Stallion India Fluorochemicals IPO gets 32 times subscription on day 2

The initial public offer of Stallion India Fluorochemicals Ltd received 32.06 times subscription on the second day of bidding on Friday.

The initial share sale got bids for 49,73,74,020 shares against 1,55,12,978 shares on offer, as per NSE data.

The portion for non-institutional investors fetched 76.33 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 30.93 times. The category for Qualified Institutional Buyers (QIBs) received 31 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).

The IPO has 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 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.