India\u2019s leading speciality ingredients manufacturer, Galaxy Surfactants Initial Public Offer (IPO) which opened for subscription today, got fully subscribed at the end of Day 1 of bidding, backed by strong demand from institutional investors. Notably, the issue received bids for\u00a044.17 lakh shares, with\u00a0FIIs alone\u00a0bidding for almost 23 lakh shares, taking the total subscription just past the 100% mark. The issue received saw strong demand from institutional investors, as the category bid for a total of 2.71 times the portion reserved for them, bidding for 34.34 lakh shares as against 12.66 lakh shares reserved for them. The retail investor category registered the next highest demand, as investors from the category bid for 9.73 lakh shares as against 22.16 lakh shares reserved for the category, implying a subscription of about\u00a044%. The non-institutional investor portion registered the least demand, and investors from the category bid for a total of just about 1% of the total shares reserved for them. \u00a0 Galaxy Surfactants Initial Public Offer (IPO) to raise up to Rs 937 crore opened for subscription today. Galaxy Surfactants IPO is a complete offer for sale, in which the promoters are looking to sell 63.32 lakh equity shares. At the higher end of the price band, issue would be worth Rs 937 crore. The OFS is being done by some of its pre-issue investors and promoters. The company has set a price band of Rs 1,470-1480 for the issue. The issue will remain open till \u00a031st January 2018. Bids can be made in minimum lot of 10 equity shares and in multiples of 10 shares thereafter. The promoters shareholding will fall by 6% post issue to 71% from 77% pre issue. According to Galaxy Surfactants IPO prospectus, 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. Angel Broking has a subscribe rating on the issue given the growth potential of the company. \u201cAt the upper end of the price band, the P\/E multiple works out be 36x (pre issue equity base) of FY17 EPS. The company has seen 25% CAGR in the last 3 years in earnings. We expect the company to maintain a 20%+ growth trajectory in the coming few years, considering growing personal care markets, its increasing product offerings and geographies. We recommend \u2018SUBSCRIBE\u2019 on the issue for a mid-to-long term period,\u201d noted Angel Broking.