Shares of Stallion India Fluorochemicals are set to make its Dalal Street debut on Thursday, January 23. The industrial gases company is likely to deliver a strong listing pop for the investors, if one goes by the current grey market signals. However, it has lost some of its ground in the unofficial market ahead of listing.
Ahead of listing, shares of Stallion India Fluorochemicals were commanding a decent grey market premium (GMP) of Rs 35 apiece, suggesting a listing premium of close to 40 per cent for the investors. However, the company commanded a grey market premium of Rs 48-50, on the last day of the bidding.
The IPO of Stallion India Fluorochemicals ran for bidding between January 16 and January 20. It had offered its shares in the price band of Rs 85-90 per share with a lot size of 165 shares. The company raised a total of Rs 199.45 crore via IPO, which included a fresh share sale of Rs 160.73 crore and offer-for-sale (OFS) of up to 43,02,656 equity shares.
The issue was overall subscribed a solid 188.38 times. The portion for non-institutional investors (NIIs) was overall subscribed a solid a whopping 422.42 per cent bids. The allocation for the qualified institutional bidders (QIBs) was subscribed 172.93 times The portion allocated for retail investors was subscribed 96.90 times.
Incorporated in 2002, Stallion India Fluorochemicals is engaged in the business of selling refrigerant and industrial gases and related products. The company's primary business includes debulking, blending and processing refrigerant and industrial gases, and selling of pre-filled cans and small cylinders/containers.
Brokerages, those tracking the issue, majorly had a positive view on the issue and suggested subscribing for a long term. Sarthi Capital Advisors is the book running lead manager of the Stallion India IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.