Stallion India Fluorochemicals, a supplier of refrigerants and various gases, has received approval from Sebi to raise funds through an initial public offering (IPO), as indicated in an update from the markets regulator on Monday.
The proposed IPO includes 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).
The funds raised from the IPO will be used for financing working capital requirements, capital expenditure for its proposed facilities in Maharashtra and Andhra Pradesh, and general corporate purposes.
Stallion India Fluorochemicals, which submitted preliminary IPO papers to the Securities and Exchange Board of India (Sebi) in March 2024, received its observation letter from the regulator on July 18, as per the update.
The company has extensive experience in large-scale Fluorochemicals debulking bottling and distribution and caters to both bulk and small cylinder/container requirements for refrigerants and various gases.
Sarthi Capital Advisors is the sole book-running lead manager, and Bigshare Services is the registrar to the issue.