Ellenbarrie Industrial Gases IPO is a book-built issue worth ₹852.53 crore. The IPO comprises a fresh issue of 1.00 crore equity shares aggregating to ₹400.00 crore and an offer for sale of 1.13 crore equity shares totalling ₹452.53 crore. The IPO opens for subscription on June 24, 2025, and closes on June 26, 2025. The allotment is expected to be finalised on June 27, 2025, with tentative listing on BSE and NSE scheduled for July 1, 2025.
The IPO is priced in a band of ₹380 – ₹400 per share. Retail investors must apply for a minimum of 1 lot comprising 37 shares, requiring an investment of ₹14,800 at the cutoff price. sNII investors must apply for a minimum of 14 lots (518 shares), amounting to ₹2,07,200, while bNII investors must apply for a minimum of 68 lots (2,516 shares), requiring ₹10,06,400.
Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited are the book-running lead managers to the issue. KFin Technologies Limited is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Ellenbarrie Industrial Gases IPO RHP.
Industry Outlook
- India’s industrial gases sector is expanding rapidly, driven by industrialisation and infrastructure growth. Gases like oxygen, nitrogen, hydrogen, and carbon dioxide are essential for industries such as steel, chemicals, healthcare, and electronics.
- Growth is fuelled by rising demand in manufacturing and medical sectors, along with government support under the “Make in India” initiative promoting local production.
- Technological advancements such as cryogenic distillation and pressure swing adsorption (PSA) are enhancing operational efficiency and enabling the production of gases at scale. The emergence of green hydrogen as a sustainable energy vector is also expected to open new avenues for industrial gas producers, positioning them at the forefront of India’s clean energy transition.
- The competitive landscape remains fragmented yet vibrant, with both multinational corporations and indigenous players vying for market share. Strategic partnerships, backward integration, and turnkey engineering solutions are becoming key differentiators in a market where reliability, purity, and cost-effectiveness are paramount.
Ellenbarrie Industrial Gases IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Expand manufacturing capacity by establishing a new air separation unit at its Uluberia-II plant in West Bengal, with a proposed capacity of 220 tonnes per day. This expansion aims to meet the growing demand for industrial and medical gases across key sectors such as steel, pharmaceuticals, and healthcare.
- Reduce financial leverage through the repayment or prepayment, in full or in part, of certain outstanding borrowings. This initiative is expected to strengthen the company’s balance sheet, improve credit metrics, and enhance financial flexibility for future growth.
- Support general corporate purposes, including administrative expenses, brand development, and strategic initiatives that reinforce the company’s operational efficiency, market positioning, and long-term sustainability.
- Enhance corporate visibility and governance standards through public listing on the BSE and NSE, thereby fostering investor confidence, improving access to capital markets, and facilitating future expansion through strategic partnerships and alliances.
About Ellenbarrie Industrial Gases Limited
Ellenbarrie Industrial Gases Limited was incorporated on November 23, 1973, and began operations on April 9, 1974. It was listed on the Calcutta Stock Exchange in May 1976 and voluntarily delisted on July 2, 2018.
The company manufactures and supplies industrial gases like oxygen, nitrogen, argon, and nitrous oxide, serving sectors such as steel, pharmaceuticals, chemicals, healthcare, and infrastructure.
It also offers project engineering, turnkey medical gas pipeline solutions, and supplies medical equipment to hospitals and healthcare providers.
Ellenbarrie operates nine facilities across India, including plants in West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. It is currently expanding with a new air separation unit at its Uluberia-II plant.
With a focus on safety, quality, and efficiency, Ellenbarrie maintains strong relationships with institutional clients. Its growth is driven by capacity expansion, technology upgrades, and strategic partnerships aligned with India’s industrial and healthcare development.
