Mumbai : Ellenbarrie Industrial Gases Limited has fixed the price band of ₹380/- to ₹400/- per Equity Share of face value ₹2/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, June 24, 2025, for subscription and close on Thursday, June 26, 2025. Investors can bid for a minimum of 37Equity Shares and in multiples of 37Equity Shares thereafter.
The IPO is a mix of fresh issue of up to Rs 400 crore and an offer for sale up to 56,56,565 equity shares by Padam Kumar Agarwala, and up to 56,56,565 equity shares by Varun Agarwal.
The proceeds from the fresh issue to the extent of Rs 210 crore will be used for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company; Rs 104.50 for setting up of an air separation unit at its Uluberia-II plant with a capacity of 220 TPD; and general corporate purposes.
Ellenbarrie Industrial Gases is one of the oldest operating industrial gases companies in India, with a rich legacy of over 50 years. (Source: F&S Report) It manufactures and supplies industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, synthetic air, firefighting gases, medical oxygen, liquid petroleum gas, welding mixture and speciality gases catering to a wide range of end-use industries. It is one of the important manufacturers of industrial gases in East India and South India, and the market leader in the states of West Bengal, Andhra Pradesh and Telangana, each in terms of installed manufacturing capacity, as of March 31, 2025. (Source: F&S Report)
Its service include project engineering services, that it leverage its extensive technical know-how for the design, engineering, supply, installation and commissioning of tonnage air separation units (“ASUs”) and related projects on a turnkey basis for customers across several sectors. It also offers turnkey solutions involving medical gas pipeline systems, where it assists healthcare facilities in designing, installing, commissioning, operation and maintenance of medical gas pipeline systems. In addition, it supplies its products and medical equipment to healthcare facilities, that includes anaesthesia workstation, spirometers, ventilators, sterilizers, bed-side monitors, and lung diffusion testing machines.
It has a robust distribution network, with the third highest number of transport tankers, cylinders and customer installations in India. (Source: F&S Report)
Its portfolio includes public and private entities, such Jairaj Ispat Limited, Rashtriya Ispat Nigam Limited, Dr. Reddy’s Laboratories Limited, Laurus Labs Limited, All India Institute of Medical Sciences, West Bengal Medical Services Corporation Limited, Chittaranjan National Cancer Institute, GMM Pfaudler Limited, and Air India Engineering Services Limited, Jupiter Wagons Limited, Hindustan Shipyard Limited. Further, it supplies products to the Indian armed forces, including, at the Indian Air Force bases in East, South and West India, the Eastern Naval Command bases and multiple Government-owned laboratories. It also supplies products to multiple railway workshops and railways hospitals across East and South India.
It has a diversified customer base, and in Fiscal 2025 it sold its products to 1,829 customers. It operates nine facilities across East, South and Central India, of which five facilities are located in West Bengal, two in Andhra Pradesh, one in Telangana and one in Chhattisgarh, as of March 31, 2025.
Ellenbarrie Industrial Gases’ revenue from operations increased 15.96% from Rs 269.48 crore in Fiscal 2024 to Rs 312.48 crore in Fiscal 2025, primarily due to increases in the sale of manufactured products and revenue from construction contracts. Profit after tax increased by 83.91% from Rs 45.29 crore for Fiscal 2024 to Rs 83.29 crore for Fiscal 2025.
Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, JM Financial Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue. The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
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