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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital requirements
Funding the company's ongoing working capital needs.
Capital expenditure
Funding capital expenditure on plant and machinery.
General corporate purposes
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(₹ in Crore)
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Stallion India Fluorochemicals Limited debulks, blends and processes refrigerant and industrial gases, and sells them in pre-filled cans and small cylinders and containers, serving industries such as air conditioning, firefighting, semiconductor manufacturing, automobiles, pharmaceuticals, glass bottle manufacturing, aerosols and spray foam. Incorporated in 2002 and headquartered in Mumbai, the company operates four manufacturing plants at Khalapur and Panvel in Raigad, Maharashtra, Ghiloth in Alwar, Rajasthan, and Manesar in Gurugram, Haryana. The company has more than two decades of experience in the refrigerant gases industry, built on specialized technology and infrastructure that create high barriers to entry. Prior to the IPO it was majority owned by its promoter group, the Rustomji family. Stallion India Fluorochemicals also focuses on value-added gas solutions, including refrigerant gas mixtures, gas recycling and reclamation, and specialized gas formulations tailored to customer requirements. Its diversified product portfolio and presence across multiple industrial sectors help the company cater to evolving demand for cooling solutions, industrial applications and specialty gases, while supporting its growth in the domestic and international markets.
The company raised approximately Rs 59.8 crore from six anchor investors ahead of the IPO, including Saint Capital Fund and Ashika Global Securities, with shares allotted at the issue's upper price band of Rs 90 per share.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Specialized fluorochemicals expertise
Over two decades of experience in debulking, blending and processing refrigerant and industrial gases.
High barriers to entry
The specialized technology and infrastructure required limit new competition in this segment.
Regulatory compliance track record
Operates under strict safety and environmental regulations, supporting a responsible operating record.
Well-located manufacturing base
Runs four plants positioned to optimize logistics and production efficiency.
Established market reputation
Long-standing experience and recognition in the refrigerant gases industry.
Product concentration
A significant share of revenue depends on a single product line.
Seasonal demand
Revenue is seasonal, with a large share of turnover concentrated between February and May.
No long-term customer contracts
The company does not have long-term agreements with its customers.
Stallion India Fluorochemicals Limited
2, A Wing, Knox Plaza, Off. Link Road, Mindspace, Malad (West), Mumbai, Maharashtra 400064
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Process and technology risk
Advanced production and purification processes carry technological and operational risk.
Regulatory and safety risk
Failure to meet environmental and safety standards could cause operational and reputational harm.