IPO Details

Bidding Dates

24 Jun '25 - 26 Jun '25

Minimum Investment

₹14,800 / 1 Lot (37 Shares)

Price Range

₹380 – ₹400

Maximum Investment

₹1,92,400 / 13 Lots (481 Shares)

Retail Discount

To be announced

Issue Size

₹852.53 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Ellenbarrie Industrial Gases IPO Important Dates

Important dates with respect to IPO allotment and listing

Opening Date

Jun 24, 25

Closing Date

Jun 26, 25

Basis of Allotment

Jun 27, 25

Initiation of Refunds

Jun 30, 25

IPO Listing Date

Jul 01, 25

IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Jun 23, 2025

 0.00 0.05 0.13 0.08

About Ellenbarrie Industrial Gases IPO

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

  1. 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.
  2. Growth is fuelled by rising demand in manufacturing and medical sectors, along with government support under the “Make in India” initiative promoting local production.
  3. 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.
  4. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Ellenbarrie Industrial Gases IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Ellenbarrie Industrial Gases IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. 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

8

  1. Proven expertise in manufacturing and supplying industrial gases across diverse sectors including steel, pharmaceuticals, and healthcare.

  2. Strong presence in East and South India with nine operational facilities, including onsite plants at major client locations.

  3. Robust financial performance with ₹832.89 million profit after tax in FY 2025 and consistent revenue growth.

  4. Experienced promoters with over four decades of industry knowledge and strategic leadership.

  5. Expansion underway with a new 220 TPD air separation unit at Uluberia-II, enhancing production capacity.

  6. Long-standing relationships with institutional clients, including government entities and public sector undertakings.

  7. Integrated offerings including project engineering services and turnkey medical gas pipeline solutions.

  8. IPO proceeds earmarked for debt reduction and capacity expansion, improving financial flexibility and operational scale.

Risks

8

  1. High dependence on a limited number of key customers, posing revenue concentration risk.

  2. Operational disruptions at manufacturing facilities could impact supply and profitability.

  3. Regulatory non-compliance or delays in obtaining statutory approvals may hinder operations.

  4. Significant exposure to regional risks, with five out of nine facilities located in West Bengal.

  5. Legal proceedings and contingent liabilities, including tax disputes totalling ₹101.71 million.

  6. Vulnerability to fluctuations in power and fuel costs, which form a major part of operating expenses.

  7. Risks associated with hazardous materials and industrial safety, requiring strict quality controls.

  8. Potential under-utilisation of expanded capacity may affect return on investment and margins.

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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

Ellenbarrie Industrial Gases IPO FAQs

What is the Ellenbarrie Industrial Gases IPO?

Ellenbarrie Industrial Gases IPO is a book-built issue IPO. It will be open from June 24, 2025, to June 26, 2025. 

When will the Ellenbarrie Industrial Gases IPO be allotted?

The Basis of Allotment will happen on Friday, June 27, 2025.  

When will the Ellenbarrie Industrial Gases IPO open for subscription?

The IPO subscription window will open on June 24, 2025. 

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 37 shares.

When will Ellenbarrie Industrial Gases Limited list on exchanges?

The listing date for Ellenbarrie Industrial Gases Limited is Tuesday, July 1, 2025. 

What is the issue size of the Ellenbarrie Industrial Gases IPO?

The issue size of the Ellenbarrie Industrial Gases IPO is up to ₹852.53 crores, consisting of a combination of fresh issue of 1.00 crore shares aggregating to ₹400.00 crores and offer for sale of 1.13 crore shares aggregating to ₹452.53 crores. 

What are the open and close dates of the Ellenbarrie Industrial Gases IPO?

The open and close dates for Ellenbarrie Industrial Gases IPO are from June 24, 2025, to June 26, 2025. 

What would be the listing gains on the Ellenbarrie Industrial Gases IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.  

How to increase your chances of getting a Ellenbarrie Industrial Gases IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Ellenbarrie Industrial Gases IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Ellenbarrie Industrial Gases Limited using one PAN?

You can submit only one application using your PAN card. 

How to read Ellenbarrie Industrial Gases Limited's financial statements?

To read Ellenbarrie Industrial Gases ‘s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for Ellenbarrie Industrial Gases Limited IPO?

Pre-apply allows investors to apply for the Ellenbarrie Industrial Gases IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the Ellenbarrie Industrial Gases Limited IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours. 

When will I know if my Ellenbarrie Industrial Gases Limited IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.  

Who is the registrar of Ellenbarrie Industrial Gases IPO?

KFin Technologies Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries. 

Where is the Ellenbarrie Industrial Gases IPO getting listed?

Ellenbarrie Industrial Gases Limited IPO is proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).