Ellenbarrie IPO Draws Heavy Investor Demand Ahead of Market Debut Tomorrow
By Shishta Dutta | Published at: Jun 30, 2025 04:54 PM IST
Mumbai, 30 June 2025: Ellenbarrie Industrial Gases Limited is all set to debut on the NSE and BSE on 28 June 2025, following a stellar response to its ₹400 crore mainboard IPO. The public issue, which ran from 24 June to 26 June, was subscribed 22.19 times, underscoring strong investor confidence and broad-based interest from both institutional and non-institutional categories.
Strong QIB Participation Drives Oversubscription Beyond Expectations
Ellenbarrie’s IPO received exceptional interest from Qualified Institutional Buyers (QIBs), who subscribed 64.23 times their allotted quota. This was followed by Non-Institutional Investors (NIIs) at 15.21 times, and Retail Individual Investors (RIIs) at 2.14 times.
Final Subscription Breakdown
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers | 41,89,260 | 26,90,79,281 | 64.23× |
| Non-Institutional Investors | 32,75,917 | 4,98,11,398 | 15.21× |
| Retail Individual Investors | 76,43,806 | 1,63,90,075 | 2.14× |
| Total | 1,51,08,983 | 33,52,80,754 | 22.19× |
IPO Structure Reflects Balanced Growth and Promoter Exit Strategy
The public issue included a ₹400 crore fresh issue and an Offer for Sale (OFS) of 1.44 crore shares, including 63.94 lakh anchor shares, by promoters Padam Kumar Agarwala and Varun Agarwal. The proceeds will primarily support debt repayment and the development of a new air separation unit at Uluberia-II, West Bengal.
IPO Snapshot
| Detail | Information |
|---|---|
| Company Name | Ellenbarrie Industrial Gases Ltd |
| Symbol | ELLEN |
| Issue Period | June 24 – June 26, 2025 |
| Listing Date | June 28, 2025 |
| Listing Exchanges | NSE, BSE |
| Issue Type | 100% Book Building |
| Issue Size | ₹400 Cr (Fresh Issue) + 1.13 Cr shares (OFS including 63.94 lakh Anchor shares) |
| Price Band | ₹380 to ₹400 |
| Face Value | ₹2 per equity share |
| Market Lot | 37 shares and in multiples thereof |
| Minimum Order Quantity | 37 shares |
| Retail Investment Cap | ₹2,00,000 |
Business Legacy and Sector Reach Add to Investor Confidence
Established in 1973, Ellenbarrie Industrial Gases is a Kolkata-based manufacturer of industrial and medical gases, operating eight facilities across India. It caters to vital industries including steel, pharmaceuticals, petrochemicals, defence, and healthcare, supplying essential gases like oxygen, nitrogen, and argon.
The company’s long-standing presence, coupled with its wide customer base across key growth sectors, has played a critical role in attracting investor attention during the IPO phase.
High Subscription Suggests Premium Listing Potential Tomorrow
With a 22.19× overall subscription, market analysts anticipate that Ellenbarrie may list at a premium over its issue price, particularly due to the strong backing from institutional investors and its diversified revenue streams.
The upcoming listing will be closely watched, especially as it marks Ellenbarrie’s return to the public markets after years of absence. A successful debut would not only validate investor trust but also pave the way for future expansion and market positioning.
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