Ellenbarrie Industrial Gases Limited (EIGL), one of India's oldest and largest home-grown industrial gas companies, is heading to the capital markets with its Initial Public Offering (IPO) worth ₹852.53 crore. The IPO comprises a fresh issue of ₹400 crore and an Offer for Sale (OFS) of ₹452.53 crore. The offer opens on June 24, 2025, and closes on June 26, 2025.

About the Company:

Founded over five decades ago, Ellenbarrie Industrial Gases Ltd (EIGL) is a trusted name in the Indian industrial gases sector. It is India’s largest 100% Indian-owned industrial gases manufacturer, operating one of the country’s largest oxygen plants with a capacity of 1250 TPD as of March 31, 2024.

The company supplies oxygen, nitrogen, argon, and other gases to diverse industries such as steel, healthcare, chemicals, pharmaceuticals, and energy. Its integrated network and decades of experience give it a significant edge in a capital-intensive and logistically complex industry.

IPO Timeline:

IPO Details:

Ellenbarrie Industrial Gases IPO GMP – June 23, 2025:

• GMP (Grey Market Premium): ₹0

• Estimated Listing Price: ₹400 (upper band)

• Expected Listing Gain: 0%

⚠️ GMP is unofficial and volatile. It may vary daily and is not a guaranteed indicator of actual listing performance.

Company Financials Snapshot (₹ in Crores):

The company demonstrates strong financial performance, improving margins, and excellent return ratios—a positive sign for long-term investors.

IPO Valuation Metrics:

Compared to peers in the industrial gases segment, the IPO is fairly priced considering the strong earnings base, expansion prospects, and scalable manufacturing capabilities.

Peer Comparison:

Should You Apply for Ellenbarrie Industrial Gases IPO?

✅ Positives:

• Legacy brand in Indian industrial gases sector

• Largest Indian-owned oxygen plant (1250 TPD)

• Diversified industry clientele including healthcare and steel

• Strong margin profile and return ratios

• IPO proceeds will fund capacity expansion and debt reduction

⚠️ Risks:

• Industrial gases is capital and regulation intensive

• Supply chain sensitivity to energy prices and logistics

• Exposure to cyclical industries (steel, manufacturing)

Verdict:

Ellenbarrie’s IPO offers a unique opportunity to invest in a legacy industrial player with a healthy growth trajectory, efficient operations, and strong fundamentals. While GMP is neutral, the valuation and long-term prospects remain attractive.

📌 Recommendation:
✔️ Apply for Long-Term Gains
💹 Listing gains uncertain; track QIB & institutional interest during bidding window.

Disclaimer

This article is for educational and informational purposes only. It does not constitute investment advice. IPO investments are subject to market risks, and the Grey Market Premium is not officially regulated. Investors are advised to consult a SEBI-registered financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are Supertech EV, Valencia India, Neetu Yoshi, Abram Food, PRO FX Tech, Suntech Infra Solutions, Shri Hare-Krishna Sponge Iron, Icon Facilitators, Ace Alpha Tech, Globe Civil Projects, Sambhav Steel Tubes, Ellenbarrie Indutrial Gases, Kalpataru, HDB Financials, AJC Jewel.

The Current active IPO are  Aakaar Medical Technologies, Safe Enterprises Retail Fixtures, Mayasheel Ventures.

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