Stallion India Fluorochemicals gets Sebi's approval to float IPO

New Delhi: Refrigerants supplier Stallion India Fluorochemicals has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

The proposed IPO comprises a fresh issue of up to 1.78 crore equity shares and an offer-for-sale (OFS) component of up to 43.02 lakh shares by its promoter Shazad Sheriar Rustomji, as per the Draft Red Herring Prospectus (DRHP).

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, which filed preliminary IPO papers with the Securities and Exchange Board of India (Sebi) in March 2024, obtained its observation letter from the regulator on July 18, the update showed.

The company is a supplier of refrigerants and various gases, catering to both bulk and small cylinder/container requirements. It has extensive experience in large-scale Fluorochemicals debulking bottling and distribution.

Sarthi Capital Advisors is the sole book-running lead manager, while Bigshare Services is the registrar to the issue.