Ellenbarrie Industrial Gases IPO Opens June 24: Price Band Set at ₹380 To ₹400

Kolkata, June 20, 2025 — Ellenbarrie Industrial Gases Limited is set to launch its mainboard initial public offering (IPO) on June 24, 2025, with a price band of ₹380 to ₹400 per share. The issue, which comprises a combination of fresh equity and an offer for sale by promoters, will close on June 26, 2025, and is proposed to be listed on both the NSE and BSE.

The IPO includes a fresh issue of shares aggregating up to ₹400 crore and an Offer for Sale (OFS) of 1.44 crore equity shares by promoters Padam Kumar Agarwala and Varun Agarwal.

Ellenbarrie Industrial Gases IPO Details

Company Background

Ellenbarrie Industrial Gases, established in 1973, is headquartered in Kolkata and is one of India’s key players in the industrial and medical gases space. The company operates eight production and filling facilities across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh, including onsite gas plants for major steel companies and PSUs.

Its product offerings include oxygen, nitrogen, argon, and other specialty gases for industrial and healthcare applications. The company also provides project engineering services and turnkey medical gas pipeline solutions.

Financial Performance

At the upper price band of ₹400, the implied P/E ratio based on FY24 EPS stands at approximately 115.6x.

Promoter Shareholding and Offer Details

The company is promoted by Padam Kumar Agarwala and Varun Agarwal, who together held 89.45% of the pre-IPO equity. The OFS will involve a total of 1,44,27,620 shares, equally split between the two promoters. Post-issue, promoter holding will reduce in line with SEBI norms for minimum public shareholding.

Objects of the Issue

The net proceeds from the fresh issue will be used for:

• Repayment/prepayment of certain borrowings: ₹176.9 crore
• Setting up an air separation unit at Uluberia-II: ₹130 crore
• General corporate purposes: Remaining amount

Lead Managers and Registrar

The issue is being managed by Motilal Oswal Investment Advisors, IIFL Securities, and JM Financial. The registrar to the issue is KFin Technologies Limited.

Key Considerations for Investors

• High client concentration: Top 10 customers contributed ~41% of gas revenue in FY24.
• Exposure to cyclical sectors: Revenues are significantly linked to steel and chemicals.
• Government contracts: Over 20% of revenue in FY24 came from government and PSU tenders.
• Operational risk: Industrial gas manufacturing and handling involve stringent compliance and safety norms.
• No GMP data: The company has not disclosed or confirmed any grey market premium.

Conclusion

Ellenbarrie Industrial Gases brings a strong legacy, diverse end-industry exposure, and clear growth plans. The Ellenbarrie Industrial Gases IPO will open on June 24, with listing to follow after allotment and regulatory approvals. Investors and institutions will closely track the response to the offer in the coming week.

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