fixed at Rs 325/- at lower level and Rs 340/- at upper level.

Galaxy Surfactants Ltd is in the business of manufacturers and marketers of surfactants and specialty chemicals in India for the Personal and Home Care industry. Galaxy Surfactants produce a range of cosmetic ingredients including active ingredients, UV protection and functional products. Company's products used by many large FMCG companies in skin care, hair care, oral care, body wash, sun care, household cleaners and fabric care products.

The issue opens on May 13, 2011 and closes for subscription on May 19, 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).