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Ellenbarrie Industrial Gases IPO: Things Smart Investors Need to Know

Ellenbarrie Industrial Gases Limited (EIGL), incorporated in 1973, is engaged in the production and distribution of a variety of industrial, medical, and specialty gases such as oxygen, nitrogen, helium, hydrogen, carbon dioxide, and argon. The company also supplies LPG, dry ice, medical oxygen, and fire-fighting gases. Its product range supports multiple industries including steel, pharmaceuticals, chemicals, healthcare, infrastructure, and defence. EIGL serves its customers in three segments—bulk, package, and onsite—through cryogenic tankers, gas cylinders, and onsite supply systems with operations and maintenance services.

In addition to its core gas offerings, EIGL provides project engineering solutions for air separation units and installs medical gas pipeline systems in healthcare settings. The company also supplies medical equipment such as ventilators, anaesthesia workstations, and bedside monitors. As of Fiscal 2025, it catered to over 1,800 customers and operated eight manufacturing facilities across four Indian states, supported by a mix of permanent and contractual employees.

For more details, visit the Ellenbarrie Industrial Gases IPO page.

Ellenbarrie Industrial Gases IPO Details and Objectives

Details

Information

IPO Date

June 24, 2025 to June 26, 2025

Issue Size

2,13,13,130 shares

(aggregating up to ₹852.53 Cr)

Price Band

₹380 to ₹400 per share

Lot Size

37 shares

Listing At

BSE SME

Purpose of the IPO

  • Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company

  • Setting up of an air separation unit at our Uluberia-II plant with a capacity of 220 TPD

  • General corporate purposes

Timeline of Ellenbarrie Industrial Gases IPO

Event

Date

IPO Open Date

Tue, Jun 24, 2025

IPO Close Date

Thu, Jun 26, 2025

Tentative Allotment

Fri, Jun 27, 2025

Initiation of Refunds

Mon, Jun 30, 2025

Credit of Shares to Demat

Mon, Jun 30, 2025

Tentative Listing Date

Tue, Jul 1, 2025

Cut-off time for UPI mandate confirmation

5 PM on June 26, 2025

Pricing & Lot Size of Ellenbarrie Industrial Gases IPO

Price Band for the IPO

  • ₹380 to ₹400 per share

Minimum Lot Size and Application Details

Application

Lots

Shares

Amount

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

B-HNI (Min)

68

2,516

₹10,06,400

How to Apply for the Ellenbarrie Industrial Gases IPO?

Online Application Process

  • Log in to Your Trading Account
    Access your trading account through your broker’s platform.

  • Navigate to the IPO Section
    Go to the IPO section to view active IPO listings.

  • Select Ellenbarrie Industrial Gases IPO
    Find "Ellenbarrie Industrial Gases IPO" and click on the ‘Apply’ button.

  • Enter Application Details
    Specify the number of lots (minimum lot size: 37 shares) and the bid price within the range of ₹380 to ₹400 per share.

  • Provide Your UPI ID
    Enter your UPI ID for payment authorization. Ensure that sufficient funds are available in your linked account.

  • Review and Submit
    Verify all the details entered before submitting the application. Approve the UPI mandate before 5 PM on June 26, 2025, to complete your application process.

Financial Health and Performance

Key Financial Metrics

  • Total Assets: Grew from ₹551.27 crore in FY23 to ₹845.97 crore as of March 2025.

  • Revenue: Reached ₹348.43 crore in FY25.

  • Profit After Tax (PAT): Stood at ₹83.29 crore for March 2025.

  • Net Worth: Recorded at ₹333.62 crore in FY25.

  • Reserves and Surplus: Recorded at ₹467.17 crore (March 2025), growing steadily over the years.

  • Total Borrowings: Stood at ₹245.30 crore in March 2025.

Recent Performance and Growth Prospects

  • The company has witnessed a steady rise in its asset base over the recent financial years.

  • Revenue generation has seen consistent progress, indicating active operational engagement and project execution.

  • Profitability has remained positive, reflecting financial stability in core business operations.

  • The company’s net worth has improved, showing strengthening financial fundamentals.

  • Reserves and surplus have grown steadily, suggesting prudent financial management and reinvestment of earnings.

  • The borrowing position highlights the company’s approach to financing its growth and expanding its operational capacity.

Investment Risks and Opportunities

Potential Risks of Investing in the IPO

  • The company’s exposure to multiple industries may result in fluctuating demand depending on sector-specific economic and regulatory developments.

  • A portion of the IPO proceeds is allocated to repay existing borrowings, indicating current debt obligations that could affect financial flexibility if not managed effectively.

Opportunities and Growth Potential

  • The planned air separation unit at the Uluberia-II plant reflects expansion of production capacity, which may support increased demand across sectors.

  • With a broad customer base and diversified service offerings, including project engineering and medical gas systems, the company is positioned to cater to evolving industrial and healthcare needs.

Key Performance Indicator (KPI)

KPI

Values

ROE

16.88%

ROCE

13.71%

Debt/Equity

0.32

RoNW

24.97%

PAT Margin

23.90%

EBITDA Margin

35.12%

Price to Book Value

20.93

Ellenbarrie Industrial Gases IPO Registrar & Lead Managers

Registrar

Lead Manager(s)

Kfin Technologies Limited

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, Jm Financial Limited

Company Address of Ellenbarrie Industrial Gases Ltd

Ellenbarrie Industrial Gases Limited

3A,

Ripon

Street

Kolkata, West Bengal, 700016

Phone: 033-48226521

Email: complianceofficer@ellenbarrie.com

Website: http://www.ellenbarrie.com/

Conclusion

Ellenbarrie Industrial Gases Limited operates in the industrial and medical gases segment, offering a wide range of products and engineering services. Its customer base includes companies from sectors such as steel, pharmaceuticals, infrastructure, and healthcare. The company also supports medical facilities with gas pipeline systems and equipment, backed by operations across multiple states in India.

The IPO aims to address specific funding needs, including partial repayment of borrowings and the setting up of a new air separation unit. With an established presence and diverse offerings, the company continues to focus on servicing various industries while expanding its operational capabilities through planned investments.

Interested in more opportunities? Check out our Upcoming IPO section for new listings, and don’t forget to check your IPO allotment status for Ellenbarrie Industrial Gases IPO. 

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