Stallion India Fluorochemicals emerges as 2025’s biggest IPO winner with 200% gains

Stallion India Fluorochemicals, which made its stock market debut earlier this year, has turned out to be a wealth creator for early investors. The stock has been on a one-way rally since listing, and even during phases of broader market volatility, it managed to maintain its momentum, translating into massive gains for shareholders.

The shares entered the Indian stock market in late January with a strong listing premium of 33.33% at ₹120 compared to the issue price of ₹90 and closed their debut day at ₹144 apiece, about 60% higher than the issue price. The stellar entry reflected the strong investor interest in the IPO, which was subscribed 188 times.

Following its grand debut, the stock closed the next seven months in green, with September emerging as the biggest month, delivering a sharp 68.12% gain. It also started October on a strong note, rising 8% and touching a fresh record high of ₹276 apiece. At the current trading price of ₹270, the stock is up 200% from its issue price of ₹90, making it the top IPO performer so far in 2025.

The company is in the business of selling refrigerant gases, industrial gases, and related products. Its primary business involves debulking, blending, and processing refrigerant and industrial gases, as well as selling pre-filled cans. It sells its products under the brand name “Stallion.”

What is driving the stock higher?

The continued demand for the stock can be attributed to its strong financial performance and strategic initiatives in next-generation gases such as HFOs and liquid helium, essential for advanced applications in electronics, semiconductors, and renewable technologies.

As part of this, the company is actively scaling capacity with the addition of new plants in Mambattu (Andhra Pradesh) and at its existing Khalapur site. The 7,200 MTPA facility in Mambattu will enhance the company’s blending, debulking, and storage capabilities.

A 1,200 MTPA liquid helium facility under development at Khalapur will cater to the semiconductor, solar cell, and fiber optic sectors, driving diversification into high-growth technology segments. These efforts are expected to strengthen the company’s position as one of India’s leading suppliers in this specialized segment.

Future Roadmap

The company’s roadmap includes backward integration to secure raw materials, reduce supply volatility, and improve gross margins. These initiatives are expected to contribute an additional 3–4% margin uplift and align Stallion’s profitability with global industry benchmarks.

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