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Ellenbarrie Industrial Gases IPO GMP, Review, Subscription Status, allotment & listing details @ Chanakyanipothi.com
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Latest updates of Ellenbarrie Industrial Gases IPO Listing
The company will enter the capital market on 24 June. The IPO will close on 26 June. Listing is expected on 27 June and listing will be on 1 July 2025

What is the last GMP of Ellenbarrie Industrial Gases IPO?
Click

Ellenbarrie Industrial Gases IPO Subscriptions (Day 1) Price Rs. 400 Lot 37 shares, Net Rs. ? Crore
QIB	B HNI X	S HNI X	NII X	RII X	Total X

Applications: ? / (?x) Amount wise Bids recd. Rs. ? Crore

Who are the promoters of Ellenbarrie Industrial Gases IPO?

THE PROMOTERS OF THE COMPANY ARE PADAM KUMAR AGARWALA AND VARUN AGARWAL

What are the Objects of Ellenbarrie Industrial Gases IPO?

The Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
1. Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company;
2. Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD; and
3. General corporate purposes.

What is the business of Ellenbarrie Industrial Gases?

The company is the largest 100% Indian-owned industrial gases company in terms of installed manufacturing capacity as of March 31, 2024, revenues and profitability in Fiscal 2024. In an industry dominated by multinational organizations, it is one of the oldest operating industrial gases companies in India, with a rich legacy of over 50 years. 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, fire-fighting 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 largest 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, 2024. Its service offerings include project engineering services, where we 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 products and medical equipment to healthcare facilities, which include anaesthesia workstation, spirometers, ventilators, sterilizers, bed-side monitors, and lung diffusion testing machines.

It is present across multiple modalities of supply, namely onsite, bulk and packaged, whereby it offers its products through a combination of supply mechanisms, including pipelines connected to its customers, cryogenic tankers and cylinders. It has a robust distribution network, with the third highest number of transport tankers, cylinders and customer installations in India.

For more information, click www.ellenbarrie.com

Ellenbarrie Industrial Gases IPO GMP, Particulars & Guidance

IPO Details
IPO opens on	24 June 2025
IPO closes on	26 June2025
Issue Type	Book Built Issue IPO
Issue Size	21313130 Shares / Rs 852.53 Crore
* Fresh Issue	100,00,000 Shares / Rs 400 Crore
* Offer for Sale	11313130 Shares / Rs 452.53 Cr

Face Value per share:	Rs. 2
Price Band	Rs.380-400
Retail Discount	Rs 0 per share
Employee discount	Rs. 0 per share
Retail Lot Size	37 Shares
Listing will at	BSE, NSE

Shares offered	Shares	Rs. in Crore
QIB (50 %)	10656565	426.26
NII (15 %)	3196969	127.88
RII (35 %)	7459596	298.39
Employees	–	–
Total Shares	21313130	852.53
Retail portion will be oversubscribed by	201611 Forms.
How to apply in this IPO?		Amount Rs.
Min Retail	37	14800
Max Retail	481	192400
Small HNI (Min)	518	207200
Small HNI (Max)	2479	991600
Big HNI	2516	1006400

IPO timetable
IPO opens on	24 June 2025
IPO Closes on	26 June 2025
IPO Allotment on	27 June 2025
Unblocking of ASBA	30 June 2025
Credit of Shares	30 June 2025
Listing on	1 July2025

Registered Office of the company
3A, Ripon Street, Kolkata – 700016, West Bengal, India
The Lead Managers Motilal Oswal Investment Advisors ltd IIFL SECURITIES ltd JM Financial ltd
Registrar to IPO
KFin Technologies Ltd

Ellenbarrie IPO Financial & Analytical Ratios
Year	Total Income	Net Profit	EPS	RoNW
	Rs. in Cr	Rs.in Cr	Rs.	%
2021-22	255.90	67.16	5.13	37.60
2022-23	223.71	28.14	2.15	13.84
2023-24	290.20	45.29	3.46	18.10
Book Value of the Share on 31.03.2024	Rs.	19.11
BV after the IPO	Rs.	?
Offer Price at Cap	Rs.	400

Ratio Analysis
Price /EPS	–
Price/BV	?
Debt/ Equity	?

How this IPO compares with the Peers?

As on date of RHP	FV	Return	PE
	Rs.	on	Ratio of
		NW
Ellenbarrie	2	24.97	62.89
Linde India	10	11.91	140.74

# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Ellenbarrie Industrial Gases IPO Review * by Paresh Gordhandas, CA & Research Analyst.

IPO Snapshot: Leading Indian Industrial Gases Company

The company stands as India’s largest 100% Indian-owned industrial gases manufacturer, based on installed capacity, revenue, and profitability for FY2024. In a sector largely dominated by multinational giants, this company boasts a rich legacy of over 50 years, making it one of the oldest and most established players in the country.

It produces and supplies a wide array of industrial and specialty gases, including:

Oxygen, Nitrogen, Carbon Dioxide, Acetylene, Helium, Hydrogen, Argon, and Nitrous Oxide
Medical Oxygen, Synthetic Air, and Fire-Fighting Gases
Dry Ice, LPG, Welding Mixtures, and other specialty gases

These offerings cater to a diverse range of end-use industries, from healthcare and manufacturing to energy and infrastructure.

Financial Highlights

Over the last three fiscal years, both revenue and profit have shown strong, consistent growth.
The company delivered an impressive Return on Net Worth (RoNW) of 24.97% in FY2024.
Shares are priced at a P/E ratio of 62.89, which leans toward the higher end, suggesting a premium valuation.

Market Sentiment & IPO Details

Despite strong fundamentals, the IPO is currently trading at a modest grey market premium of Rs.9 over the issue price of Rs.400.
Due to the ongoing flood of IPOs in the market, the chances of heavy oversubscription appear limited.

Investment Outlook

Fundamentals: So-so – Strong financial performance but valuation appears stretched
Grey Market Sentiment: Mild interest – Limited listing pop expected

This IPO may suit investors with a longer-term horizon looking to tap into India’s growing industrial and specialty gases segment, though entry at a high valuation warrants caution.

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Ellenbarrie Industrial Gases IPO GMP