IPO Proceeds to Fund Expansion, Debt Reduction, and New Air Separation Unit
Ellenbarrie Industrial Gases IPO to Open on June 24: Price Band Set at ₹380–₹400 Per Share
BILKULONLINE
Ahmedabad, June 21: Ellenbarrie Industrial Gases Limited, one of India’s oldest and most trusted industrial gas manufacturers, is all set to launch its maiden Initial Public Offering (IPO) on Tuesday, June 24, 2025. The company has fixed a price band of ₹380 to ₹400 per equity share with a face value of ₹2. The issue will close for subscription on Thursday, June 26, 2025.
Beyond Gases: Engineering Solutions and Equipment Supply
The IPO comprises a fresh issue worth ₹400 crore and an Offer for Sale (OFS) of up to 1,13,13,130 equity shares, equally offered by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper end of the price band, the total issue size is pegged at approximately ₹852.53 crore.
Leadership Speaks on Growth and Vision
“This IPO marks a new phase in our journey as we continue expanding our manufacturing base and distribution footprint. We are committed to delivering sustainable value to our stakeholders,” said Varun Agarwal, Joint Managing Director.
IPO Proceeds to Fund Expansion, Debt Reduction, and New Air Separation Unit
Investors can bid for a minimum of 37 equity shares and in multiples thereof. The proceeds from the fresh issue will be used to repay or prepay borrowings (₹210 crore), set up a 220 TPD air separation unit at Uluberia-II (₹104.5 crore), and for general corporate purposes.
Founded over five decades ago, Ellenbarrie Industrial Gases has a dominant presence in East and South India. It manufactures and supplies oxygen, nitrogen, carbon dioxide, helium, hydrogen, acetylene, argon, nitrous oxide, as well as medical oxygen, welding mixtures, specialty gases, and dry ice, synthetic air, firefighting gases, and LPG.
The company operates nine facilities — five in West Bengal, two in Andhra Pradesh, and one each in Telangana and Chhattisgarh. Ellenbarrie is the market leader in installed capacity in West Bengal, Andhra Pradesh, and Telangana.
“Our strategic investments in infrastructure and technology have laid a strong foundation for future growth,” noted Padam Kumar Agarwala, Chairman and Managing Director. “We are well-positioned to meet the growing demand across healthcare, manufacturing, and defence sectors.”
Beyond manufacturing, Ellenbarrie provides turnkey engineering solutions for air separation units and medical gas pipeline systems, and supplies ventilators, anaesthesia workstations, spirometers, and sterilizers. The company boasts one of the largest fleets of transport tankers and cylinders in India.–
Its clientele includes Dr. Reddy’s Laboratories, Laurus Labs, Rashtriya Ispat Nigam, AIIMS, Air India Engineering Services, Jupiter Wagons, Hindustan Shipyard, and institutions like the Indian Armed Forces and Indian Railways.
In FY25, Ellenbarrie served 1,829 customers and delivered a robust financial performance with revenue from operations rising 15.96% to ₹312.48 crore, while net profit surged 83.91% to ₹83.29 crore.
“The company’s improving financial metrics and capital efficiency reflect our disciplined cost management and sharp focus on execution,” added Srinivas Prasad K, Chief Financial Officer.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers, while KFin Technologies is the registrar.
Anuj Damani of IIFL Securities Ltd noted, “Ellenbarrie’s decades-long experience, diversified product mix, and strong client relationships make this IPO a compelling investment opportunity.”
The IPO is being made through the book-building process, with allocations of up to 50% for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).
Disclaimer: For complete IPO details, risk factors, and investment guidance, refer to the Red Herring Prospectus filed with SEBI and available at www.sebi.gov.in.
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