Ellenbarrie Industrial Gases IPO – Date, Price, GMP, Lot Size & Subscription Details

Ellenbarrie Industrial Gases IPO is set to open on June 24, 2025, and will close on June 26, 2025. This is a Book Build Issue through which the company aims to raise approximately ₹852.53 crores, comprising a fresh issue of ₹400 crores and an offer for sale of up to 1,13,13,130 equity shares with a face value of ₹2 per share.

The IPO price band is set at ₹380 to ₹400 per share. The retail investor quota is 35%, while QIB (Qualified Institutional Buyers) have 50%, and HNI (High Net-Worth Individuals) have been allocated 15% of the issue. The IPO listing is scheduled on both BSE and NSE on July 1, 2025. The allotment date is expected to be June 27, 2025.

In terms of financial performance, the company reported a revenue of ₹348.43 crores in FY 2025, compared to ₹290.2 crores in FY 2024. The net profit stood at ₹83.29 crores in FY 2025, a significant increase from ₹45.29 crores in FY 2024.

Ellenbarrie Industrial Gases IPO Date & Price Band Details

Ellenbarrie Industrial Gases Company Overview, Strengths, and Risks

Ellenbarrie Industrial Gases Limited (EIGL) is a prominent Indian manufacturer and supplier of industrial, medical, and specialty gases, with a rich legacy spanning over 50 years (incorporated in 1973). Headquartered in Kolkata, West Bengal, Ellenbarrie has established itself as one of the oldest and largest 100% Indian-owned industrial gas companies in terms of installed manufacturing capacity, revenue, and profitability.

The company operates in two primary segments:

1. Industrial Gases: This is their principal line of business, contributing around 93.59% of total revenue in Fiscal 2025. They produce and offer a wide range of gases including oxygen, nitrogen, argon, helium, hydrogen, liquid carbon dioxide, nitrous oxide, and acetylene. These gases are supplied to diverse industries such as steel, pharmaceuticals, chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace, petrochemicals, and defense.
2. Project Engineering Services: Ellenbarrie leverages its technical expertise to provide design, engineering, supply, installation, and commissioning of tonnage Air Separation Units (ASUs) on a turnkey basis. They also offer turnkey solutions for medical gas pipeline systems and supply medical equipment (like anesthesia workstations, ventilators, sterilizers, etc.) to healthcare facilities.

Ellenbarrie Industrial Gases has a robust pan-India presence, particularly strong in East and South India, where they are market leaders in states like West Bengal, Andhra Pradesh, and Telangana in terms of installed manufacturing capacity. They operate nine facilities, including standalone ASUs, cylinder filling stations, and satellite facilities at customer sites. Their distribution network is extensive, featuring a large fleet of cryogenic transport tankers for bulk deliveries, a vast number of cylinders, and a network of dealers and customer installations. They utilize a multi-modal delivery system: pipelines (onsite), bulk (cryogenic tankers), and packaged (cylinders).

Company Overview (Financials as of March 31, 2025, from recent IPO filings):

• Revenue from Operations (FY25): ₹312.48 crores (₹348.43 crores total revenue, including other income)
• Profit After Tax (PAT) (FY25): ₹83.29 crores
• EBITDA (FY25): ₹109.73 crores
• Net Worth (FY25): ₹493 crores
• Total Borrowings (FY25): ₹245.30 crores
• Installed Capacity (as of March 31, 2025): 3,861 TPD (Tons Per Day)
• Market Share (FY24, in terms of revenue): Approximately 2.65%

The company recently launched a Mainboard IPO (June 24-26, 2025) to raise capital primarily for debt repayment and funding capital expenditures (setting up a new 220 TPD Air Separation Unit at their Uluberia-II plant in West Bengal), and for general corporate purposes.

Strengths of Ellenbarrie Industrial Gases:

• Long Operating History and Experience: With over 50 years in the industry, Ellenbarrie has a deep understanding of the industrial gas market, established relationships, and proven operational capabilities.
• Leading Position in Key Regions: They are a significant manufacturer in East and South India and hold market leadership in West Bengal, Andhra Pradesh, and Telangana in terms of installed capacity.
• Diversified Product Portfolio: Ellenbarrie offers a comprehensive range of industrial, medical, and specialty gases, catering to a wide array of industries (steel, pharma, chemicals, healthcare, defense, etc.), reducing reliance on any single sector.
• Robust Distribution Network: Their extensive network of plants, a large fleet of cryogenic tankers, and numerous cylinders ensure efficient and flexible delivery across India, including pipeline supply for large onsite customers.
• Strong Customer Relationships and Sticky Revenue: A significant portion of their revenue comes from repeat customers (92% of FY24 gas sales), and they have long-term contracts (e.g., 15-year lease & O&M agreements for onsite ASUs) with key clients, ensuring stable cash flows.
• Integrated Business Model: They not only produce gases but also offer project engineering services for ASUs and medical gas pipeline systems, providing turnkey solutions and enhancing customer stickiness.
• Consistent Financial Performance and Growth: The company has demonstrated healthy growth in both revenue and profit. Revenue increased by 16% and PAT by 84% from FY24 to FY25, with improving EBITDA margins (from 23% in FY24 to 35% in FY25).
• High Entry Barriers: The industrial gas industry is capital-intensive, requires strict regulatory compliance, and involves complex technological expertise, creating significant barriers for new entrants.
• Strategic Capacity Expansion: The planned 220 TPD ASU at Uluberia-II will further increase their installed capacity, positioning them to meet growing industry demand.
• Medical Gas Segment Growth: Their presence in medical gases, particularly highlighted during the COVID-19 pandemic, positions them to capitalize on the expanding healthcare sector.

