Mumbai (Maharashtra) [India], March 23 : Mumbai-based Stallion India Fluorochemicals has filed a draft red herring prospectus with the financial markets regulator, the Securities and Exchange Board of India for its initial public offering (IPO).
DRHP is a document that consists of the company's financial details, future prospects, and other key aspects regarding the business and is being filed with the regulator to raise money essentially via public offerings of its shares.
The proposed initial public offering (IPO) will be a mix of 1,78,58,740 fresh equity shares and an offer-for-sale (OFS) of 43,02,656 equity shares by promoter Shazad Sheriar Rustomji, the document said.
Offer for Sale means the promoters (owners) selling their shares to raise additional funds for the company.
Shazad Sheriar Rustomji holds 94.60 percent stake in the company, and 5.37 percent shares are held by the public shareholder Geetu Yadav, the document showed.
Stallion is in the business of selling refrigerant gases and industrial gases and related products. Its primary business consists of debulking, blending and processing of refrigerant and Industrial gases and selling of pre filled cans.
It has over two decades of extensive experience in this domain.
Reportedly, Stallion India had withdrawn its previous draft papers filed with the regulator for an initial public offering on December 18, 2023.
The net proceeds of the fresh issue will be utilised in funding incremental working capital requirements of the company; funding capital expenditure requirements for its semi-conductor and specialty gas debulking and blending facility (Khalapur, Maharashtra); funding capital expenditure requirements for refrigerant debulking and blending facility (Mambattu, Andhra Pradesh); and general corporate purposes., the DRHP document showed.
"Our Company believes that listing will enhance our Company's corporate image, brand name and create a public market for its Equity Shares in India. It will also make future financing easier and affordable in case of expansion or diversification of the business. Further, listing attracts interest of institutional investors as well as foreign institutional investors," the document read.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor