The Stallion India IPO is a book-built issue valued at ₹199.45 crore. It includes a fresh issue of 1.79 crore shares worth ₹160.73 crore and an offer for sale of 0.43 crore shares, amounting to ₹38.72 crore. The IPO bidding opened on January 16, 2025, and will remain open until today i.e. January 20, 2025. The allotment is expected to be finalised on January 21, 2025, with the shares listed on BSE and NSE on January 23, 2025.
The IPO price band is set between ₹85 and ₹90 per share. Retail investors can apply for a minimum lot of 165 shares, requiring an investment of ₹14,850. For sNII investors, the minimum investment is ₹2,07,900 for 14 lots (2,310 shares), while bNII investors need ₹10,09,800 for 68 lots (11,220 shares).
Sarthi Capital Advisors Private Limited is the book-running lead manager, and Bigshare Services Pvt Ltd acts as the registrar for the IPO. Interested investors can refer to the Stallion India IPO RHP for comprehensive details regarding the offering.
Industry Outlook
- The global fluorochemicals and specialty gases market is expected to grow at a CAGR of 9-11%, rising from $9,700 million in 2024 to $15,000-$16,000 million by 2029. This expansion is driven by population growth, urbanisation, and increased automotive applications globally.
- The Indian market for fluorochemicals and specialty gases is set to grow at an impressive CAGR of 16-18% during 2024-2029, reaching $675-$725 million. This growth is fueled by rising demand across sectors like electronics, healthcare, and manufacturing, along with the proliferation of chemical manufacturing facilities.
Stallion India IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be allocated to meet the company’s incremental working capital requirements, ensuring smoother operations and supporting growth.
- Capital expenditure will be directed toward developing the semiconductor and specialty gas debulking and blending facility at Khalapur, Maharashtra, to enhance production capacity and efficiency.
- Investments will go toward establishing the refrigerant debulking and blending facility at Mambattu, Andhra Pradesh, to cater to rising demand in the refrigerant sector.
- The remaining portion of the funds will be allocated for general corporate purposes.
About Stallion India Fluorochemicals Limited
Incorporated in 2002, Stallion India Fluorochemicals Limited is engaged in manufacturing refrigerants and other gases by blending two or more gases to create new formulations. The company’s speciality gases primarily fall within the Hydrofluorocarbons (HFC) and Hydrofluoroolefins (HFO) categories, finding diverse applications across various industries.
The company operates 4 strategically located plants in Khalapur, Raigad (Maharashtra); Ghiloth, Alwar (Rajasthan); Manesar, Gurugram (Haryana); and Panvel, Raigad (Maharashtra). It acquired Stallion Enterprises (a proprietary firm of Shazad Sheriar Rustomji, Panvel Plant) through a slump sale agreement.
Fluorochemicals are organic or inorganic compounds that contain one or more fluorine atoms. The market for fluorochemicals and specialty gases has been growing and is further likely to grow at a CAGR of 10.3%, from$10,963 million in 2024 to $16,223 million in 2028. The growing population and rapid urbanisation majorly back the growth. By application, automotive is the leading user segment for fluorochemicals. A larger population base over the world warrants a need for more vehicles.
How To Check the Allotment Status of the Stallion India IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Stallion India IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Stallion India IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Stallion India IPO
Registered office: 2, A Wing, Knox Plaza, Off. Link Road, Mindspace, Malad - (West), Mumbai - 400064
Phone: 022-43510000
E-mail: compliance@stallion.in
Stallion India IPO Reservation
|
Investor Category |
Shares Offered |
|
Anchor Investor Shares |
66,48,418 (30%) |
|
QIB Shares |
44,32,279 (20%) |
|
NII (HNI) Shares |
33,24,210 (15%) |
|
bNII > ₹10L |
22,16,140 (10%) |
|
sNII < ₹10L |
11,08,070 (5%) |
|
Retail Shares |
77,56,489 (35%) |
Stallion India IPO Anchor Investors Details
|
Bid Date |
January 15, 2025 |
|
Shares Offered |
66,48,418 |
|
Anchor Portion Size (In ₹ crore) |
59.84 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
February 20, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
April 21, 2025 |
Stallion India IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
165 |
₹14,850 |
|
Retail (Max) |
13 |
2145 |
₹1,93,050 |
|
S-HNI (Min) |
14 |
2,310 |
₹2,07,900 |
|
S-HNI (Max) |
67 |
11,055 |
₹9,94,950 |
|
B-HNI (Min) |
68 |
11,220 |
₹10,09,800 |
Stallion India IPO Promoter Holding
The promoters of the company are Shazad Sheriar Rustomji, Manisha Shazad Rustomji and Rohan Shazad Rustomji.