Risks of Ellenbarrie Industrial Gases:

• High Revenue Concentration in Key Gases: A large portion of their gas revenue (around 87% in FY24) is derived from oxygen and nitrogen. Any significant decline in demand or oversupply of these specific gases could adversely impact their revenue and profitability.
• Customer Concentration Risk (Historically): While they have a diversified customer base, some reports indicate that their top 10 customers accounted for 47% of gas sales in FY25. Loss of or reduced demand from these key customers could significantly affect their business, especially for packaged gas customers who may not have long-term binding agreements.
• Operational Risks and Facility Disruptions: The production and handling of industrial gases involve inherent hazards. Unscheduled shutdowns, operational failures, or accidents at their manufacturing facilities could lead to production losses, financial penalties, and reputational damage.
• Regulatory and Environmental Compliance: The industrial gas sector is subject to stringent regulations and environmental standards. Non-compliance, delays in license renewals, or changes in regulations could result in penalties, operational disruptions, or increased costs.
• Capital Intensive Nature: The business requires substantial ongoing capital expenditure for setting up and maintaining ASUs and distribution infrastructure. This necessitates careful financial management and effective utilization of capital.
• Dependence on Power Costs: Air Separation Units are energy-intensive. Fluctuations or increases in power costs can significantly impact their operating margins and profitability.
• Competition from Larger Players: The industrial gas market in India also includes larger multinational players like Linde India and Inox Air Products, which have greater market share, financial resources, and potentially higher pricing power.
• Onsite Facility Dependence and Customer Relationship Risks: While long-term onsite contracts provide stability, any deterioration in customer relationships or issues at dedicated onsite facilities could affect revenue and operations tied to those specific clients.
• Valuation Concerns: While IPO pricing is often compared to peers, the post-IPO valuation (e.g., P/E of 67.7x FY25 EPS) might appear high to some investors, even if lower than that of the sole listed peer, Linde India.
• Debt Levels: While the IPO proceeds are partly used for debt reduction, the company still carries a significant amount of borrowing. Efficient debt management will be crucial for financial stability.
• Fluctuating Raw Material Costs: While not explicitly stated as a major risk in all sources, the cost of raw materials (like air, which is free) but also electricity and chemicals used in processing, can impact profitability.

Ellenbarrie Industrial Gases IPO Market Lot

The Ellenbarrie Industrial Gases IPO minimum lot size is 37 shares, requiring a minimum application amount of ₹14,800.

Retail investors can apply for up to 13 lots, which equals 481 shares with a total investment of ₹1,92,400.

Ellenbarrie Industrial Gases IPO Allotment & Listing Dates

The Ellenbarrie Industrial Gases IPO will open for subscription on June 24, 2025, and will close on June 26, 2025.

The IPO allotment date is scheduled for June 27, 2025, and the IPO listing will take place on July 1, 2025, on both the BSE and NSE.

Ellenbarrie Industrial Gases IPO: Promoters

The promoters of Ellenbarrie Industrial Gases are Padam Kumar Agarwala and Varun Agarwal.

Ellenbarrie Industrial Gases IPO Company Financial Report

The company reported a revenue of ₹348.43 crores in FY 2025, a notable increase from ₹290.2 crores in FY 2024. Similarly, the net profit rose to ₹83.29 crores in FY 2025, compared to ₹45.29 crores in FY 2024, reflecting strong year-on-year financial growth.

Amount ₹ in Crores

Ellenbarrie Industrial Gases IPO Valuation – FY2025

Ellenbarrie Industrial Gases Peer Group Comparison

Objects of the Issue – Ellenbarrie Industrial Gases IPO

The net proceeds from the Ellenbarrie Industrial Gases IPO will be utilized for the following purposes:

• Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
• Setting up of an Air Separation Unit at the Uluberia-II plant with a production capacity of 220 TPD (Tonnes Per Day).
• For general corporate purposes.

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Ellenbarrie Industrial Gases IPO Registrar

KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: eigl.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Ellenbarrie Industrial Gases IPO Lead Managers aka Merchant Bankers

• Motilal Oswal Investment Advisors Limited
• IIFL Capital Services Limited
• Jm Financial Limited

Company Address

Ellenbarrie Industrial Gases Limited
3A,
Ripon
Street
Kolkata, West Bengal, 700016
Phone: 033-48226521
Email: complianceofficer@ellenbarrie.com
Website: http://www.ellenbarrie.com/

FAQs on Ellenbarrie Industrial Gases IPO