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Stallion India Fluorochemicals IPO
Stallion India Fluorochemicals Ltd
₹14,025 /165 sharesMinimum Investment
Stallion India Fluorochemicals IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹90.00 | ₹120.00 | ₹30.00 (33.33%) |
Stallion India Fluorochemicals IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 16 Jan ‘25 - 20 Jan ‘25 | ₹14,025 | 165 | ₹85 - ₹90 |
| Issue Size | IPO Doc |
|---|---|
| 199.45Cr | RHP PDF |
Subscription rate
As of 20 Jan'25, 05:00 PM
| Qualified Institutional Buyers | 2.35x |
| Non-Institutional Investor | 218.59x |
| Retail Individual Investor | 60.88x |
| Total | 77.95x |
About Stallion India Fluorochemicals
Founded in
2002
Managing director
Mr. Shazad Sheriar Rustomji
Parent organisation
Stallion India Fluorochemicals Ltd
Strengths & Financials of Stallion India Fluorochemicals
Strengths
Risks
Stallion India Fluorochemicals operates four facilities located in Khalapur (Maharashtra), Ghiloth (Rajasthan), Manesar (Haryana), and Panvel (Maharashtra). The company states that these facilities are specifically designed and equipped to store gases under controlled conditions and are located near customers.
The company serves a wide range of industries, including air conditioning and refrigeration, fire safety, semiconductor manufacturing, automobile production, pharmaceuticals, medical applications, glass bottle production, aerosols, and spray foam. Stallion India Fluorochemicals states that this diverse client base showcases the demand for the company’s products across various sectors.
The company is ISO 9001:2015 certified for quality management systems for its compliance in the filling and sale of compressed refrigerant gases.
The company has seen a consistent increase in revenue from operations. Revenue from operations increased from Rs 185.88 crore in FY22 to Rs 225.50 crore in FY23 to Rs 233.23 crore in FY24.
A large portion of the company's revenue comes from the sale of refrigerant gases. For the period ending September 30, 2024, FY24, FY23, and FY22, revenue from refrigerant gases accounted for 87.34%, 81.85%, 83.63%, and 95.89% of total product sales, respectively. Any decline in demand for these gases could negatively impact the company’s operations and finances.
The company relies heavily on importing raw materials from China for its operations. Any restrictions on these imports due to strained political relations between the two countries could adversely affect the company’s operations.
Zhejiang Sanmei Chemical Industry Co. Ltd. has issued a legal notice demanding Rs 9.50 crore from Stallion India due to a disagreement between the companies concerning the supply of refrigerants. If legal or regulatory proceedings are initiated, any adverse judgment could harm the company’s reputation and affect its operations and finances.
The company’s revenue depends on a few customers and does not have any long-term agreements in place obligating them to place frequent orders. These customers contributed Rs 108.77 crore (77.32%) as on September 30, 2024, and Rs 176.48 crore (75.69%), Rs 168.52 crore (74.77%), and Rs 135.26 crore (72.88%) in FY24, FY23, and FY22, respectively, to the revenue from operations. If these customers stop sourcing from the company or there is any decline in business from them, it could adversely affect the company’s financial performance and operations.
The company's revenue is concentrated on one product, “R-32,” which contributed Rs 18.51 crore (13.15%) as of September 30, 2024, and Rs 75.39 crore (32.32%), Rs 115.69 crore (51.30%), and Rs 86.71 crore (46.65%) to the revenue from operations in FY24, FY23 and FY22 respectively. Any decline in demand or delays in customer orders for this product could negatively impact the company’s operations and financial performance.
The company has a distributorship agreement with Honeywell International Inc. for the supply of HFC refrigerant gases, including R-410a, R-404a, and R-134a, as well as next-generation HFOs like R-1234yf. If this agreement is terminated due to circumstances beyond the company's control, it could severely affect its business prospects, financial condition and operations.
The company, its promoters, and its directors are involved in certain legal proceedings. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
As of September 30, 2024, the company had outstanding borrowings of Rs 81.05 crore. Any inability to service or repay these loans could harm the company’s financial position.
Stallion India Fluorochemicals Financials
*All values are in Rs. Cr
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Application Details of Stallion India Fluorochemicals IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹85 - 90 | ₹2 Lakh |
| High Networth Individual | ₹85 - 90 | ₹2 - 5 Lakh |
For Stallion India Fluorochemicals IPO, eligible investors can apply as Regular.