20/06/2025
Ellenbarrie Industrial Gases IPO: Key Insights for Investors 📈
Ellenbarrie Industrial Gases Limited (EIGL), a Kolkata-based industrial gases leader, is set to launch its ₹852.53 crore IPO on June 24, 2025. Here’s a concise report with essential details for investors eyeing this BSE and NSE mainboard listing.
IPO Overview
Issue Size: ₹852.53 crore
Fresh Issue: ₹400 crore (1 crore shares).
Offer for Sale (OFS): ₹452.53 crore (1.13 crore shares).
Price Band: ₹380–₹400 per share (face value: ₹2).
Lot Size: 37 shares.
Minimum Investment:
Retail: ₹14,800 (1 lot at ₹400).
sNII: ₹2,07,200 (14 lots, 518 shares).
bNII: ₹10,06,400 (68 lots, 2,516 shares).
Subscription Dates: June 24–26, 2025.
Allotment: June 27, 2025.
Listing Date: July 1, 2025 (tentative).
Tip: Bid at cut-off price (₹400) to improve allotment chances.
IPO Timeline
Open: June 24, 2025
Close: June 26, 2025
Allotment: June 27, 2025
Refunds/Demat Credit: June 30, 2025
Listing: July 1, 2025
About Ellenbarrie Industrial Gases
Founded in 1973, EIGL is India’s largest 100% Indian-owned industrial gases company by installed capacity (FY24).
Products: Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, nitrous oxide, dry ice, medical oxygen, LPG, specialty gases.
Services: Project engineering for air separation units (ASUs), medical gas pipeline solutions, and medical equipment supply (ventilators, sterilizers, etc.).
Industries Served: Steel, pharmaceuticals, healthcare, engineering, railways, aviation, petrochemicals, defense.
Operations:
8 manufacturing facilities (4 in West Bengal, 2 in Andhra Pradesh, 1 each in Telangana, Chhattisgarh).
Customer Base: 1,829 clients in FY25 (e.g., Rashtriya Ispat, Dr. Reddy’s, AIIMS, Air India).
Workforce: 281 permanent, 85 contractual employees.
Promoters: Padam Kumar Agarwala, Varun Agarwal.
Financial Snapshot
FY24:
Revenue: ₹269.4 crore (up 31.4% from ₹205.1 crore in FY23).
Profit: ₹45.3 crore (up 61% from ₹28.1 crore).
FY25:
Revenue: ₹348.4 crore.
Profit: ₹83.3 crore.
Debt: ₹264.2 crore (April 2025); ₹210 crore from IPO for debt repayment.
Recommendation: Strong revenue growth and diverse clientele make it attractive for long-term investors.
IPO Objectives
Debt repayment: ₹210 crore.
Set up 220 TPD air separation unit at Uluberia-II: ₹104.5 crore.
General corporate purposes.
Key Details
Lead Managers: Motilal Oswal, IIFL Securities, JM Financial.
Registrar: KFin Technologies Ltd.
Application: Via ASBA/UPI (Zerodha, Upstox, etc.) or offline brokers.
Grey Market Premium (GMP): Not active yet (check closer to subscription).
Why Invest?
✅ Largest Indian-owned industrial gases firm with a diverse client base.
✅ Robust financial growth and debt reduction plan.
✅ Strong presence in East and South India.
⚠️ Risks: High debt and oversubscription risk.
Action Plan: Apply between June 24–26, 2025, and track GMP/allotment on BSE/NSE/KFin Tech. Consult advisors before investing!