Ellenbarrie Industrial Gases IPO

22.08x

subscribed

Ellenbarrie Industrial Gases IPO

Industrial Gases & Fuels
listed
₹14,060Min. investment
  1. Pre-apply
    22 Jun
  2. Bid start
    24 Jun
  3. Bid end
    26 Jun
  4. Allotment
    27 Jun
  5. Release of funds
    30 Jun
  6. Demat transfer
    30 Jun
  7. Listing
    1 Jul

About Ellenbarrie Industrial Gases Limited

SectorIndustrial Gases & Fuels
Price range₹380 – ₹400
IPO type
Regular
Lot size37 shares
Issue size₹852Cr
Red Herring Prospectus
Read
Market Cap
₹5,637.42CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹312.48CrLower than sector avg
Growth rate3Y CAGR
23.43%

Ellenbarrie Industrial Gases Limited IPO Overview

Ellenbarrie Industrial Gases Limited IPO Date

Ellenbarrie Industrial Gases IPO will open for subscription on June 24, 2025, and the closing date for the IPO is June 26, 2025. After this, investors are expected to be updated about the allotment status on Friday, June 27, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on June 30, 2025. The shares will be listed on the NSE and the BSE on Tuesday, July 1, 2025.

Ellenbarrie Industrial Gases Limited IPO Price Band

The IPO includes both fresh issue of shares and offer for sale. The IPO price band has been set between ₹380 to ₹400 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹400 crore and an offer for sale of ₹ 452.53 crore.

The Ellenbarrie Industrial Gases IPO listing price will be determined on July 1, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Ellenbarrie Industrial Gases Limited IPO Lot Size

The Ellenbarrie Industrial Gases IPO details have been declared. The minimum lot size for an application is 37 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is ₹852.5 crore.

Checklist

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Risk analysis
Debt to Equity ratio
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹312.48Cr
This sector
₹7,642.03Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹83.29Cr
This sector
₹643.02Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹5,637.42Cr
This sector
₹13,607.42Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
62.89
This sector
36.80
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.32
This sector
0.16
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Objectives

Debt Repayment
52.50%
Capital Expenditure
26.13%
General corporate purposes
21.30%

Strength and Weakness

Market leadership in East & South India

Ellenbarrie Industrial Gases ranks among the leading industrial gas manufacturers in East and South India and is the market leader in the states of West Bengal, Andhra Pradesh, and Telangana, in terms of installed manufacturing capacity, as of March 31, 2025. It was the first company to establish a hydrogen electrolyser in Eastern India. The company also has a diversified customer base of 1,829 clients as of FY25.

Long-term customer contracts assure cash flow stability

The company has signed 15-year lease & O&M agreements of an ASU plant with key customers, i.e. Jairaj and another major steel firm. As they come under the onsite segment, they ensure long-term stable cash flows due to integrated infrastructure, with gases being supplied to them via pipelines directly.

Multi-sector exposure mitigates risk

Serves 12+ industries with a wide gas portfolio of oxygen, nitrogen, argon, helium, acetylene used across steel, pharma, defence, aerospace, and more. In FY25, steel (37%) and pharma (26%) were top contributors to total revenue from the sale of gases, with no other sector exceeding 10%, showcasing strong diversification.

Focus on speciality & electronic gases expansion

The company is expanding into high-growth segments like green hydrogen, green ammonia, and electronic gases, with a discussion underway with a global speciality gas player. These products cater to critical sectors such as semiconductors, space, and defence. With global demand in these industries set to grow.

About Ellenbarrie Industrial Gases Limited

Incorporated in 1973, Ellenbarrie Industrial Gases specialises in the manufacturing and supply of industrial, medical, and speciality gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, nitrous oxide, dry ice, firefighting gases and others. The company’s portfolio of gases serves critical functions across industries from public and private entities. The company’s service offerings include project engineering services, turnkey solutions involving medical gas pipeline systems and supplying products and medical equipment to healthcare facilities. As per the company, it is one of the important manufacturers of industrial gases in East India and South India and the market leader in the states of West Bengal, Andhra Pradesh, and Telangana in terms of installed manufacturing capacity, as of March 31, 2025.
The company operates across three supply modes: bulk, packaged, and onsite. It supplies its products through connected pipelines to onsite customers, cryogenic tankers and cylinders. It has a robust distribution network, with the third highest number of transport tankers, cylinders and customer installations in India.
In FY25, bulk customers contributed 66.75% of revenue, followed by packaged at 17.61% and onsite at 15.64%. The company has a diversified base of 1,829 clients as of March 31, 2025, with 85–92% of revenue over the last three fiscals coming from repeat customers and no single client contributing more than 8.74% in FY25, demonstrating the diversification in our customer base.
Ellenbarrie operates nine facilities across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh, including bulk manufacturing plants, cylinder filling stations, and onsite units. Two new projects are under construction: a greenfield plant in Uluberia and capacity expansion at Kharagpur. Operational capacity surged from 591 tons per day (TPD) in FY23 to 3,861 TPD in FY25. Ellenbarrie’s differentiated value lies in its region-first, customer-driven approach; it operates independently with localised agility and customisation, achieving a 2.85% revenue market share in FY25.
The Indian industrial gases industry is vital to sectors like steel, oil and gas, manufacturing, healthcare, and chemicals. Key players include Linde, Inox Air Products, Air Liquide, and Ellenbarrie. The market size of industrial gases in India was valued at US$ 1.31 billion in 2024. The demand has increased at a CAGR of 6.3% during 2018-24, driven by industrial growth, clean energy initiatives, and government programs like 'Make in India.' The demand is projected to reach USD 1.8 billion by 2028, growing at a 7.5% CAGR. With volumes rising from 9.6 million tonnes in 2018 to 11.4 million tonnes in 2024, the industry offers strong potential across emerging and core sectors.
Now, Ellenbarrie Industrial Gases is launching its initial public offering (IPO), which consists of a fresh issue of equity shares worth up to ₹400 crore and an offer for sale worth up to ₹452.53 crore. The total issue size of the IPO is ₹852.53 crore. Its shares will be listed on the NSE and BSE.

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Ellenbarrie Industrial Gases IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Jun-25
0.0 times (X)
0.05 times (X)
0.13 times (X)
0.08 times (X)
25-Jun-25
0.0X
0.57X
0.37X
0.31X
26-Jun-25
64.23X
14.97X
2.02X
22.08X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Ellenbarrie Industrial Gases IPO ?

The issue size of the Ellenbarrie Industrial Gases IPO is 852 Cr.

What is 'pre-apply' for Ellenbarrie Industrial Gases IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Ellenbarrie Industrial Gases IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.