The stock hit an intra day high of 1,682 level on BSE.
The stock closed 14.74% or 218 points higher at 1698 level on BSE. On NSE, the stock closed 205 points or 13.44% higher at 1730 level.
The shares were available for sale in a price band of Rs 1,470 to Rs 1,480 per equity share. The firm aimed to collect Rs 937 crore from this issue.
Speciality chemicals manufacturer Galaxy Surfactants IPO was subscribed 19.97 times on the last day of bidding on January 31, 2018.
Galaxy Surfactants Rs 937-crore IPO received bids for 8,85,08,110 shares against the total issue size of 44,32,174 shares.
On January 28, Galaxy Surfacants collected little over Rs 281 crore from anchor investors ahead of its initial share-sale. The company's IPO committee finalised allocation of 18,99,500 equity shares to as many as 25 anchor investors at Rs 1,480 apiece, also the upper price band for the offer. At this price, the total amount worked out to be Rs 281.13 crore.
HDFC Trustee Company Ltd -HDFC Equity Savings Fund, ICICI Prudential Equity Income Fund, Abu Dhabi Investment Authority - Behave and HSBC Global Investment Funds - Indian Equity were among its anchor investors.
The company aimed to issue up to 6,331,674 equity shares of face value of Rs 10 each for cash. The offer consists of an offer for sale of up to 39,250 equity shares by the promoter selling-shareholders up to 2,107,804 equity shares by the promoter group selling-shareholders and up to 4,184,620 equity shares by the other selling-shareholders.
ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities managed the company's public issue.
This was the company's second attempt to go public. Earlier in 2011, Galaxy Surfactants entered the capital markets to raise over Rs 200 crore through an initial public offer (IPO). However, it withdrew from the IPO market due to tepid response from investors. Galaxy Surfactants is one of India's leading manufacturers of surfactants and other speciality ingredients for the personal care and home care industries.
The company's diversified customer base currently comprises multinational, regional and local FMCG companies, including, Cavinkare, Colgate-Palmolive (India), Dabur India, Henkel, Himalaya, L'oreal, Procter & Gamble, Reckitt Benckiser, Ayur Herbals, Jyothy Laboratories and Unilever. Currently, it has seven strategically located manufacturing facilities, out of which five are located at Tarapur and Taloja in Maharashtra; and Jhagadia in Gujarat and two are located overseas in the US and Egypt.