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Ellenbarrie Industrial Gases Limited IPO
Ellenbarrie Industrial Gases Limited (EIGL) is launching an Initial Public Offering (IPO) with a price band of ₹380 to ₹400 per share, aiming to raise approximately ₹852.53 crore. The IPO consists of a fresh issue of 1 crore shares worth ₹400 crore and an Offer for Sale (OFS) of 1.13 crore shares worth ₹452.53 crore by existing promoters. The IPO opens on June 24, 2025, and closes on June 26, 2025, with allotment expected on June 27 and listing on BSE and NSE on July 1, 2025. The minimum lot size is 37 shares, requiring an investment of around ₹14,060 to ₹14,800 depending on the price band.
Company Background
Founded in 1973, Ellenbarrie Industrial Gases Limited is one of India's oldest manufacturers and suppliers of industrial, medical, and specialty gases. The company has a legacy of over five decades and operates primarily in Eastern and Southern India. It serves critical sectors such as steel, pharmaceuticals, healthcare, infrastructure, defense, and chemicals.
Operations & Product Range
Facility & Production:
EIGL operates nine manufacturing facilities, including the Uluberia-II plant where it plans to set up a new 220 TPD (tons per day) air separation unit using IPO proceeds. The company has a large fleet of cryogenic transport tankers and modern filling stations to support its distribution network.
Brands & Market Presence:
The company produces and distributes a wide range of gases including oxygen, nitrogen, helium, argon, carbon dioxide, acetylene, hydrogen, fire-fighting gases and liquefied petroleum gas (LPG). It also provides turnkey project engineering services for gas separation plants, medical gas pipeline solutions, and medical devices like ventilators and sterilizers. Its strong client base includes prominent organizations such as AIIMS and the Indian Armed Forces, highlighting its significant market presence.
Revenue Channels
Ellenbarrie generates revenue primarily from the sale of industrial, medical and specialty gases. It caters to bulk, packaged, and onsite demand across multiple industries including healthcare, defense, steel, pharmaceuticals, chemicals, infrastructure, railways, aviation, aerospace, and petrochemicals. Additionally, it earns from turnkey project engineering services for gas plants and medical gas systems.
Management & Shareholding
Promoters & Shareholding:
The promoters, including Padam Kumar Agarwala and Varun Agarwal, currently hold about 96.47% of the company’s shares. The IPO includes an OFS by these promoters, reducing their stake post-listing. Market veteran Mukul Agrawal has also invested ₹25 crore, acquiring a 0.45% stake at a price above the IPO upper band, signaling strong institutional interest.
Board Members:
Ellenbarrie Industrial Gases Limited's IPO board members include Padam Kumar Agarwala (Chairman & Managing Director), Varun Agarwal (Joint Managing Director), and K. Srinivas Prasad (CFO).
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Ellenbarrie Industrial Gases Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Ellenbarrie Industrial Gases Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 24, 2025 to June 26, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹380 to ₹400 per share |
| Lot Size | 37 Shares |
| Total Issue Size | 2,13,13,130 shares (aggregating up to ₹852.53 Cr) |
| Fresh Issue | 1,00,00,000 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 1,13,13,130 shares of ₹2 (aggregating up to ₹452.53 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,09,35,600 shares |
| Share Holding Post Issue | 14,09,35,600 shares |
Ellenbarrie Industrial Gases Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Jun 24, 2025 |
| IPO Close Date | Thu, Jun 26, 2025 |
| Tentative Allotment | Fri, Jun 27, 2025 |
| Initiation of Refunds | Mon, Jun 30, 2025 |
| Credit of Shares to Demat | Mon, Jun 30, 2025 |
| Tentative Listing Date | Tue, Jul 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
Ellenbarrie Industrial Gases Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,800 |
| Retail (Max) | 13 | 481 | ₹1,92,400 |
| S-HNI (Min) | 14 | 518 | ₹2,07,200 |
| S-HNI (Max) | 67 | 2,479 | ₹9,91,600 |
| B-HNI (Min) | 68 | 2,516 | ₹10,06,400 |
Ellenbarrie Industrial Gases Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 96.47% | - |
Competitive Strength:
- ● Established legacy with over 50 years in the industrial gases sector.
- ● Diverse product portfolio serving critical industries like healthcare, defense, and steel.
- ● Extensive manufacturing and distribution network in Eastern and Southern India.
- ● Strong client base including AIIMS and the Indian Armed Forces.
- ● Significant investment in infrastructure, such as cryogenic transport tankers and modern filling stations.
- ● Robust financial performance with 20% revenue growth and 84% profit after tax increase in FY25.
Ellenbarrie Industrial Gases Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-Mar-25 | 845.97 | 348.43 | 83.29 | 333.62 | 245.3 | |||||||||||||||||||||||||||||||||||
| 31-Mar-24 | 672.54 | 290.2 | 45.29 | 250.15 | 176.9 | |||||||||||||||||||||||||||||||||||
| 31-Mar-23 | 551.27 | 223.71 | 28.14 | 203.32 | 101.1 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.88% |
| ROCE | 13.71% |
| Debt/Equity | 0.32 |
| RoNW | 24.97% |
| PAT Margin | 23.90% |
| EBITDA Margin | 35.12% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.36 | 5.91 |
| P/E (x) | 62.88 | 67.69 |
IPO Objectives
The company plans to use the IPO proceeds primarily for:
- Repayment/prepayment of outstanding borrowings amounting to ₹210 crore.
- Setting up a new 220 TPD air separation unit at the Uluberia-II plant with ₹104.5 crore.
- The remainder will be used for general corporate purposes to support scaling operations.
Conclusion
Ellenbarrie Industrial Gases Limited’s IPO offers investors a chance to participate in a well-established industrial gases company with a strong regional presence and diversified product range. The company’s focus on debt reduction and capacity expansion through the IPO proceeds positions it for future growth. The backing by marquee investors and a robust client base further strengthens its market outlook.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. What is the price band for the Ellenbarrie Industrial Gases IPO?
The price band is set between ₹380 and ₹400 per share.
-
2. When does the IPO open and close?
The IPO opens on June 24, 2025, and closes on June 26, 2025.
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3. What is the minimum investment required?
The minimum lot size is 37 shares, requiring an investment of approximately ₹14,060 to ₹14,800 depending on the price band.
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4. How will the IPO proceeds be used?
₹210 crore will be used for debt repayment, ₹104.5 crore for setting up a new air separation unit, and the rest for general corporate purposes.
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5. Who are the promoters of the company?
Promoters include Padam Kumar Agarwala and Varun Agarwal, holding 96.47% pre-IPO.
