Stallion India Fluorochemicals IPO: Listing today
Shares of Stallion India Fluorochemicals will be listed on the bourses on Thursday. The company has fixed the IPO price at Rs 90, at the upper end of the price band ₹85-90. The initial public offering of the Mumbai-based company saw an overwhelming response by subscribing 188 times, as all categories of investors poured in money. The offer received bids for 292.22 crore shares as against 1.55 crore shares on offer.
According to grey market premium, the stock is likely to list with a premium of about 35-40 per cent.
The quota for non-institutional investors was subscribed 422.42 times and Qualified Institutional Buyers (QIBs) 172.93 times. The retail investors category was subscribed 96.90 times.
The offer comprised a fresh issue worth ₹160.73 crore and an offer for sale by promoters worth Rs 38.72 crore.
Ahead of the IPO, Stallion India Fluorochemicals has raised Rs 59.83 crore from anchor investors. The board allotted 66.48 lakh shares at Rs 90 each to 6 anchor investors.
The company has proposed to utilise ₹50.32 crore to increase the production capacity of its Mambattu facility in Andhra Pradesh and Maharashtra. The company has a Semiconductor & Specialty Gas debulking and blending facility at Khalapur, Maharashtra. The company seeks to utilise ₹95 crore of the IPO funds to meet working capital requirements.
Stallion India Fluorochemicals (SIFL) sells refrigerants, industrial gases, and related products. Its primary business consists of debulking, blending, and processing refrigerant and industrial gases and selling pre-filled cans and small cylinders/containers.
The company has four facilities in Khalapur (Maharashtra), Ghiloth (Rajasthan), Manesar (Haryana), and Panvel (Maharashtra). Each facility is designed and equipped to store gases in a controlled environment, ensuring adherence to safety standards.
