Stallion India IPO: Key Details, Financials, and GMP (2025)
Introduction
Established on September 5, 2002, Stallion India Fluorochemicals is a Mumbai-based company specializing in the refrigerant and industrial gases sector. The company operates under the leadership of its Chairman & Managing Director, Shazad Sheriar Rustomji, who also serves as its promoter.
Industry Expertise
With over 20 years of experience, Stallion has emerged as a key player in the industry. The company focuses on the debulking, blending, and processing of gases, offering products such as pre-filled cans and small cylinders to meet diverse industrial requirements.
Product Portfolio
Stallion’s primary expertise lies in fluorochemical gases, which are widely used as refrigerants. These gases are categorized into:
- Hydrocarbons (HC)
- Hydrofluorocarbons (HFCs)
- Hydrofluoroolefins (HFOs)
Operational Infrastructure
The company operates four advanced facilities strategically located across India:
- Khalapur, Maharashtra
- Ghiloth, Rajasthan
- Manesar, Haryana
- Panvel, Maharashtra
These facilities are designed to store and process gases under controlled conditions, ensuring safety and compliance with industry standards.
Market Presence
Stallion’s distribution network spans the country, with Maharashtra and Delhi serving as its key revenue-generating markets. In recent years, these regions have contributed significantly to the company’s financial performance, accounting for:
- 74.41% of revenue for the period ending September 30, 2024.
- 69.82% and 63.92% of revenue for Fiscal 2024 and Fiscal 2023, respectively.
Conclusion
Stallion India Fluorochemicals’ robust operational framework, diverse product portfolio, and strategic market focus position it as a strong contender in the refrigerant and industrial gases industry. Its upcoming IPO offers investors a chance to participate in the growth of a company with a solid foundation and a promising future.
Stallion India IPO Details and Overview
| Aspect | Details |
|---|---|
| IPO Dates | January 16, 2025, to January 20, 2025 |
| Listing Date | January 23, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹85 to ₹90 per share |
| Lot Size | 165 shares |
| Total Issue Size | 2,21,61,396 shares (₹199.45 Cr) |
| Fresh Issue | 1,78,58,740 shares (₹160.73 Cr) |
| Offer for Sale (OFS) | 43,02,656 shares (₹38.72 Cr) |
| Pre-Issue Shareholding | 6,14,66,514 shares |
| Post-Issue Shareholding | 7,93,25,254 shares |
IPO Timelines
| Event | Date |
|---|---|
| IPO Open Date | Thursday, January 16, 2025 |
| IPO Close Date | Monday, January 20, 2025 |
| Basis of Allotment | Tuesday, January 21, 2025 |
| Initiation of Refunds | Wednesday, January 22, 2025 |
| Credit of Shares to Demat | Wednesday, January 22, 2025 |
| Listing Date | Thursday, January 23, 2025 |
| Cut-off Time for UPI Mandate | 5 PM on January 20, 2025 |
Lot Size and Application
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 165 | ₹14,850 |
| Retail (Max) | 13 | 2,145 | ₹1,93,050 |
| S-HNI (Min) | 14 | 2,310 | ₹2,07,900 |
| S-HNI (Max) | 67 | 11,055 | ₹9,94,950 |
| B-HNI (Min) | 68 | 11,220 | ₹10,09,800 |
Promoter Holding
| Promoters | Pre-Issue Holding | Post-Issue Holding |
|---|---|---|
| Shazad Sheriar Rustomji, Manisha Shazad Rustomji, Rohan Shazad Rustomji | 94.63% | 67.90% |
Financial Overview
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets (₹ Cr) | 235.69 | 203.14 | 126.18 | 98.01 |
| Revenue (₹ Cr) | 141.53 | 236.23 | 226.06 | 186.34 |
| Profit After Tax (₹ Cr) | 16.57 | 14.79 | 9.75 | 21.11 |
| Net Worth (₹ Cr) | 134.53 | 117.96 | 70.76 | 0.94 |
| Total Borrowing (₹ Cr) | 81.05 | 65.35 | 18.27 | 1.97 |
Key Performance Indicators
| Indicator | Value |
|---|---|
| ROE (Return on Equity) | 12.54% |
| ROCE (Return on Capital Employed) | 13.96% |
| Debt/Equity Ratio | 0.55 |
| RoNW (Return on Net Worth) | 12.54% |
| PAT Margin | 6.26% |
| Price-to-Book Value | 4.69 |
| Market Capitalization Post Issue | ₹713.93 Cr |
Stallion India IPO: A Balanced Review of Strengths and Risks
Stallion India’s IPO has caught the attention of many investors. Here’s an unbiased evaluation of its strengths and potential risks to help you decide whether it’s a good fit for your portfolio.
Strengths
- Established Brand and Industry Experience
Stallion India has been a prominent name in the refrigerant gases market for over two decades. With promoters bringing more than 30 years of expertise, the company enjoys strong brand recognition and a competitive position in the industry. - Operational Excellence
The company’s operational efficiency, commitment to timely deliveries, and stringent quality control processes have enabled it to build a solid reputation in the market. These factors contribute to its consistent growth and customer satisfaction. - Customer Loyalty and Growth Potential
Stallion India’s long-standing relationships with customers are a testament to its reliability and value-driven approach. This trust translates into repeat business and referrals, paving the way for future expansion opportunities.
Risks
- Dependence on a Niche Product and Market
The company’s revenue stream relies heavily on the sale of refrigerant gases, confined to specific geographies. Any dip in market demand or changes in industry dynamics could directly affect its financial performance. - Lack of Long-Term Supply Contracts
Stallion India operates without long-term agreements with raw material suppliers, making it vulnerable to price fluctuations and potential cost hikes in its supply chain. - Dependency on Imports
A significant portion of the company’s raw materials is sourced from China. Any disruptions in these imports, whether due to regulatory changes or geopolitical tensions, could adversely impact its operations. - Supplier Concentration
A large percentage of raw materials is procured from a handful of suppliers. This dependency poses a risk, as delays or shortages from these key suppliers could lead to operational challenges.
Final Thoughts
Stallion India’s IPO presents a mix of opportunities and challenges. While its established market presence, efficient operations, and strong customer relationships make it an attractive option, potential investors should carefully weigh the risks related to supplier dependencies, raw material imports, and limited product diversification.
Invest wisely by considering your risk appetite and long-term goals.
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