Stallion India Fluorochemicals shares jump 40 pc in market debut trade

New Delhi, Jan 23 (PTI) Shares of Stallion India Fluorochemicals on Thursday jumped 40 per cent in the debut trade against the issue price of Rs 90.

The stock made its debut at Rs 120 on the BSE and NSE, registering a jump of 33.33 per cent each from the issue price.

Shares of the firm finally ended at Rs 126 and Rs 125.99 apiece, a jump of 5 per cent -- also its upper circuit level -- on the NSE and the BSE, respectively.

The company's market valuation stood at Rs 999.42 crore on the BSE and Rs 999.50 crore on the NSE.

In volume terms, 75.73 lakh equity shares were traded on the National Stock Exchange (NSE) while 8.45 lakh shares exchanged hands on the BSE during the day.

The 30-share index rose by 115.39 points or 0.15 per cent to settle at 76,520.38. The broader NSE Nifty rose by 50 points or 0.22 per cent to end at 23,205.35.

The initial public offering (IPO) of Stallion India Fluorochemicals garnered 188.38 times subscription on the closing day on Monday, driven by overwhelming participation from investors.

The initial share sale had a price band of Rs 85-90 per share.

The Rs 199.45 crore initial share of refrigerants supplier Stallion India Fluorochemicals was a fresh issue of 1.78 crore equity shares and an offer-for-sale (OFS) component of 43.02 lakh shares by its promoter Shazad Sheriar Rustomji.

As per the Red Herring Prospectus (RHP), proceeds from the issue will be used towards funding working capital requirements, capital expenditure for its proposed facilities in Maharashtra and Andhra Pradesh, and general corporate purposes.

Stallion India Fluorochemicals is engaged in the sale of refrigerants, industrial gases, and related products.

The company serves a diverse range of industries, including air-conditioning and refrigeration, fire-fighting, semiconductor manufacturing, automobile manufacturing, pharmaceuticals and medicals, glass bottle manufacturing, aerosols, and spray foam applications. PTI HG HG SHW