Ellenbarrie Industrial Gases Limited, a well-known name in the industrial and medical gases segment, is set to launch its Initial Public Offering (IPO) on June 24, 2025. The IPO, which includes both a fresh issue and an offer for sale, comes with a price band of ₹380–400 per share and aims to raise funds to strengthen the company's growth and reduce debt.

The IPO will remain open for subscription until June 26, 2025, with allotment expected by July 1 and listing tentatively scheduled for July 3, 2025, on both BSE and NSE.

IPO Details

• Issue Type: Book Built

• IPO Opens: June 24, 2025

• IPO Closes: June 26, 2025

• Price Band: ₹380 to ₹400 per share

• Face Value: ₹10 per share

• Lot Size: Likely 35–40 shares (awaiting confirmation)

• Listing on: BSE and NSE

• Lead Managers: Axis Capital, ICICI Securities

• Registrar: KFin Technologies Ltd.

The IPO consists of a fresh issue to raise capital for expansion and debt reduction, as well as an offer for sale (OFS) by existing shareholders to partially monetise their holdings.

About Ellenbarrie Industrial Gases

Ellenbarrie Industrial Gases Limited is one of India’s oldest and leading suppliers of industrial, medical, and specialty gases, particularly in eastern India. The company operates in key categories such as:

• Oxygen (used in hospitals, welding, metal processing)

• Nitrogen (for packaging, electronics, pharma, and chemicals)

• Argon, Carbon Dioxide, Hydrogen, and Dry Ice

• Gas Mixtures and Specialty Gases for laboratories and research

With multiple production plants in West Bengal, Odisha, and Telangana, Ellenbarrie serves a wide client base across automotive, steel, chemical, pharma, and healthcare industries.

The company is also known for its strong supply chain, including cryogenic tankers, cylinders, and on-site gas generation systems.

Financial Performance Snapshot

Ellenbarrie has shown consistent financial performance, benefiting from increased demand across healthcare and industrial clients:

• Revenue (FY24): ₹622 crore

• EBITDA: ₹102 crore

• Profit After Tax (FY24): ₹54 crore

• EBITDA Margin: 16.4%

• ROE: 13.8%

• Debt-to-Equity Ratio: 0.92 (expected to reduce post-IPO)

• Net Worth: ₹387 crore

With robust cash flows and growing demand for clean industrial gases, Ellenbarrie is looking to expand capacity and logistics support using the IPO proceeds.

Use of IPO Proceeds

The proceeds from the fresh issue will be used for:

• Prepayment or repayment of existing borrowings

• Expansion of manufacturing facilities

• Enhancing cylinder distribution and logistics networks

• General corporate purposes

The company is focusing on increasing its presence in western and southern India, adding capacity to meet growing demand, and entering newer gas verticals like Green Hydrogen and specialty gas blending.

Market Outlook and Analyst Take

Experts believe the IPO could attract interest from both institutional and retail investors, especially given the company’s:

• Strategic importance in the industrial supply chain

• Strong presence in the fast-growing healthcare oxygen segment

• Reliable historical performance and expanding product mix

However, analysts advise tracking:

• Listing valuation compared to peers like INOX Air Products, Linde India, and Goyal Gases

• Cyclicality in demand from steel and manufacturing sectors

• Dependency on raw material and transport costs

Grey Market Premium and Sentiment

Though GMP trends are yet to formalize as of June 20, market insiders suggest early grey market activity could indicate a 10–12 percent premium once subscriptions begin. This may firm up as institutional interest becomes clearer closer to listing.

Conclusion

The Ellenbarrie Industrial Gases IPO presents an opportunity to invest in a company with deep roots in India’s industrial and medical gas market, backed by profitable growth, upcoming expansion plans, and strong client relationships.

With the IPO opening on June 24, investors with a medium to long-term view on industrial manufacturing and healthcare infrastructure growth may find this issue worthwhile.

Recommendation: Watch GMP and Day 1 subscription. Suitable for investors looking at industrial infrastructure-linked growth stories.

Disclaimer:
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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

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