Mumbai-based Stallion India Fluorochemicals has refiled the preliminary papers with the capital markets regulator Sebi for elevating funds from the general public.

The proposed preliminary public providing (IPO) can be a mixture of 1,78,58,740 recent fairness shares and an offer-for-sale (OFS) of 43,02,656 fairness shares by promoter Shazad Sheriar Rustomji. The supply would represent 27.94 p.c of the post-offer paid-up fairness share capital, mentioned the draft IPO papers.

Shazad Sheriar Rustomji holds 94.60 p.c stake within the firm, and 5.37 p.c shares are held by the one public shareholder Geetu Yadav.

Stallion India had withdrawn its previous draft papers filed with the regulator for an IPO on December 18, 2023.

The firm provides refrigerant gases to a number of industries equivalent to air conditioners and fridges, fireplace preventing, semiconductor manufacturing, vehicle manufacturing, pharma and medicals, semiconductors, glass bottle manufacturing, aerosols and spay foam.

It will utilise Rs 95 crore out of the recent subject proceeds for working capital necessities, Rs 29.15 crore for semi-conductor and specialty gasoline debulking and mixing facility in Khalapur, Maharashtra, and Rs 21.2 crore for refrigerant debulking and mixing facility in Mambattu, Andhra Pradesh. The remaining recent subject cash can be put aside for basic company functions.

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With greater than twenty years of expertise in fluorochemicals debulking, bottling & distribution, Stallion India operates enterprise by means of its 4 services in Maharashtra, Rajasthan, and Haryana.

The firm that competes with Gujarat Fluorochemicals, SRF and Navin Flourine International, has recorded web revenue at Rs 16.2 crore for the yr ended March FY23, falling 23 p.c in comparison with earlier monetary yr impacted by weak working numbers, although income from operations grew by 21.3 p.c on-year to Rs 225.5 crore for the yr.

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EBITDA (earnings earlier than curiosity, tax, depreciation and amortisation) for FY23 fell sharply by 50.3 p.c to Rs 16.2 crore with margin declining 1,030 bps to 7.2 p.c in comparison with earlier fiscal. Net revenue for six months interval ended September FY24 stood at Rs 5.4 crore on income of Rs 92.7 crore.

Sarthi Capital Advisors is the only service provider banker to the problem.