How To Check the Allotment Status of the Ellenbarrie Industrial Gases IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Ellenbarrie Industrial Gases IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Ellenbarrie Industrial Gases IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Ellenbarrie Industrial Gases IPO
Registered Office: 3A, Ripon Street, Kolkata – 700016, West Bengal, India
Telephone: +91 33 4822 6521
E-mail: complianceofficer@ellenbarrie.com
Ellenbarrie Industrial Gases IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
Not more than 50% of the Net Issue |
|
Retail Shares Offered |
Not less than 35% of the Net Issue |
|
NII (HNI) Shares Offered |
Not less than 15% of the Net Issue |
Ellenbarrie Industrial Gases IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
37 |
₹14,800 |
|
Retail (Max) |
13 |
481 |
₹1,92,400 |
|
sNII (Min) |
14 |
518 |
₹2,07,200 |
|
sNII (Max) |
67 |
2,479 |
₹9,91,600 |
|
bNII (Min) |
68 |
2,516 |
₹10,06,400 |
Ellenbarrie Industrial Gases IPO Promoter Holding
The promoters of the company are Padam Kumar Agarwala and Varun Agarwal.
|
Share Holding Pre-Issue |
96.47% |
|
Share Holding Post Issue |
81.59% |
Key Performance Indicators for Ellenbarrie Industrial Gases IPO
The market capitalisation of Ellenbarrie Industrial Gases IPO is ₹5,637.42 crore. Here are the KPIs of Ellenbarrie Industrial Gases:
|
KPI |
Value |
|
EBITDA Margin (%) |
35.12 |
|
PAT Margin (%) |
23.90 |
|
Return on Capital Employed (RoCE) (%) |
13.71 |
|
Return on Equity (ROE) (%) |
16.88 |
Ellenbarrie Industrial Gases IPO Prospectus
Ellenbarrie Industrial Gases IPO Registrar and Lead Managers
Ellenbarrie Industrial Gases IPO Lead Managers
- Motilal Oswal Investment Advisors Limited
- IIFL Capital Services Limited
- JM Financial Limited
Registrar for Ellenbarrie Industrial Gases IPO
KFin Technologies Limited
- Contact Number: +91 40 6716 2222 / 1800 309 4001
- Email Address: ipo@kfintech.com
Ellenbarrie Industrial Gases IPO Registrar
Financial Performance of Ellenbarrie Industrial Gases Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operations Growth (%) | 15.96 | 31.38 | N.A. |
| EBITDA Margin (%) | 35.12 | 22.83 | 16.38 |
| PAT Margin (%) | 23.90 | 15.61 | 12.58 |
| Return on Equity (RoE) (%) | 16.88 | 11.05 | 7.75 |
| Return on Capital Employed (RoCE) (%) | 13.71 | 10.93 | 6.07 |
| Net Debt to Equity Ratio (in times) | 0.32 | 0.15 | 0.01 |
| Gross Fixed Asset Turnover Ratio (in times) | 0.65 | 0.59 | 0.68 |
Know before investing
Strengths
8Proven expertise in manufacturing and supplying industrial gases across diverse sectors including steel, pharmaceuticals, and healthcare.
Strong presence in East and South India with nine operational facilities, including onsite plants at major client locations.
Robust financial performance with ₹832.89 million profit after tax in FY 2025 and consistent revenue growth.
Experienced promoters with over four decades of industry knowledge and strategic leadership.
Expansion underway with a new 220 TPD air separation unit at Uluberia-II, enhancing production capacity.
Long-standing relationships with institutional clients, including government entities and public sector undertakings.
Integrated offerings including project engineering services and turnkey medical gas pipeline solutions.
IPO proceeds earmarked for debt reduction and capacity expansion, improving financial flexibility and operational scale.
Risks
8High dependence on a limited number of key customers, posing revenue concentration risk.
Operational disruptions at manufacturing facilities could impact supply and profitability.
Regulatory non-compliance or delays in obtaining statutory approvals may hinder operations.
Significant exposure to regional risks, with five out of nine facilities located in West Bengal.
Legal proceedings and contingent liabilities, including tax disputes totalling ₹101.71 million.
Vulnerability to fluctuations in power and fuel costs, which form a major part of operating expenses.
Risks associated with hazardous materials and industrial safety, requiring strict quality controls.
Potential under-utilisation of expanded capacity may affect return on investment and margins.
Ellenbarrie Industrial Gases Limited Peer Details Comparison
| Name of Company | Face Value (₹) | EPS (₹) | NAV per Share (₹) | P/E |
|---|---|---|---|---|
| Ellenbarrie Industrial Gases Ltd | 6.36 | 25.48 | N.A. | 24.97 |
| Linde India Ltd | 53.33 | 447.91 | 140.74 | 11.91 |
