Ellenbarrie Industrial Gases IPO

Incorporated in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is engaged in the manufacture and supply of industrial, medical, and speciality gases including oxygen, nitrogen, argon, helium, hydrogen, acetylene, dry ice, and more. The company operates through bulk supply, packaged cylinders, and onsite plants, catering to various sectors such as steel, healthcare, pharmaceuticals, petrochemicals, defence, and space. It also offers project engineering services and medical gas pipeline systems. As of 31 March 2025, EIGL has a network of 8 manufacturing units across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh, with 281 permanent and 85 contractual employees. 

Ellenbarrie Industrial Gases IPO Overview 

The IPO is a book-built issue worth ₹852.53 crore, consisting of a fresh issue of ₹400 crore (1 crore shares) and an offer for sale of ₹452.53 crore (1.13 crore shares). The IPO is priced between ₹380 to ₹400 per share and will be listed on BSE and NSE. 

Retail investors can apply for a minimum lot of 37 shares requiring an investment of ₹14,800 (at cutoff). For sNII, the minimum application is 14 lots (518 shares) worth ₹2,07,200 and for bNII, 68 lots (2,516 shares) amounting to ₹10,06,400. 

The issue is managed by Motilal Oswal, IIFL Capital Services, and JM Financial, with KFin Technologies Ltd as the registrar. 

Ellenbarrie Industrial Gases IPO Details 

Particulars	Details
IPO Date	24 June 2025 to 26 June 2025
Listing Date	1 July 2025
Face Value	₹2 per share
Issue Price Band	₹380 to ₹400 per share
Lot Size	37 Shares
Total Issue Size	2,13,13,130 shares (₹852.53 Cr)
Fresh Issue	1,00,00,000 shares (₹400 Cr)
Offer for Sale	1,13,13,130 shares (₹452.53 Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE, BSE
Shareholding Pre Issue	13,09,35,600 shares
Shareholding Post Issue	14,09,35,600 shares

Ellenbarrie Industrial Gases IPO Reservation 

Investor Category	Shares Offered
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

 Ellenbarrie Industrial Gases IPO Lot Size 

Application	Lots	Shares	Amount
Retail (Min)	1	37	₹14,800
Retail (Max)	13	481	₹1,92,400
S-HNI (Min)	14	518	₹2,07,200
S-HNI (Max)	67	2,479	₹9,91,600
B-HNI (Min)	68	2,516	₹10,06,400

 Ellenbarrie Industrial Gases IPO Promoter Holding 

Shareholding Status	Percentage
Pre-Issue	96.47%
Post-Issue	92.91%

 Ellenbarrie Industrial Gases IPO Valuation Overview 

KPI	Value
Earnings Per Share	₹6.36
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	24.97%
Return on Equity (RoE)	16.88%
Return on Capital Employed (RoCE)	13.71%
Net Asset Value (NAV)	₹25.48
EBITDA Margin	35.12%
PAT Margin	23.90%
Debt/Equity Ratio	0.32

 Objectives of the Proceeds 

• Repayment/prepayment of certain borrowing, ₹210.00 crore 

• Setting up an air separation unit at Uluberia-II (220 TPD capacity), ₹104.50 crore 

• Meet general corporate purposes 

Key Financials (₹ in Crore) 

Particulars	31 March 2025	31 March 2024	31 March 2023
Assets	845.97	672.54	551.27
Revenue	348.43	290.20	223.71
Profit after tax	83.29	45.29	28.14
Reserves & Surplus	467.17	403.35	356.51
Total Borrowings	245.30	176.90	101.10