The IPO (Initial Public Offering) of Stallion India Fluorochemicals, a supplier of refrigerants, opened for subscription on January 16. In just a few hours, the issue was fully subscribed.
According to data from the Bombay Stock Exchange (BSE), the IPO reached 85% subscription by 10:33 am on its first day.
Strong Retail Interest and Subscription Details
Retail investors showed significant interest, with their portion oversubscribed by 1.35 times. The segment for non-institutional investors was subscribed 82%.
However, the portion reserved for qualified institutional buyers (QIBs) had not received any bookings yet.
The IPO’s price band has been set between ₹85 and ₹90 per share.
Grey Market Premium and Expected Listing Price
The Grey Market Premium (GMP) for the IPO is currently ₹48, which suggests a potential listing price of ₹138.
If this trend continues, investors could earn a profit of up to 54% on the first day of trading.
The company’s shares are scheduled to be listed on the BSE and NSE on January 23.
IPO Size and Purpose
The IPO consists of 1.78 crore new shares and an Offer for Sale (OFS) of 43.02 lakh shares by the promoter, Shahzad Sheriar Rustomji. The total size of the IPO is ₹199.45 crore.
Stallion India Fluorochemicals plans to use the funds raised for several purposes, including:
1) Meeting working capital needs.
2) Funding capital expenditures for new facilities in Maharashtra and Andhra Pradesh.
3) Supporting general company operations.
The IPO will close on January 20. It was opened to anchor investors on January 15.
