Sat Jan 18 00:34:14 UTC 2025: ## Stallion India Fluorochemicals IPO Oversubscribed by 32 Times

**Mumbai, India – January 20, 2024** – The initial public offering (IPO) of Stallion India Fluorochemicals Limited, a distributor of refrigerant and industrial gases, closed on Friday with overwhelming investor interest. The IPO was oversubscribed by a massive 32.12 times, exceeding expectations.

Strong demand came from both non-institutional investors (NII), who subscribed 77.08 times their allocation, and retail investors, with a 31.03 times oversubscription. The Qualified Institutional Buyers (QIB) portion saw a 31% subscription rate.

The IPO, which aimed to raise ₹199.45 crore (approximately $24 million USD), offered 2,21,61,396 equity shares priced between ₹85 and ₹90 per share. The company had already secured ₹59.83 crore through its anchor book investment a day prior to the IPO launch.

Proceeds from the IPO will fund capital expenditures for new facilities in Khalapur, Maharashtra (semiconductor and specialty gas debulking and blending) and Mambattu, Andhra Pradesh (refrigerant debulking and blending), as well as bolster working capital and cover general corporate expenses.

Stallion India Fluorochemicals, incorporated in 2002, operates four facilities across India and serves various industries including air conditioning, firefighting, pharmaceuticals, and semiconductor manufacturing. The company emphasizes innovation and the development of environmentally friendly gases, aligning with the “Make in India” initiative.

Analysts have offered positive assessments, citing the company’s strong market position and potential for growth. While valuation concerns were raised (a P/E ratio of 48x at the upper price band), the overall outlook remains optimistic. The grey market premium (GMP) suggests a potential listing price significantly above the IPO price.

The IPO’s book running lead manager was Sarthi Capital Advisors Private Limited, and Bigshare Services Private Limited served as the registrar. Trading of Stallion India Fluorochemicals shares is expected to begin soon on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

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