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Incorporated in 1986, Galaxy Surfactants Limited is Mumbai, India based manufacturer of surfactants and other specialty ingredients for the personal care and home care industries. Galaxy surfactants product portfolio includes over 200 product grades, which are marketed to over 1,700 customers in 70 countries.The ingredients company manufacture are commonly used in consumer-centric personal care and home care products like skin care, oral care, hair care, cosmetics, toiletries and detergent products.
Galaxy surfactants products are classified in 2 categories:
1. Performance Surfactants: This includes anionic surfactants and non-ionic surfactants.
2. Speciality Care Products: This includes amphoteric surfactants, cationic surfactants, UV filters, preservatives, preservative blends and surfactant blends, speciality ingredients such as mild surfactants, syndet and transparent bathing bars and proteins, fatty alkanolamides and fatty acid esters, and other care products.
In last couple of years, broader benchmark indices have re-rated and some pockets like specialty chemicals command premium valuation on earnings visibility. However, investors need to be careful in selecting there investment options as the margin of safety shrinks.
Galaxy surfactants is leading manufacturer of these ingredients. Almost all major FMCG companies in India are Galaxy surfactants customers. This includes Cavinkare Private Limited, Colgate-Palmolive (India) Limited, Dabur India Limited, Henkel, Himalaya, LOREAL, Procter & Gamble Home Products Private Limited, Reckitt Benckiser and Unilever.
Company has 7 manufacturing facilities, out of which 5 are located in India and 2 are located overseas. Company has over 1,200 employees.
Galaxy Surfactants is set to open its initial public offer (IPO) on January 29. This is its second attempt to raise funds via an IPO, and this time the company intends to raise around Rs 937 crore from this issue.
Multiple brokerages are recommending subscribing to the issue, citing fair valuations and factors such as having a first movers’ advantage.
Galaxy Surfactants, a chemical intermediate major with its end market as FMCG products, has called upon primary market once again. Unlike its maiden attempt in 2011, when it had to withdraw its IPO, this time market conditions appear conducive. Further, Galaxy Surfactants itself has scaled up its operations since then and expanded its range of products and patents. Interestingly and not surprisingly, this is coming at a price.
While the year 2011 offer price quoted company at ~14x FY 2011 earnings, now the IPO price is at about 36x FY 2017 earnings. In other terms, while company’s sales have jumped ~3.5, expected valuations have surged ~6.5 times, since 2011.