Stallion India Fluorochemicals IPO Oversubscribed by 188.38 Times

New Delhi, Jan 20 (PTI) The initial public offer of Stallion India Fluorochemicals Ltd received 188.38 times subscription on the closing day of bidding on Monday, driven by overwhelming participation from investors.

The Rs 199.45 crore initial share sale got bids for 2,92,22,89,425 shares against 1,55,12,978 shares on offer, as per NSE data.

The portion meant for non-institutional investors fetched a huge 422.42 times subscription while the category for Qualified Institutional Buyers (QIBs) received 172.93 times subscription. The category for Retail Individual Investors (RIIs) garnered 96.90 times 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.

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.