Fibe Aims for ₹1,500 Crore IPO, Eyes Billion-Dollar Valuation by 2026...
08 Aug, 2025
Ellenbarrie Industrial Gases, a leading producer and supplier of industrial and medical gases in India, is set to launch its highly anticipated initial public offering (IPO) on June 24. The IPO will remain open for subscription until June 26, with anchor bidding commencing a day earlier, on June 23. The company has announced a price band of ₹380 to ₹400 per share, with a minimum application lot size of 37 shares.
The IPO comprises a fresh issue of 1 crore equity shares, aggregating to ₹400 crore and an offer for sale (OFS) of 1.13 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal, valued at ₹452.53 crore at the upper price band. This brings the total issue size to approximately ₹853 crore, with the company’s post-listing market capitalization expected to be around ₹5,637 crore.
The allocation of shares will follow standard norms: 50% to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs) and 35% to retail individual investors.
Ellenbarrie Industrial Gases will utilize ₹210 crore from the net proceeds of the fresh issue to repay or prepay certain outstanding borrowings to reduce its debt burden significantly. As of April 2025, the company’s outstanding debt stood at ₹264.2 crore. Additionally, ₹104.5 crore will be invested in establishing a new air separation unit at its Uluberia-II plant in West Bengal, with a capacity of 220 tonnes per day (TPD). The remaining funds will be allocated for general corporate purposes, supporting future growth and operational enhancements.
Based in Kolkata, Ellenbarrie Industrial Gases is a major manufacturer and supplier of a wide array of gases, including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide. The company also produces dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas (LPG), welding mixtures and specialty gases, serving a diverse range of sectors such as steel, pharmaceuticals, chemicals, healthcare, engineering, infrastructure, railways, aviation, aerospace, defence and petrochemicals.
Beyond gases, Ellenbarrie provides project engineering services and medical gas pipeline systems and supplies medical equipment to healthcare facilities, including anaesthesia workstations, spirometers, ventilators, sterilizers, bedside monitors and lung diffusion testing machines.
As of March 31, 2025, the company operated nine facilities across East, South and Central India, five in West Bengal, two in Andhra Pradesh, one in Telangana and one in Chhattisgarh.
Ellenbarrie Industrial Gases’ IPO comes at a time of growing demand for industrial and medical gases in India, driven by expansion in manufacturing, infrastructure and healthcare sectors. The company’s strategic use of IPO proceeds to reduce debt and invest in capacity expansion positions it for long-term growth and operational resilience. With a robust product portfolio and a pan-India presence, Ellenbarrie aims to further consolidate its leadership in the industrial gases market.
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