Stallion India Fluorochemicals has received the Securities and Exchange Board of India's approval to raise funds through an initial public offering.
The planned IPO includes new issue of up to 1.78 crore equity shares and an offer-for-sale of up to 43.02 lakh shares by its promoter Shazad Sheriar Rustomji, as outlined in the draft red herring prospectus.
The funds raised from the issue will be allocated for supporting operational needs, financing capital expenses related to upcoming facilities in Maharashtra and Andhra Pradesh, and fulfilling general corporate objectives.
Stallion India Fluorochemicals, which filed preliminary IPO papers with SEBI in March 2024, obtained its observation letter from the markets regulator on July 18, according to the update.
The company supplies 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.
(With inputs from PTI).
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