Latest News | Stallion India Fluorochemicals IPO Gets Subscribed 7 Times on Day 1 of Offer

New Delhi, Jan 16 (PTI) The initial public offer of Stallion India Fluorochemicals Ltd got subscribed 7.06 times on the first day of bidding on Thursday.

The initial share-sale received bids for 10,95,20,730 shares against 1,55,12,978 shares on offer, according to NSE data.

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The portion for non-institutional investors fetched 10.35 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 9.66 times. Qualified Institutional Buyers (QIBs) received 4 per cent subscription.

Refrigerants supplier Stallion India Fluorochemicals on Tuesday fixed a price band of Rs 85-90 per share for its initial public offering (IPO).

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The IPO comprises a fresh issue of 1.78 crore equity shares and an offer-for-sale (OFS) component of 43.02 lakh shares by its promoter Shazad Sheriar Rustomji.

At the upper end of the price band, the IPO size is pegged at Rs 199.45 crore.

The public issue will conclude on January 20.

Proceeds from the issue will be used towards funding working capital requirements, capital expenditure for its proposed facilities in Maharashtra and Andhra Pradesh, and general corporate purposes.

Stallion India Fluorochemicals is engaged in the sale of refrigerants and industrial gases, along with related products. The company serves a diverse range of industries, including air-conditioning and refrigeration, firefighting, semiconductor manufacturing, automobile manufacturing, pharmaceuticals and medicals, glass bottle manufacturing, aerosols, and spray foam applications.

Sarthi Capital Advisors is the sole book running lead manager, while Bigshare Services is the registrar to the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)