Thu Jan 16 21:28:22 UTC 2025: ## Stallion India Fluorochemicals IPO Opens, Seeks ₹199.45 Crore

**Mumbai, January 16, 2024** – Stallion India Fluorochemicals, a leading refrigerant and industrial gases company, launched its initial public offering (IPO) today, seeking to raise ₹199.45 crore. The IPO, which closes on January 20th, offers shares priced between ₹85 and ₹90. Investors can apply for a minimum of 165 shares.

The IPO comprises a fresh issue of ₹160.73 crore and an offer-for-sale (OFS) of up to ₹38.72 crore. Proceeds from the fresh issue will fund working capital, capital expenditure, and general corporate purposes. The company has already secured ₹59.83 crore from anchor investors.

Stallion India Fluorochemicals, established in 2002, holds a 10% market share in the fluorochemicals industry. Brokerage firms largely view the IPO positively, citing strong financial performance, rising demand for its products, and fair valuation. However, concerns remain regarding dependence on key markets, rising input costs, competition from Chinese imports, and the seasonal nature of the business.

Anand Rathi Research and Arihant Capital Markets both recommend subscribing to the IPO for long-term gains, citing the company’s growth potential and fair valuation (P/E of 48 times and EV/EBITDA of 26.2 times, respectively, based on FY24 projections). Swastika Investmart also issued a positive recommendation.

The company reported a net profit of ₹16.57 crore on revenue of ₹141.53 crore for the six months ending September 30, 2023. The IPO’s market capitalization is estimated at ₹713.93 crore. The grey market premium is reportedly at ₹48 per share.

The IPO allocation is 50% for qualified institutional bidders (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. Sarthi Capital Advisors is the book running lead manager, and Bigshare Services is the registrar. The shares are expected to list on the BSE and NSE on January 23, 2024.

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