Ellenbarrie Industrial Gases IPO

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.