Ellenbarrie Industrial Gases IPO Opens June 24: Everything You Need to Know About the Rs. 852 Crore Issue

The IPO season is heating up on Dalal Street, with several companies preparing to list their shares on the stock market. This week alone, six mainboard IPOs and 11 SME IPOs are set to hit the primary market.

Among the notable mainboard listings is Ellenbarrie Industrial Gases Ltd., one of India's oldest and most respected industrial gas manufacturers. The company will launch its initial public offering on Tuesday, June 24, with a price band of Rs. 380 to Rs. 400 per equity share of face value Rs. 2 each. The IPO will remain open for subscription until Thursday, June 26.

Ellenbarrie Industrial Gases IPO Details

The Ellenbarrie Industrial Gases IPO is a book-building issue aggregating up to ₹852.53 crore at the upper end of the price band. The offering includes a fresh issue of equity shares worth ₹400 crore and an offer-for-sale (OFS) of 1.13 crore shares, aggregating up to ₹452.53 crore, by promoters Padam Kumar Agarwala and Varun Agarwal. And the IPO will be listed on both NSE and BSE. The tentative listing date is set for Tuesday, July 1, 2025.

According to an IPO note by Axis Capital, Ellenbarrie Industrial Gases plans to use Rs. 210 crore from the fresh issue to repay or prepay certain outstanding borrowings. Another Rs. 104.50 crore will go toward setting up a new 220-tonne-per-day air separation unit at its Uluberia-II plant. The remaining funds will be used for general corporate purposes.

The IPO is managed by Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial as book-running lead managers (BRLMs). KFin Technologies Ltd is acting as the registrar for the issue.

Ellenbarrie Industrial Gases Financial Performance

Ellenbarrie's revenue from operations rose 15.96% YoY, from Rs. 269.48 crore in fiscal 2024 to Rs. 312.48 crore in fiscal 2025. The company also reported a significant 83.91% YoY jump in net profit, reaching Rs. 83.29 crore in fiscal 2025, up from Rs. 45.29 crore in the previous year.

About Ellenbarrie Industrial Gases

Founded over 50 years ago, Ellenbarrie Industrial Gases is a major player in the Indian industrial gases market, particularly dominant in West Bengal, Andhra Pradesh and Telangana. The company produces and supplies a wide portfolio of industrial and medical gases, including oxygen, nitrogen, carbon dioxide, argon, helium, hydrogen, nitrous oxide, and speciality gases. It also supplies dry ice, synthetic air, firefighting gases, and welding mixtures. The company operates nine facilities across East, South, and Central India, including five in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh as of March 31, 2025. Ellenbarrie Industrial Gases has major clients which include Dr. Reddy's Laboratories, Laurus Labs, Rashtriya Ispat Nigam Ltd, Air India Engineering Services, Hindustan Shipyard Ltd, and Jairaj Ispat Ltd, among others. The company also serves the Indian Armed Forces, including Indian Air Force and Eastern Naval Command bases, and several railway hospitals and workshops across the country.