Ellenbarrie Industrial Gases IPO Opens Today: Key Details for Investors

Ellenbarrie Industrial Gases Limited (EIGL), a prominent manufacturer of industrial and medical gases, has opened its Initial Public Offering (IPO) for subscription today. The issue comes amid robust financial growth and increasing investor interest.

IPO Structure and Price Band

The Ellenbarrie Industrial Gases IPO is valued at ₹852.53 crore and will remain open until June 26. The offering comprises a fresh issue worth ₹400 crore and an Offer for Sale (OFS) of up to 1.13 crore equity shares equally divided between promoters Padam Kumar Agarwala and Varun Agarwal.

The price band is set between ₹380 and ₹400 per share, with a lot size of 37 shares. The Ellenbarrie Industrial Gases IPO will close on Thursday, June 26, and the allotment is expected to be finalized by June 27, with the stock likely to debut on NSE and BSE on July 1, 2025.

Anchor Investor Allotment and Pre-IPO Placement

Ahead of the IPO, Ellenbarrie raised ₹255.76 crore from anchor investors. A total of 63,93,938 equity shares were allocated at ₹400 apiece to institutional investors including:

• Nippon India Mutual Fund
• HDFC Mutual Fund
• Axis Mutual Fund
• HDFC Life Insurance
• Tata Mutual Fund
• WhiteOak, among others.

In a separate pre-IPO placement, the company issued 62.5 lakh shares to Motilal Oswal Mutual Fund for ₹250 crore, representing 4.43% of EIGL’s pre-offer share capital.

Allotment Breakup and Lead Managers

The IPO reserves:

• 50% for Qualified Institutional Buyers (QIBs)
• 15% for Non-Institutional Investors (NIIs)
• 35% for Retail Individual Investors (RIIs)

Post-issue, shares of Ellenbarrie Industrial Gases IPO will be listed on both the BSE and the National Stock Exchange (NSE). The issue is being managed by Motilal Oswal Investment Advisors, IIFL Capital Advisors, and JM Financial, which are the book-running lead managers. At the same time, KFin Technologies is the registrar of the issue.

Company Overview: Ellenbarrie Industrial Gases

Founded in 1973, Ellenbarrie Industrial Gases manufactures and supplies a wide range of industrial, medical, and specialty gases, including oxygen, nitrogen, carbon dioxide, hydrogen, helium, argon, acetylene, and nitrous oxide. The company also produces dry ice, synthetic air, welding mixtures, LPG, and firefighting gases.

In addition to its product portfolio, the company provides:

• Medical equipment such as ventilators, bedside monitors, sterilizers, and anaesthesia workstations
• Engineering services, including the installation of air separation units and medical gas pipeline systems

As of March 31, 2025, Ellenbarrie operated nine manufacturing facilities spread across West Bengal (5), Andhra Pradesh (2), Telangana (1), and Chhattisgarh (1), covering East, South, and Central India.

This IPO marks a significant milestone for Ellenbarrie as it looks to scale operations and enhance its industrial and healthcare solutions across India. Investors looking for exposure to the industrial gases and medical equipment sector may find the offering noteworthy.

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