Ellenbarrie Industrial Gas Sets IPO Price, Aims for $102 Million Raise
Kolkata-based Ellenbarrie Industrial Gas, an industrial gas company, has set its Initial Public Offering (IPO) price band at ₹380-400 per share. The IPO aims to raise ₹8.52 billion (approximately $102 million USD) and will run from June 24 to June 26, 2025.
Ellenbarrie Industrial Gases is expected to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on July 1, 2025. The IPO allocation date is June 27, 2025.
The offering includes a fresh issue of ₹4 billion and an Offer For Sale (OFS) of 11.3 million shares, totaling ₹4.52 billion at the upper end of the price band. Through the OFS, promoters Padam Kumar Agarwala and Varun Agarwal will sell 11.3 million shares, expecting to receive approximately ₹4.525 billion.
The company plans to use ₹2.1 billion from the fresh issue to repay borrowings and ₹1.045 billion to establish a new 220 tons per day (TPD) air separation unit at its Uluberia-II plant in West Bengal. The remaining funds will be allocated for general corporate purposes.
Ellenbarrie Industrial Gases Ltd (EIGL) is one of India's oldest industrial gas companies, with over 50 years of history in an industry dominated by multinational corporations. It primarily produces a variety of industrial gases, including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, nitrous oxide, and acetylene.
Based on installed capacity, revenue, and profitability for the 2024 fiscal year, EIGL is recognized as India's largest purely Indian-owned industrial gas company. EIGL operates one of India's largest oxygen plants, with a capacity of 1,250 TPD as of March 31, 2024. For the 2024 fiscal year, the company held an approximate 2.65% market share (by revenue).
