The IPO of Ellenbarrie Industrial Gases is scheduled to open on June 24, 2025, and will close on June 26, 2025. The basis of allotment will be finalized on June 27, refunds and credit to demat accounts will take place on June 30, and the listing is expected on July 1, 2025, on both BSE and NSE.
This is a Book Built Issue IPO with a total size of ₹852.53 crores, which includes a fresh issue of ₹400 crores and an offer for sale of 1.13 crore equity shares, aggregating to ₹452.53 crores. The price band has been set between ₹380 to ₹400 per share, and the face value of each share is ₹2.
The IPO has a reservation structure of 35% for retail investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-worth Individuals (HNIs). Retail investors can apply for a minimum of 1 lot (37 shares) with an investment of ₹14,060, but it is recommended to apply at the cutoff price, which would require approximately ₹14,800, to increase chances in case of oversubscription. For sNII, the minimum lot size is 14 lots (518 shares) amounting to ₹2,07,200, and for bNII, the minimum is 68 lots (2,516 shares) worth about ₹10,06,400.
Financially, the company has shown solid growth with a revenue of ₹348.43 crores in 2025 as compared to ₹290.2 crores in 2024. The net profit has also doubled, rising from ₹45.29 crores in 2024 to ₹83.29 crores in 2025. Looking at the performance and growth trend, experts suggest that long-term investors can consider applying for this IPO.
Overview of Contents
About Ellenbarrie Industrial Gases IPO
Ellenbarrie Industrial Gases Limited (EIGL), founded in 1973, is one of India’s oldest and leading companies in the production and supply of industrial, medical, and specialty gases. The company offers a wide range of essential gases such as oxygen, nitrogen, carbon dioxide, hydrogen, helium, argon, acetylene, and nitrous oxide. EIGL also supplies medical oxygen, dry ice, LPG, fire-fighting gases, and welding mixtures. Along with gas supply, the company provides engineering services by designing and installing large air separation units (ASUs) on a turnkey basis and also supports hospitals with medical gas pipeline systems and medical equipment like ventilators, monitors, and anesthesia machines.
EIGL serves over 1,800 customers across various sectors such as steel, pharmaceuticals, healthcare, engineering, petrochemicals, defence, and even space research. Major clients include AIIMS, Dr. Reddy’s, Laurus Labs, Air India Engineering Services, and Hindustan Shipyard. The company delivers gases in bulk via tankers, in cylinders, and also provides onsite gas solutions. As of March 31, 2025, EIGL has eight manufacturing plants across India and employs 281 permanent and 85 contractual staff.
Ellenbarrie Industrial Gases IPO Overview
| IPO Particulars | Information |
|---|---|
| IPO Type | Book Built Issue |
| Stock Exchanges | BSE & NSE |
| Market Lot | 37 shares |
| Price Band | ₹380 to ₹400 per share |
| Face Value | ₹2 per equity share |
| Minimum Investment (Retail) | ₹14,060 – ₹14,800 (Recommended at cut-off price) |
| Total Issue Size | 2,13,13,130 shares (Approx ₹852.53 Crores) |
| Fresh Issue Size | 1,00,00,000 shares (Approx ₹400.00 Crores) |
| Offer for Sale (OFS) | 1,13,13,130 shares (Approx ₹452.53 Crores) |
| Retail Investor Quota | Not more than 35% |
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not more than 15% |
| Pre-Issue Share Capital | 13,09,35,600 shares |
| Post-Issue Share Capital | 14,09,35,600 shares |
Ellenbarrie Industrial Gases IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
Ellenbarrie Industrial Gases IPO Lot Size
Ellenbarrie Industrial Gases IPO has a lot size of 37 shares, and investors can apply in multiples of this lot. The minimum investment for retail investors starts at 1 lot (37 shares), while high net-worth investors (HNIs) have higher application slabs based on small (S-HNI) and big (B-HNI) categories.
| Category | Lots | Shares | Approx Investment |
|---|---|---|---|
| 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 Review
- Sushil Finance –
- Swastika Investmart –
- Canara Bank –
- DRChoksey FinServ –
- Emkay Global –
- Hem Securities –
- IDBI Capital –
- Marwadi Shares –
- Nirmal Bang –
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Ventura Securities –
- Geojit –
- Reliance Securities –
- Capital Market –
- BP Wealth –
- ICICIdirect –
- Choice Broking –
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company.
- Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD.
- General corporate purposes.
Ellenbarrie Industrial Gases IPO Dates
| Event | Date (Day) |
|---|---|
| IPO Open Date | June 24, 2025 (Tuesday) |
| IPO Close Date | June 26, 2025 (Thursday) |
| Basis of Allotment | June 27, 2025 (Friday) |
| Refunds Initiation | June 30, 2025 (Monday) |
| Shares Credited to Demat | June 30, 2025 (Monday) |
| IPO Listing Date | July 1, 2025 (Tuesday) |
Ellenbarrie Industrial Gases IPO – Promoter Holding
The promoters of Ellenbarrie Industrial Gases Limited are Padam Kumar Agarwala and Varun Agarwal. They have maintained a strong stake in the company. Below is the promoter shareholding pattern before and after the IPO:
| Shareholding | Percentage |
|---|---|
| Pre-Issue Holding | 96.47% |
| Post-Issue Holding | [To be updated] |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Linde India Limited | 53.33 | 140.74 | 11.91% | 447.91 | – Cr. |
Ellenbarrie Industrial Gases IPO Financial Performance
| articulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Revenue | 348.43 | 290.20 | 223.71 |
| Profit After Tax | 83.29 | 45.29 | 28.14 |
| EBITDA | 109.74 | 61.53 | 33.59 |
| Assets | 845.97 | 672.54 | 551.27 |
| Net Worth | 333.62 | 250.15 | 203.32 |
| Reserves & Surplus | 467.17 | 403.35 | 356.51 |
| Total Borrowing | 245.30 | 176.90 | 101.10 |
Ellenbarrie Industrial Gases IPO – Key Valuation Metrics (FY2025)
| Valuation & Financial Metric | FY2025 Value |
|---|---|
| Return on Net Worth (RoNW) | 24.97% |
| Earning Per Share (EPS) – Basic | ₹6.36 |
| Net Asset Value (NAV) per Share | ₹25.48 |
| Return on Equity (ROE) | 16.88% |
| Return on Capital Employed (ROCE) | 13.71% |
| EBITDA Margin | 35.12% |
| PAT Margin | 23.90% |
| Debt to Equity Ratio | 0.32 |
| Price-to-Earnings (P/E) Ratio | Not Available (N/A) |
Ellenbarrie Industrial Gases IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: [email protected]
Website: https://kosmic.kfintech.com/ipostatus/
IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Limited
- IIFL Capital Services Limited
- Jm Financial Limited
Company Address
Ellenbarrie Industrial Gases Limited
3A,
Ripon
Street
Kolkata, West Bengal, 700016
Phone: 033-48226521
Email: [email protected]
Website: http://www.ellenbarrie.com/
Ellenbarrie Industrial Gases IPO
When will the Ellenbarrie Industrial Gases IPO open for subscription?
The IPO will open on June 24, 2025 (Tuesday) and close on June 26, 2025 (Thursday).
What is the price band of Ellenbarrie Industrial Gases IPO?
The price band is set between ₹380 to ₹400 per share.
What is the lot size for the IPO?
The minimum lot size is 37 shares, and investors can apply in multiples of this lot.
How much do retail investors need to invest?
Retail investors need to invest a minimum of ₹14,800 (at the cutoff price) for one lot.
What is the total issue size of this IPO?
The total issue size is approximately ₹852.53 crores, including a fresh issue of ₹400 crores and an offer for sale of ₹452.53 crores.
Who are the promoters of Ellenbarrie Industrial Gases Limited?
The promoters are Padam Kumar Agarwala and Varun Agarwal.