Ellenbarrie Industrial Gases IPO Details
Issue Date
24 Jun - 26 Jun'25
Price Range
₹380 - ₹400
Lot Size
37
IPO Size
₹852.53 Cr
Ellenbarrie Industrial Gases IPO Listing Details
Listing On
1 Jul'25
Issue Price
₹400
Listed Price
₹ 486
Retail Gain/Listing Gain
▲21.50%
Schedule of Ellenbarrie Industrial Gases IPO
Start date
24/06/2025
End date
26/06/2025
Allotment of bids
Refund Initiation
30/06/2025
Listing on exchange
01/07/2025
About Ellenbarrie Industrial Gases IPO
Ellenbarrie Industrial Gases Limited IPO is an IPO of ₹852.53 crores. It consists of an offer for sale of up to 14,427,620 equity shares and a fresh issue aggregating up to ₹400 crores. The price band is between ₹380 and ₹400. The lot size is 37.
The listing of shares will take place on July 1, 2025. The shares will be allotted on June 27, 2025. The credit of shares to the demat account will take place on June 30, 2025 and the initiation of refunds will take place on June 30, 2025.
Objective of Ellenbarrie Industrial Gases IPO
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
- Setting up of an air separation unit at their Uluberia-II plant with a capacity of 220 TPD.
- General corporate purposes.
Everything You Need To Know About Ellenbarrie Industrial Gases IPO
Ellenbarrie Industrial Gases IPO Review | IPO Issue Details
Kotak Securities
•3m 38s
Ellenbarrie Industrial Gases IPO Valuation
Upper Price Band (₹) | ₹400 |
Existing Shares to be Sold | Up to 1,13,13,130equity shares |
Fresh Issue | Aggregating up to ₹400 crores |
EPS (₹) For the year ended March 31, 2024 | 6.36 |
Ellenbarrie Industrial Gases IPO Lot Size
Retail (Min) | 1 | 37 | ₹14,800 |
Retail (Max) | 13 | 481 | ₹1,92,400 |
S-HNI (Min) | 14 | 518 | ₹2,07,200 |
S-HNI (Max) | 67 | 2,479 | ₹9,91,600 |
Ellenbarrie Industrial Gases IPO Share offer and Subscription Details
QIBs Share Offered | Not more than 50% of the Issue |
Non-Institutional Investors (NIIs) | Not less than 15% of the Issue |
Retail Individual Investors | Not less than 35% of the Issue |
Industry Outlook
The market size of industrial gases in India was valued at USD 120 crores in 2023. The demand has been increasing at a CAGR of 6% over the last five years, driven by rapid industrialisation and infrastructure development, a growing emphasis on hydrogen as a clean energy source, and innovations in gas production, storage, and distribution that enhance efficiency and reduce costs.
Individually, demand for gases like hydrogen, nitrogen, oxygen, CO2 in urea production and CO2 in refineries has grown over the years as per the growing needs of different industries like steel, food packaging, beverage, health, automotive, etc.
In terms of volume, the Indian industrial gases market grew from 0.96 crore tons in 2018 to 1.14 crore tons in 2023. The industrial gases market is projected to reach 14.1 crore tonnes by 2028.
Company Information
Ellenbarrie Industrial Gases Limited manufactures a wide variety of industrial gases, including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, nitrous oxide and acetylene, through which they service a diverse set of industries, with their products finding use in shipbuilding, glass manufacturing, steel manufacturing, pharmaceuticals, welding, fabrication, among others, making their consistent supply important to different industries. (Source: F&S Report) They have also been able to cater to the specific requirements of industries such as steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace and space, petrochemicals, food and beverages, energy, electronics, manufacturing, defence, through use cases.
They operate eight facilities across East, South and Central India, of which four facilities are located in West Bengal, two in Andhra Pradesh, one in Telangana and one in Chhattisgarh, as of March 31, 2024.
Ellenbarrie Industrial Gases IPO Strengths
Leading manufacturer of industrial gases, well positioned to capitalise on industry tailwinds.
The company has a long operating history, having commenced their operations in 1973. They are today the largest 100% Indian-owned industrial gases company in terms of installed manufacturing capacity as of March 31, 2024, and revenues in fiscal 2024. (Source: F&S Report) They are one of the oldest operating industrial gases companies in India, with a rich legacy of over 50 years. They are one of the largest manufacturers of industrial gases in East India and South India, and a market leader in West Bengal, Andhra Pradesh and Telangana, in terms of installed manufacturing capacity, as of March 31, 2024. (Source: F&S Report)
Comprehensive product portfolio, catering to diverse end-use industries.
They manufacture a wide variety of industrial gases, including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, nitrous oxide and acetylene. They are used in ship building, glass manufacturing, steel manufacturing, pharmaceuticals, welding, and fabrication, among others, rendering their consistent supply critical to different industries. (Source: F&S Report)Their experience in supplying medical oxygen enables them to comply with technical specifications of their customers and applicable regulations. They supply various gases, including nitrogen, to large oil and gas companies across multiple locations, as nitrogen is used to increase well pressure for better quantity of oil during oil exploration.
