Ellenbarrie Industrial Gases IPO Closes Today – Subscription Still Low as Final Hours Approach

Mumbai, 26 June 2025: The ₹852.53 crore initial public offering (IPO) of Ellenbarrie Industrial Gases Ltd (EIGL) concludes today, marking the last chance for retail and institutional investors to participate. The issue opened for bidding on 24 June, with a price band of ₹380 to ₹400 per share.

IPO Structure and Current Subscription Snapshot

The public issue includes:

• A fresh issue worth ₹400 crore
• An Offer for Sale (OFS) of up to 1.13 crore equity shares by promoters Padam Kumar Agarwala and Varun Agarwal

The minimum application size is 37 shares, with bids accepted in multiples of 37 thereafter.

As per the most recent data, the overall subscription stands at just 0.31 times:

• Retail Investors: 0.37 times subscribed
• Non-Institutional Investors (NIIs): 0.58 times subscribed
• Qualified Institutional Buyers (QIBs): Only 7,807 shares bid so far

Anchor Investment and Pre-IPO Fundraising

Ahead of the issue, EIGL secured ₹255.76 crore from anchor investors by allotting 63.93 lakh equity shares at the upper price band of ₹400 per share.

Major anchor participants included:

• Nippon India Mutual Fund
• HDFC Mutual Fund
• Axis Mutual Fund
• HDFC Life Insurance
• Tata Mutual Fund
• WhiteOak Capital

Additionally, in a pre-IPO secondary transaction, the company placed 62.5 lakh shares with Motilal Oswal Mutual Fund at ₹400 per share, raising ₹250 crore, which represented 4.43% of pre-offer equity capital.

Company Profile and Financial Highlights

Established in 1973, Ellenbarrie Industrial Gases is a well-established domestic manufacturer and supplier of industrial, medical, and speciality gases. Its extensive product line includes:

• Oxygen, Nitrogen, Acetylene, Helium, Hydrogen, Nitrous Oxide
• Dry Ice, Liquefied Petroleum Gas (LPG), and medical-grade gases

The firm also undertakes project engineering services, including turnkey air separation unit (ASU) setups, and provides gas pipeline systems and medical equipment to healthcare institutions.

In FY24, the company reported:

• Revenue of ₹269.4 crore – a 31% year-on-year rise
• Net Profit of ₹45 crore – up 61% compared to the previous year

The firm has announced plans to scale up both onsite and merchant gas production, with CRISIL noting EIGL’s strong capital structure and healthy debt servicing ability.

Listing and Advisory Team

Post-IPO, EIGL shares will be listed on both the BSE and NSE. The public issue is being led by:

• Motilal Oswal Investment Advisors
• IIFL Capital Services
• JM Financial

KFin Technologies Ltd has been appointed as the registrar for the offering.

Investors Have Until Day-End to Apply

With the subscription window closing by the end of today, this is the final opportunity for market participants to invest in Ellenbarrie Industrial Gases Ltd’s IPO. All eyes will be on the final tally to see if demand surges in the closing hours.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations