Stallion India Fluorochemicals mobilises nearly Rs 60 crore via anchor book ahead of IPO

Stallion India Fluorochemicals IPO

Stallion India Fluorochemicals, a refrigerant and industrial gases dealer, has raised Rs 59.83 crore from six institutional investors via anchor book on January 15, a day before the issue opening.

The Rs 199-crore initial share sale will open for public subscription on January 16, and close on January 20. The IPO share allotment will be finalised by January 21, while investors can trade in Stallion India Fluorochemicals shares effective January 23.

"Finalised the allocation of 66.48 lakh equity shares to anchor investors at a price of Rs 90 per equity share," the company said in its filing to exchanges.

The six anchor investors that participated in the anchor book were Saint Capital Fund, Ashika Global Securities, Craft Emerging Market Fund, Mint Focussed Growth Fund, Ashika India Select Fund, and Leading Light Fund.

Stallion India , with four plants (in Maharashtra, Rajasthan, and Haryana states), is involved in the business of debulking, blending and processing refrigerant and industrial gases, and selling of pre-filled cans and small cylinders/ containers.

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The IPO comprises of fresh issuance of 1.78 crore equity shares worth Rs 160.73 crore, and an offer-for-sale of 43.02 lakh shares worth Rs 38.72 crore by the promoter Shazad Sheriar Rustomj, who is also the Chairman & Managing Director of the company.

Mumbai-based Stallion India will spend Rs 95 crore out of the fresh issue proceeds for its incremental working capital requirements. Further, Rs 29.2 crore will be utilised for semi-conductor & specialty gas debulking & blending facility (Khalapur, Maharashtra), and Rs 21.2 crore for refrigerant debulking & blending facility (Mambattu, Andhra Pradesh). And the remainder amount will be used for general corporate purposes.

Sarthi Capital Advisors is the sole book running lead manager to the public issue.