Stallion India Fluorochemicals gets SEBI nod to float IPO, Crizac draft papers returned

SEBI on IPO papers

Stallion India Fluorochemicals has received a green signal from the capital markets regulator SEBI to go ahead with its IPO plans.

The SEBI has issued an observation letter to Stallion India Fluorochemicals on July 18, which had filed preliminary papers in March this year for fund raising via IPO.

In SEBI parlance, the observation letter allows the company to launch its IPO within the next one year.

Stallion India sells refrigerant and industrial gases. Its IPO is a mix of fresh issuance of 1.78 crore equity shares and an offer-for-sale of 43.02 lakh equity shares by the promoter Shazad Sheriar Rustomji.

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According to its draft papers, the company is planning to spend Rs 95 crore out of the fresh issue proceeds for incremental working capital requirements, Rs 29.2 crore for its semi-conductor & specialty gas debulking & blending facility in Khalapur (Maharashtra), and Rs 21.2 crore for refrigerant debulking & blending facility Mambattu (Andhra Pradesh).

Sarthi Capital Advisors is the sole book running lead manager to the issue, while Bigshare Services is the registrar to the offer.

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Meanwhile, the SEBI has returned draft papers to Crizac on July 15.

The company, which had filed IPO papers in April this year, was planning to mobilise Rs 1,000 crore through public issue which comprised of only an offer-for-sale. Promoters Pinky Agarwal and Manish Agarwal had proposed to sell shares in the OFS.

Kolkata-based Crizac is an education platform, offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand.

Equirus Capital, and Anand Rathi Advisors were acting as merchant bankers to the issue.