Established in 1973, Ellenbarrie is a leading supplier of industrial and medical gases, recording a strong performance in FY24 with significant revenue and profit growth.
Ellenbarrie Industrial Gases IPO enters day 2 on lacklustre note with the issue being subscribed 8 per cent or 0.08 time.
The Rs 852.53 crore Ellenbarrie Industrial Gases IPO, which opened on Tuesday at the Rs 380-400 price band, will close on Thursday. The IPO is a mix of a fresh issue of up to Rs 400 crore and an offer for sale of up to 56,56,565 equity shares by Padam Kumar Agarwala and up to 56,56,565 equity shares by Varun Agarwal.
Investors can bid for a minimum of 37 equity shares and in multiples of 37 equity shares thereafter.
The offer is being made through the book-building process, wherein up to 50% of the net offer shall be available for allocation to qualified institutional buyers, 15 per cent to non-institutional investors, and not less than 35 per cent to retail individual bidders. While the QIB portion has not seen any bid so far, the quota reserved for NIIs and retail investors was subscribed 0.05 times and 0.13 times, respectively.
Meanwhile, as part of the IPO process, Ellenbarrie Industrial Gases has garnered Rs 255.76 crore from anchor investors. The company has allocated 63,93,938 equity shares at Rs. 400 per share to anchor investors, including Nippon India Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund, HDFC Life Insurance Company Limited, Tata Mutual Fund, WhiteOak etc.
Last week, Ellenbarrie issued 62.50 lakh shares to Motilal Oswal Mutual Fund through a secondary sale (pre-IPO placement) for Rs 400 per share (including a premium of Rs 398) in consultation with the lead bankers. The transaction, amounting to Rs 250 crore, represents 4.43% of the company’s pre-offer share capital.
Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited are the book-running lead managers, and KFin Technologies Limited is the issue’s registrar.
Ellenbarrie Industrial Gases Limited, established in 1973, is a leading Indian manufacturer and supplier of industrial, medical, and specialty gases. Its product range includes oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, nitrous oxide, synthetic air, fire-fighting gases, dry ice, LPG, welding mixtures, and medical-grade gases.
EIGL provides project engineering services, including turnkey design, installation, and tonnage air separation units (ASUs) commissioning. The company also supports healthcare facilities with medical gas pipeline systems and offers medical equipment such as ventilators, anaesthesia workstations, sterilisers, monitors, and spirometers.
In FY24, the company posted a 31% YoY revenue growth to ₹269.4 crore and a 61% rise in net profit to ₹45 crore. The upcoming capacity expansion will enhance its merchant and onsite gas production capabilities. CRISIL has highlighted EIGL’s sound capital structure and strong coverage metrics.
Shares will be listed on the BSE and the National Stock Exchange.
Published on June 25, 2025