
Ellenbarrie Industrial Gases, based in Kolkata, has announced its initial public offering (IPO) with a price band of Rs 380-400 per share. The IPO will open for subscription on June 24 and close on June 26, with anchor bidding commencing on June 23. The allotment of shares is scheduled for finalisation by June 27, and the company plans to list on BSE and NSE by July 1. The issue is managed by Motilal Oswal Investment Advisors, IIFL Securities, and JM Financial.
The IPO is set to raise approximately Rs 977 crore, comprising a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper price band, the OFS is estimated at Rs 577 crore. The proceeds are intended to reduce debt and fund a new 220 TPD air separation unit at the Uluberia-II facility.
Ellenbarrie Industrial Gases manufactures a variety of industrial gases, including oxygen, carbon dioxide, acetylene, and helium, serving sectors such as steel, pharmaceuticals, and healthcare. As of April 2025, the company's outstanding debt was Rs 264.2 crore, and it plans to utilise Rs 210 crore from the fresh issue proceeds to repay this debt.
The distribution of the IPO includes 50% allocated to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail investors. This allocation strategy aims to ensure balanced participation across different investor categories.
Additionally, Rs 104.5 crore from the IPO proceeds will be used to establish the air separation unit, with the remainder set aside for general corporate purposes. The company's market capitalisation post-listing is projected to be approximately Rs 5,638 crore.
Ellenbarrie's product offerings include essential industrial gases like nitrogen, acetylene, and hydrogen, crucial for industries such as aviation and defence. The company's financial strategy involves using IPO proceeds to bolster operational capabilities and reduce financial leverage.
The key dates for the IPO process are as follows: the opening and closing of the IPO on June 24 and 26 respectively, with the basis of allotment finalised on June 27 and listing on July 1. Investors should note these important dates to ensure timely participation.