Stallion India Fluorochemicals IPO booked over 7 times on Day 1; check issue size, price band & more

The initial public offering (IPO) of Stallion India Fluorochemicals Limited was fully subscribed within hours of its launch on Thursday, January 16. The mainboard issue was booked seven times, led by the Non-Institutional Investors (NIIs). The ₹199.45-crore public offer is open for subscription till January 20.

The IPO received bids for nearly 10.95 crore shares against 1.55 crore shares on offer, as per the NSE data at the end of bidding at 5 pm. The issue was booked 7.06 times across investor categories.

The retail investors booked their quota 9.66 times. The retail applicants placed bids for over 7.49 crore shares against the allocation of more than 77.56 lakh shares. The Non-Institutional Investors (NIIs) subscribed to their category 10.35 times with bids for more than 3.44 crore shares against 33.24 lakh shares set aside. However, the Qualified Institutional Buyers (QIBs) showed a muted response by subscribing to only 4% of more than 44.32 lakh shares set aside for them. The QIBs submitted bids for only 1.72 lakh shares.

The seller of refrigerant and industrial gases raised ₹59.84 crore from anchor investors ahead of the IPO's launch on January 15.

According to the data available from the stock exchanges, the company allotted 66.48 lakh shares to six anchor investors at ₹90 per equity share.

Stallion India Fluorochemicals IPO: Offer size, price band and other details

Stallion India Fluorochemicals IPO consists of a fresh issue of 1.78 crore shares, worth up to ₹160.73 crore, and an offer-for-sale (OFS) of 43.05 lakh shares, aggregating to ₹38.72 crore.

The company has fixed the price band at ₹85 to ₹90 per share for the IPO. The minimum lot size is 165 shares for the retail investors.

Sarthi Capital Advisors Private is the book-running lead manager of the Stallion India Fluorochemicals IPO, while Bigshare Services Private Ltd is the registrar for the issue.

Stallion India Fluorochemicals IPO key dates

After the end of the three-day subscription period, Stallion India Fluorochemicals is expected to finalise the IPO share allotment status on January 21. Refunds will be processed on Wednesday, January 22, while the allottees will also receive shares in their Demat accounts the same day.

The IPO listing date has been tentatively fixed as January 23. Shares of Stallion India Fluorochemicals Limited will be listed on both the NSE and BSE.

About Stallion India Fluorochemicals

Stallion India Fluorochemicals is primarily engaged in selling refrigerant and industrial gases. Its business model includes debulking, blending, and processing these gases, as well as selling pre-filled cans and small cylinders or containers.

The company caters to customers in industries such as air conditioners and refrigerators, Fire safety, Semiconductor manufacturing, Automobile Manufacturing, Pharmaceuticals and healthcare, and Aerosols and Spray foam.

The IPO proceeds will be used for incremental working capital needs. The company plans to use a portion of the funds for capital expenditures on a semiconductor and speciality gas debulking and blending facility in Maharashtra. A part of the IPO proceeds will also be used for general corporate purposes.

For the period ended September 30, 2024, in the current financial year, the company’s revenue stood at ₹141.53 crore. The company reported a net profit of ₹15.56 crore during the period under review.

Stallion India Fluorochemicals’ revenue increased 4.5% to ₹236.22 crore in FY24, compared to ₹226.06 crore in FY23. The company posted a net profit of ₹14.78 crore in FY24, registering a sharp rise of 51.6% year-on-year (YoY) against ₹9.75 crore in FY23.