Ellenbarrie Industrial Gases Limited (EIGL) made a stellar debut on the Indian stock exchanges as its shares were listed at a premium of 23% over the IPO price on BSE and at 21.5% premium on NSE. This strong market response reflects the company's solid fundamentals, legacy of over 50 years, and market leadership in the industrial gases sector.

The Ellenbarrie Industrial Gases IPO was a Book Built Issue of ₹852.53 Crores, comprising a Fresh Issue of ₹400 Crores and an Offer for Sale (OFS) of ₹452.52 Crores. The IPO was open for subscription from June 24 to June 26, 2025, and witnessed enthusiastic participation across investor categories. As per final subscription data, the IPO was subscribed 22.19 times, indicating strong investor confidence.

With a price band of ₹380 to ₹400 per share, Ellenbarrie set its IPO allotment date on June 27, 2025, and the shares got listed on July 01, 2025. The lot size was 37 shares, with a minimum investment of ₹14,800 for retail investors and ₹2,07,200 for HNIs at 14 lots. The market capitalisation at IPO price stood at ₹5,637.42 Crores.

The IPO listing came despite a ₹0 grey market premium, indicating that the actual demand discovered during the listing was driven purely by fundamentals and investor appetite, not speculative trades in the unofficial market. The lack of GMP activity, however, had no negative bearing on the stock’s performance on the listing day.

Ellenbarrie Industrial Gases IPO anchor investors committed ₹255.75 Crores prior to the opening of the issue, subscribing at the upper end of the price band. A total of 63.93 lakh equity shares were allotted to anchor investors, signaling strong institutional confidence in the company’s business model and growth potential.

Ellenbarrie is recognized as the largest 100% Indian-owned industrial gases company by installed capacity, revenues, and profitability as of FY 2023-24. The company operates one of the largest oxygen plants in India, with a capacity of 1,250 TPD and serves steel, pharmaceuticals, energy, healthcare, defence, and more.

The IPO proceeds are planned to be used as follows:

• ₹2,100 million for repayment of existing borrowings

• ₹1,045 million for setting up a new 220 TPD air separation unit at the Uluberia-II plant

• The rest for general corporate purposes

Business Overview:

Founded over five decades ago, Ellenbarrie Industrial Gases is one of the oldest and most respected industrial gas producers in India, supplying oxygen, nitrogen, carbon dioxide, argon, helium, hydrogen, acetylene, LPG, dry ice, and more. It has a diversified portfolio and is a market leader in West Bengal, Andhra Pradesh, and Telangana.

The company has eight facilities across India—four in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh—supported by one of the largest distribution networks and long-term contracts that ensure stable and recurring revenues.

Clientele includes marquee names like Rashtriya Ispat Nigam Ltd, AIIMS, Dr. Reddy’s Labs, GMM Pfaudler, and Hindustan Shipyard Ltd, along with several government bodies and the Indian armed forces. The company had 281 employees as of March 31, 2025.

Industry Overview:

India’s industrial gases market is worth USD 1.2 billion as of 2023 and is projected to grow to USD 1.8 billion by 2028, driven by steel, healthcare, chemicals, and green energy demands. Hydrogen, oxygen, nitrogen, argon, and carbon dioxide are witnessing strong demand growth with CAGR ranging from 6% to 9% across segments.

Ellenbarrie ranks among top players including Linde, Inox Air Products, and Air Liquide, and has a stronghold in oxygen (1,250 TPD capacity) and nitrogen production with plans to expand into green hydrogen and specialty gases in line with India’s clean energy goals.

Business Strengths:

• Legacy of over 50 years with established customer relationships

• Diversified product portfolio serving over 1,800 customers

• Stable cash flows from long-term supply contracts

• Market leadership in East and South India

• Experienced leadership team, including Padam Kumar Agarwala and Varun Agarwal

Business Strategies:

• Expand presence in green and specialty gases

• Backward integration into plant manufacturing

• Pan-India expansion beyond East and South regions

• Strengthen onsite gas supply model

• Strategic acquisitions of smaller players to expand footprint

Risks & Concerns:

• Overdependence on customer-site-based facilities

• Revenue uncertainty from government contracts

• Regional concentration in West Bengal

• Third-party risks in outsourced medical equipment

Despite these risks, the company’s proven history, financial strength, and strategic roadmap provide investors with a strong long-term growth outlook. The impressive IPO subscription numbers and listing premium reflect investor faith in Ellenbarrie Industrial Gases’ business fundamentals.

In conclusion, the Ellenbarrie Industrial Gases IPO listing not only delivered strong short-term gains to subscribers but also highlighted the company's market credibility, operational resilience, and growth trajectory. As India’s industrial and clean energy ecosystems evolve, Ellenbarrie is well-positioned to play a leading role in shaping the country’s industrial gas future.

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