The ₹852.53 crore Initial Public Offering (IPO) of Ellenbarrie Industrial Gases Ltd saw a tepid response on Day 2, with an overall subscription of 14% as of June 25, 11:42 AM, according to NSE data. The IPO, which opened on June 24 and closes on June 26, comprises a fresh issue of ₹400 crore and an offer-for-sale worth ₹452.53 crore.
Subscription Status Breakdown
- Retail Investors: 22% subscribed
- Non-Institutional Investors (NII): 13% subscribed
- Qualified Institutional Buyers (QIBs): Yet to make significant bids
Despite the muted demand, the IPO has attracted attention in the grey market, with the Grey Market Premium (GMP) climbing to ₹24–₹27, indicating a potential listing price of ₹424–₹427, or a 6–6.75% premium over the upper price band of ₹400.
IPO Details at a Glance
- Price Band: ₹380–₹400 per share
- Lot Size: 37 shares (₹14,800 minimum investment)
- Listing Date: Tentatively July 1, 2025, on BSE and NSE
- Anchor Investment: ₹255.8 crore raised from marquee investors including HDFC MF, Axis MF, Tata MF, and ICICI Lombard
Company Overview
Founded in 1973, Ellenbarrie Industrial Gases is a leading manufacturer of industrial, medical, and specialty gases, catering to sectors like steel, healthcare, infrastructure, and aerospace. The IPO proceeds will be used for debt repayment, setting up a 220 TPD air separation unit at its Uluberia-II plant, and general corporate purposes.
Analyst Outlook
Brokerages like Bajaj Broking have issued a ‘Neutral’ rating, citing strong fundamentals but cautioning about capital intensity and regulatory risks. Analysts note the company’s diversified customer base and expansion potential as key positives.
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