|
Share Holding Pre-Issue |
94.63% |
|
Share Holding Post Issue |
67.90% |
Key Performance Indicators for Stallion India IPO
As of March 31, 2024, the market capitalisation of Stallion India Fluorochemicals's IPO is ₹713.93 crore. Here are the KPIs of Stallion India Fluorochemicals:
|
KPI |
Values |
|
ROE (%) |
12.54 |
|
ROCE (%) |
13.96 |
|
Debt/Equity (x) |
0.55 |
|
RoNW (%) |
12.54 |
|
PAT Margin |
6.26 |
|
Price to Book Value |
4.69 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
2.41 |
4.18 |
|
P/E (x) |
37.41 |
21.55 |
Note: The Pre-IPO EPS is derived from the pre-issue shareholding as stated in the RHP and the latest FY earnings as of March 31, 2024. The Post-Issue EPS is calculated using the post-issue shareholding and the annualised FY earnings as of September 30, 2024, provided in the RHP.
Stallion India IPO Prospectus
Stallion India IPO Registrar and Lead Managers
Stallion India IPO Lead Managers
- Sarthi Capital Advisors Private Limited
Registrar for Stallion India IPO
Bigshare Services Private Ltd
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Stallion India IPO Registrar
Financial Performance of Stallion India Fluorochemicals Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 23,323.58 | 22,550.44 |
| Profit After Tax (PAT) (in ₹ lakh) | 1,478.33 | 975.30 |
| EBITDA (in ₹ lakh) | 2,670.48 | 1,559.89 |
| Net Worth (in ₹ lakh) | 11,796.39 | 7,070.32 |
| Return on Equity (%) | 12.54 | 13.79 |
| Return on Capital Employed (%) | 13.96 | 15.80 |
| Current Ratio (x) | 2.19 | 1.97 |
| Earning Per Share (EPS)-in absolute ₹ | 2.54 | 1.77 |
Know before investing
Strengths
8Over 20 years in refrigerant gases, Stallion stands for quality.
Operating cash flow before working capital peaked at ₹3,212.90 lakh.
Diverse clientele spans semiconductors, automobiles, and pharmaceutical industries.
Top 10 customers contributed 77.32% of revenue as of 2024.
Strategically located four plants ensure efficiency and timely deliveries.
Revenue grew to ₹23,323.58 lakh in FY 2024 from FY 2022.
Promoters bring 30+ years of expertise in fluorochemicals and gases.
Expanding product portfolio with innovative HFO/HFC blending facilities.
Risks
8Stallion India Fluorochemicals relies heavily on refrigerant gas sales revenue.
Revenue concentration on limited geographies risks growth and financial stability.
Rising raw material costs could negatively impact operational and financial performance.
Dependency on Chinese imports exposes the company to foreign exchange rate risks.
Legal dispute with Sanmei poses potential financial and reputational challenges.
Lack of committed customer agreements increases sales and cash flow uncertainty.
Statutory Auditor observations may impact credibility and operational outcomes.
Competitive market pressures may affect profitability and hinder business growth.
Stallion India Fluorochemicals Limited Peer Details Comparison
| Company Name | EPS (Basic) | P/E (x) | RoNW (%) | Dividend Yield |
|---|---|---|---|---|
| Stallion India Fluorochemicals Limited | 2.54 | - | 12.54 | - |
| Navin Fluorine International Limited | 47.44 | 70.82 | 10.22 | - |
| Srf Limited | 46.35 | 49.30 | 13.07 | - |
| Gujarat Fluorochemicals Limited | 38.12 | 108.36 | 7.07 | - |
