India-based Ellenbarrie Industrial Gases Limited has set the price band for its initial public offering (IPO) at ₹380–₹400 per share, with subscription open from June 24 to June 26, 2025. The IPO comprises a fresh issue worth ₹400 crore and an offer-for-sale (OFS) of 1.44 crore shares, with the total issue expected to raise around ₹977 crore.
Ellenbarrie Industrial Gases Limited, a leading Indian manufacturer and distributor of industrial and medical gases, is set to launch its Initial Public Offering (IPO) from June 24 to June 26, 2025. Based in Kolkata, West Bengal, the company has fixed the IPO price band between ₹380 and ₹400 per equity share of face value ₹2.
The IPO structure includes a fresh issue worth ₹400 crore and an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal, totalling approximately ₹977 crore at the upper end of the price band.
Founded in India, Ellenbarrie Industrial Gases Limited specializes in supplying a wide range of gases including oxygen, nitrogen, helium, hydrogen, argon, and medical oxygen, catering to industries such as healthcare, manufacturing, fire safety, and welding.
The issue allocation comprises:
- 50% for Qualified Institutional Buyers (QIBs)
- 15% for Non-Institutional Investors (NIIs)
- 35% for Retail Investors
The IPO lot size is 37 shares, and bids must be placed in multiples thereof. The company offers no specific retail discount; however, strategic anchor allocation is set for June 23, 2025.
As outlined in the red herring prospectus, proceeds from the fresh issue will be used to:
- Repay debt worth ₹210 crore
- Set up a new 220 TPD air separation unit at its Uluberia-II plant in West Bengal, costing ₹104.5 crore
As of April 2025, Ellenbarrie’s outstanding debt stood at ₹264.2 crore.
IPO allotment is expected to be finalized by June 27, 2025, with refunds initiated by June 30, and shares credited to demat accounts on the same day. The stock is likely to debut on BSE and NSE on July 1, 2025.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers, while KFin Technologies is the registrar for the issue.
With only one listed peer, Linde India Ltd, trading at a price-to-earnings (P/E) ratio of 140.74, Ellenbarrie is entering a competitive and capital-intensive market at a time of high investor interest in industrial and infrastructure sectors.