Ellenbarrie Industrial Gases sets IPO price band at ₹380–₹400; issue opens June 24
Mumbai: Ellenbarrie Industrial Gases Limited has announced a price band of ₹380 to ₹400 per equity share for its upcoming initial public offering (IPO), which opens for subscription on Tuesday, June 24, 2025, and closes on Thursday, June 26.
The IPO comprises a fresh issue of shares worth up to ₹400 crore and an offer for sale of 1.13 crore equity shares by promoters Padam Kumar Agarwala and Varun Agarwal.
Investors can bid for a minimum of 37 shares and in multiples thereafter.
The proceeds from the fresh issue will be utilised for debt repayment (₹210 crore), setting up a 220 TPD air separation unit at the Uluberia-II plant (₹104.5 crore), and general corporate purposes.
Ellenbarrie, one of India's oldest industrial gas manufacturers with a history of over 50 years, has presence in West Bengal, Andhra Pradesh, and Telangana by installed manufacturing capacity as of March 31, 2025.
It manufactures a range of gases—including oxygen, nitrogen, carbon dioxide, helium, hydrogen, acetylene, and medical oxygen—and also produces dry ice and firefighting gases.
The company offers project engineering services for air separation units and turnkey solutions for medical gas pipeline systems.
It supplies not only gases but also medical devices such as ventilators, spirometers, anaesthesia workstations, and monitoring equipment to hospitals and healthcare facilities.
Its clientele spans both public and private sectors, including names such as Rashtriya Ispat Nigam Limited, Dr. Reddy's Laboratories, AIIMS, Air India Engineering Services, and the Indian armed forces. As of FY25, it served 1,829 customers across India.
Ellenbarrie operates nine facilities across East, South, and Central India, with a strong logistics network—the third-largest in India by number of tankers, cylinders, and installations.
In FY25, its revenue from operations grew 15.96% to ₹312.48 crore, while profit after tax rose sharply by 83.91% to ₹83.29 crore, driven by higher product sales and construction revenue.
Motilal Oswal, IIFL Capital, and JM Financial are the book-running lead managers, and KFin Technologies is the registrar.
The offer is structured via a book-building process with 50% reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.
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