Ellenbarrie Industrial Gases to Raise Rs 400 Crore via IPO, Including Fresh Issue and OFS

KOLKATA: Ellenbarrie Industrial Gases, headquartered in Kolkata, has announced plans to initiate an initial public offering (IPO) consisting of a fresh issue amounting to Rs 400 crore and an offer for sale (OFS) of up to 1.44 crore equity shares by promoter shareholders. This information was revealed by an official from the company. The draft red herring prospectus has already been submitted to the Securities and Exchange Board of India (SEBI) for approval.

The company, in coordination with the book-running lead manager, might also consider a pre-IPO placement to raise up to Rs 80 crore, which will be part of the total Rs 400 crore fresh equity issuance, as per the filing documents.

The net proceeds from the fresh issue are earmarked for several key purposes: Rs 176.8 crore will be allocated for repaying or prepaying certain outstanding borrowings; Rs 130 crore is intended for the establishment of a 220 TPD air separation unit at the Uluberia-II plant; and the remaining funds will be used for general corporate purposes.

Ellenbarrie Industrial Gases is engaged in the manufacturing and supply of various industrial gases, including dry ice, synthetic air, firefighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and specialty gases. These products cater to a diverse range of industries.

In the financial year 2024, the company reported a significant growth in revenue from operations, increasing by 31.38% to Rs 269.4 crore, compared to Rs 205.1 crore in the previous fiscal year.

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