Further, they offer niche products such as synthetic air, which is a mixture of oxygen and nitrogen, produced by controlled, homogenised mixing and is used as zero gas in the running and calibration of test and lab equipment for environmental monitoring, owing to its limited impurities.
Long-standing customer relationships leading to stable cashflows
Their bulk customers demonstrate stickiness, as the infrastructure used to unload and store liquefied gas at the customer's facilities is owned by them and cannot be used by competing suppliers. Replacing infrastructure at bulk customers' facilities requires regulatory approvals from Petroleum and Explosives Safety Organisation (PESO), Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, in addition to creating interruptions in the supply of gases, and requiring capital expenditure. As of March 31, 2024, they had 295 bulk customers, with an average contractual tenure of five years, with the possibility of renewal on mutually agreed terms.
Diversified customer base, minimising concentration risks
They have established relationships with several Indian customers across industries through over fifty years of business operations. In fiscal 2024, they sold their products to 1,836 customers, which represented one of the highest number of customers of any gas company in India, indicating a highly diversified customer base with limited concentration risk.
Risks of Ellenbarrie Industrial Gases IPO
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Their business and the demand for their products is dependent on the demand for certain end-use industries, and any decline in the demand for the end-products in such industries could have an adverse impact on their business, results of operations, cash flows and financial condition.
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Four of their eight facilities are located in West Bengal. Any adverse developments in the region could impact their manufacturing operations, and consequently, business, results of operations, cash flows and financial condition.
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Their facilities rely on an adequate and uninterrupted supply of electricity, fuel, and water. Any shortage or disruption in electricity, fuel, or water supply may lead to disruption in operations, higher operating costs, and a consequent decline in operating margins.
Ellenbarrie Industrial Gases IPO Financials
Peer Comparison
Total Income for the year ended March 31, 2025(₹ in crores) | 312.483 | 2845.38 |
P/E | - | 140.74 |
EPS (Basic) (₹) | 6.36 | 53.33 |
Return on Net Worth (%) | 24.97 | 11.91 |
NAV per share (₹) | 25.48 | 447.91 |
Anchor Investor Information
The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date. The anchor investor bid/offer period shall take place on June 23, 2025.
IPO Registrar and Book Running Lead Managers
Book running lead managers: Motilal Oswal Investment Advisors Limited IIFL Capital Services Limited JM Financial Limited
Registrar for the IPO : KFin Technologies Limited
Business Model
The company earns its revenue through the following sources:
Manufacturing and supplying industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixture and speciality gases catering to a wide range of end-use industries.
Company Growth Trajectory
Ellenbarrie Industrial Gases Limited has witnessed revenue growth during the last three fiscals. Their revenue from operations has increased to ₹269.48 crores for fiscal 2024 from ₹244.58 crores for fiscal 2022 at a CAGR of 4.97%. Their total revenues also increased from ₹255.903 crores in FY 22 to ₹290.203 crores in FY 24.
In fiscal 2023, they had a market share of approximately 2.01% in terms of revenue, (Source: F&S Report) positioning them well to capitalise on the expected growth in the industry.
Company Market Position
Ellenbarrie Industrial Gases Limited is the largest 100% Indian-owned industrial gases company in terms of installed manufacturing capacity as of March 31, 2024, revenues and profitability in fiscal 2024. (Source: F&S Report) In an industry dominated by multinational organisations, they are one of the oldest operating industrial gases companies in India, with a rich legacy of over 50 years.
They are one of the largest manufacturers of industrial gases in East India and South India, and the market leader in the states of West Bengal, Andhra Pradesh and Telangana, each in terms of installed manufacturing capacity, as of March 31, 2024.
Ellenbarrie Industrial Gases Company Profit & Loss
Revenue from operations (₹ crores) | 244.57 | 205.10 | 269.47 | 312.48 |
Total Income | 255.90 | 2,23.71 | 290.20 | 348.43 |
Profit Before Tax (₹ crores) | 84.90 | 37.26 | 64.21 | 107.82 |
Net profit / (loss) (₹ crores) | 67.15 | 28.14 | 45.28 | 83.28 |
EBITDA (₹ crores) | 80.45 | 33.58 | 61.53 | 109.73 |
EPS (₹) | 5.13 | 2.15 | 3.46 | 6.36 |
Ellenbarrie Industrial Gases Cash Flow
Profit before tax (₹crores) | 84.90 | 37.26 | 64.21 | 107.82 |
Net Cash from Operating Activities (₹ crores) | 31.43 | 38.74 | 43.74 | 42.75 |
Net Cash from Investing Activities (₹ crores) | -41.39 | -114.23 | -121.71 | 56.93 |
Net Cash from Financing Activities (₹ crores) | 67.48 | 86.59 | 9.51 | 51.92 |
Cash and Cash Equivalents (₹ crores) | 0.28 | 11.39 | 0.91 | 0.018 |
How To Check Allotment Status of Ellenbarrie Industrial Gases IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar KFin Technologies Limited. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Ellenbarrie Industrial Gases Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the KFin Technologies Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Ellenbarrie Industrial Gases Limited from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
How To Apply for Ellenbarrie Industrial Gases IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
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