Ellenbarrie Industrial Gases IPO
Bookbuilding IPO | ₹853.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Jun 24, 2025
IPO Close
Thu, Jun 26, 2025
Price Band
₹380.00 to ₹400.00
Market Cap (Pre-IPO)
₹5,637.42 Cr
IPO Details
| IPO Date | Jun 24, 2025 to Jun 26, 2025 |
| Listing Date | Tentative: Jul 01, 2026 |
| Face Value | ₹2.00 per share |
| Price Band | ₹380.00 to ₹400.00 |
| Lot Size | 37 Shares (Minimum: ₹14,800.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹853.00 Crores |
| Total Shares Offered | 21,313,130 shares |
| Fresh Issue | 10,000,000 shares |
| Offer For Sale | 11,313,130 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 64.23x |
| NII | 15.21x |
| RII | 2.14x |
| Total | 22.19x |
Ellenbarrie Industrial Gases IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 1,06,56,564 (50.00%) |
| Retail Shares Offered | 74,59,596 (35.00%) |
| NII Shares Offered | 31,96,970 (15.00%) |
Ellenbarrie Industrial Gases IPO Lot Size
Investors can bid for a minimum of 37 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,800 |
| Retail (Max) | 13 | 481 | ₹192,400 |
| S-HNI (Min) | 14 | 518 | ₹207,200 |
| S-HNI (Max) | 67 | 2,479 | ₹991,600 |
| B-HNI (Min) | 68 | 2,516 | ₹1,006,400 |
Ellenbarrie Industrial Gases Financial Information (Restated Consolidated)
Ellenbarrie Industrial Gases Ltd.'s revenue increased by 20% and profit after tax (PAT) rose by 84% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 845.97 | 672.54 | 551.27 |
| Total Income | 348.43 | 290.20 | 223.71 |
| Profit After Tax | 83.29 | 45.29 | 28.14 |
| EBITDA | 109.74 | 61.53 | 33.59 |
| NET Worth | 333.62 | 250.15 | 203.32 |
| Reserves and Surplus | 467.17 | 403.35 | 356.51 |
| Total Borrowing | 245.30 | 176.90 | 101.10 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 16.88% |
| ROCE (Return on Capital Employed) | 13.71% |
| Debt/Equity | 0.32 |
| RoNW (Return on Net Worth) | 24.97% |
| PAT Margin (Profit After Tax Margin) | 23.90% |
| EBITDA Margin | 35.12% |
| Price to Book Value | 20.93 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 6.36 | 5.91 |
| P/E (x) | 62.88 | 67.69 |
| Promoter Holding | 96.47% | 81.59% |
Company Promoters
- Padam Kumar Agarwala and Varun Agarwal are the company promoters.
Company Overview
Incorporated in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is an Indian company specialising in the production and supply of industrial, medical, and speciality gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. EIGL also offers dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas (LPG), welding mixtures, and specialty gases, serving a wide range of industries.
Services: EIGL offers project engineering services, leveraging technical expertise to design, install, and commission tonnage air separation units (ASUs) on a turnkey basis. The company also provides medical gas pipeline solutions, assisting healthcare facilities with installing, operating, and maintaining their systems. Additionally, EIGL supplies medical equipment such as anesthesia workstations, ventilators, spirometers, sterilizers, bedside monitors, and lung diffusion testing machines.
EIGL serves various customers, classified into three categories:
- Bulk Customers – Supplied with liquefied gases through cryogenic tankers.
- Package Customers – Receive compressed gases in cylinders.
- Onsite Customers – Provided with onsite gas supply and operations & maintenance services.
Industries Served
EIGL caters to several industries, including:
- Steel – Supplying gases to leading steel manufacturers like Jairaj Ispat Limited and Rashtriya Ispat Nigam Limited.
- Pharmaceuticals & Chemicals – Clients include Dr. Reddy's Laboratories Limited and Laurus Labs Limited.
- Healthcare – Partnering with institutions like AIIMS, West Bengal Medical Services Corporation Limited, and Chittaranjan National Cancer Institute.
- Engineering & Infrastructure – Serving companies like GMM Pfaudler Limited and Air India Engineering Services Limited.
- Railways, Aviation & Space – Supplying gases to railway workshops, Jupiter Wagons Limited, and a space research organization.
- Petrochemicals – Working with major oil marketing public sector companies.
- Defence – Providing industrial gases to Hindustan Shipyard Limited.
Operations & Workforce
- Customer Base: In Fiscal 2025, EIGL supplied products to 1,829 customers.
- Manufacturing Facilities: EIGL operates eight facilities across India: four in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh.
Employees: As of March 31, 2025, EIGL employed 281 permanent and 85 contractual employees.
Use of Proceeds
| 1) | Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company. | 210.00 |
| 2) | Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD. | 104.50 |
| 3) | General corporate purposes. | 55.95 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Ellenbarrie Industrial Gases IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Ellenbarrie Industrial Gases Limited | 6.36 | 6.36 | 25.48 | 0.00 | 24.97 | 0.00 | Standalone |
| Linde India Limited | 53.33 | 53.33 | 447.91 | 140.74 | 11.91 | 0.00 | Consolidated |
Quick Info
| Sector | Industrial Gases |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹5,637.42 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jun 24, 2025 |
| IPO Close | Jun 26, 2025 |
| Allotment Date | Jun 27, 2025 |
| Credit to Demat | Jun 30, 2025 |
| Listing Date | Tentative: Jul 01, 2026 |
Lead Manager(s)
Motilal Oswal Investment Advisors Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Ellenbarrie Industrial Gases IPO is a book build issue of ₹852.53 crores. The issue is 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.
- Ellenbarrie Industrial Gases IPO bidding started from Jun 24, 2025 and ended on Jun 26, 2025. The allotment for Ellenbarrie Industrial Gases IPO was finalized on Jun 27, 2025. The shares got listed on BSE, NSE on Jul 1, 2025.
- Ellenbarrie Industrial Gases IPO price band is set at ₹400.00 per share . The lot size for an application is 37. The minimum amount of investment required by an retail is ₹14,060 (37 shares). The lot size investment for sNII is 14 lots (518 shares), amounting to ₹2,07,200, and for bNII, it is 68 lots (2,516 shares), amounting to ₹10,06,400.