Ellenbarrie Industrial Gases IPO opens on June 24 to raise ₹852.5 crore; check all key details

Incorporated in 1973, Ellenbarrie Industrial Gases 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.

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. Ellenbarrie operates nine facilities across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh, including bulk manufacturing plants, cylinder filling stations, and onsite units.

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.

Ellenbarrie Industrial Gases IPO details

Ellenbarrie Industrial Gases IPO aims to raise ₹852.5 crore through its public issue. The IPO is a combination of a fresh issue and offer-for-sale. The fresh issue consists of 1 crore shares worth ₹400 crore, while the offer for sale component is of 1.1 crore shares worth ₹452.5 crore.

The company has fixed the price band of the issue at ₹380 to ₹400 per share. The lot size, or the minimum bid quantity to apply for the issue, is 37 shares. This equates to a minimum investment amount of ₹14,800 per lot at the upper end of the price band for retail investors.

Ellenbarrie Industrial Gases has appointed JM Financial Limited, IIFL Capital Services Limited and others as book-running lead managers of the IPO, while Kfin Technologies Limited is the registrar for the issue.

Ellenbarrie Industrial Gases IPO: Important dates

Ellenbarrie Industrial Gases IPO will remain open for bidding from 24 to 26 June. After the bidding is closed, the allotment of shares is expected to be finalised on Friday, June 27.

Successful bidders can expect the shares to be credited to their demat accounts by June 30, with others receiving refunds on the same day. Ellenbarrie Industrial Gases shares are scheduled to list on the BSE and NSE on July 1.

Ellenbarrie Industrial Gases IPO objectives

• Debt repayment: The company will use ₹210 crores for repay/prepay certain outstanding borrowings
• Capital expenditure: The company will invest ₹104.5 crores to set up a 220 TPD air separation unit at its Uluberia-II plant.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes.

Financial snapshot

Strengths and opportunities

• 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.

Risks and threats

• Overdependence on oxygen and nitrogen: The company earned 87.46% of FY24 gas revenue from oxygen, ₹117.28 crores and nitrogen, ₹138.50 crores alone. Any decline in demand for these gases could significantly reduce revenue.
• Regulatory and environmental compliance: The company must maintain multiple licenses and follow stringent environmental and safety standards. Non-compliance or delays in renewals can lead to shutdowns, penalties, or legal actions, affecting continuity and public trust.