Ellenbarrie Industrial Gases to Float ₹852 Crore IPO on June 24 to Fuel Expansion and Debt Reduction
Ellenbarrie Industrial Gases Limited (EIGL), a veteran manufacturer and distributor of industrial and medical gases, is gearing up to hit the capital markets with a ₹852.53 crore Initial Public Offering (IPO). The public issue will open for bidding on Tuesday, June 24, 2025, and will be available for subscription until Thursday, June 26, 2025. Post-issue, the company will be listed on both the BSE and NSE.
Ellenbarrie Industrial Gases IPO Structure and Pricing
The IPO comprises a fresh issue of 1 crore equity shares worth ₹400 crore and an Offer for Sale (OFS) of 1.13 crore shares, aggregating to ₹452.53 crore, by existing shareholders. The price band for the issue has been fixed between ₹380 to ₹400 per share, with investors able to apply for a minimum of 37 shares, requiring an investment of ₹14,800 at the upper price range.
Ellenbarrie Industrial Gases IPO Objectives
EIGL plans to deploy the fresh capital raised from the IPO for the following objectives:
- ₹210 crore will be used to repay or prepay outstanding loans, reducing the company’s debt burden.
- ₹104.50 crore has been allocated to set up a new 220 TPD air separation unit at its Uluberia-II facility in West Bengal.
- The remaining funds will support general corporate activities, enhancing operational efficiency and capacity.
As of March 31, 2025, the company’s total borrowings stood at ₹245.30 crore.
Solid Financials Reflect Growth Trajectory
Founded in 1973, Ellenbarrie has consistently expanded its footprint across India. In the financial year ending March 31, 2025, the company reported a Profit After Tax (PAT) of ₹83.29 crore, marking a substantial 84% year-on-year increase from ₹45.29 crore. Revenue from operations climbed 20% to ₹348.43 crore, while EBITDA surged to ₹109.74 crore, up from ₹61.53 crore in the previous year—highlighting robust operational and financial performance.
About the Company
EIGL operates across diverse verticals including the production of oxygen, nitrogen, argon, helium, and medical-grade gases. The company also provides turnkey engineering solutions such as setting up air separation plants and installing medical gas pipeline systems. Its services cater to both industrial and healthcare sectors.
The business is currently led by Padam Kumar Agarwala and Varun Agarwal, with the promoter group holding 96.47% of the company’s pre-IPO equity.
Ellenbarrie Industrial Gases IPO Details
| Event | Date |
|---|---|
| IPO Opens | June 24, 2025 (Tuesday) |
| IPO Closes | June 26, 2025 (Thursday) |
| Allotment Finalization (Tentative) | June 27, 2025 (Friday) |
| Listing Date (Tentative) | July 1, 2025 (Tuesday) |
Ellenbarrie Industrial Gases IPO Reservation Breakdown
- Qualified Institutional Buyers (QIBs): Up to 50%
- Retail Individual Investors (RIIs): At least 35%
- Non-Institutional Investors (NIIs): At least 15%
Kfin Technologies Limited is serving as the registrar for the issue.
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