Ellenbarrie Industrial Gases IPO – Live Update & Analysis

🔔 Ellenbarrie Industrial Gases IPO – Live Overview (June 24–26, 2025)

Ellenbarrie Industrial Gases Ltd, a Kolkata‑based manufacturer of industrial, medical, and specialty gases, has launched its IPO. Here's a comprehensive look at the key details and live updates:

1. IPO Snapshot

• Offer Period: June 24–26, 2025 :contentReference[oaicite:1]{index=1}
• Issue Size: ₹852.5 crore (₹400 cr fresh issue + OFS) :contentReference[oaicite:2]{index=2}
• Price Band: ₹380–400 per share (FV ₹2) :contentReference[oaicite:3]{index=3}
• Lot Size: 37 shares per lot, and in multiples thereof :contentReference[oaicite:4]{index=4}
• Allocation Mix: 50% QIBs, 15% NIIs, 35% retail :contentReference[oaicite:5]{index=5}
• Listing Date: Proposed on NSE & BSE – July 1, 2025 :contentReference[oaicite:6]{index=6}

2. Use of Proceeds

• ₹210 crore for debt reduction (outstanding ~₹264 crore as on Apr 2025) :contentReference[oaicite:7]{index=7}
• ₹104.5 crore to set up a 220 TPD air separation unit at Uluberia-II :contentReference[oaicite:8]{index=8}
• Remaining funds for general corporate purposes

3. Grey Market Premium (GMP)

Date	GMP Status	Implied Listing Price
June 19	₹0 (flat)	₹380–400
June 24	₹+7	~₹407

Grey market traders suggest listing may open ~1.75% above the issue price at ₹407 :contentReference[oaicite:9]{index=9}.

4. Business & Financial Highlights

Ellenbarrie has operations spanning East, South & Central India with nine gas plants. The company reported a robust EBITDA margin of ~35.8% and a PAT margin of ~26.7% in FY25, backed by strong demand across industries like steel, healthcare, pharma, defence, and railways :contentReference[oaicite:10]{index=10}.

FY25 metrics:

• Profit ₹83.3 crore
• Return on Equity ~16.9%
• P/E at upper price band (~₹400) ~62–68× FY25 EPS – lower valuation vs peers like Linde India (~140×) :contentReference[oaicite:11]{index=11}

5. Institutional & Anchor Investor Support

Strong institutional backing includes ~₹256 crore from anchor investors. Notable names:

• Mukul Agrawal – ₹25 crore at ~₹427.7 per share > upper band :contentReference[oaicite:12]{index=12}
• Ashoka India Equity Investment Trust PLC – ₹61 crore (0.45% stake) :contentReference[oaicite:13]{index=13}
• Clarus Capital – ₹50 crore (0.89% stake) :contentReference[oaicite:14]{index=14}

These anchor commitments suggest strong institutional interest despite flat GMP. :contentReference[oaicite:15]{index=15}

6. Expert Opinions

SBI Securities recommends a 'Subscribe', citing:

• Consistent margin improvement
• Strong client base with high entry barriers (cylinder ownership, take‑or‑pay contracts)
• Capacity expansion plans
• Valuation advantage against peers :contentReference[oaicite:16]{index=16}

Narrowspeaking, analysts see the OFS & fresh issue mix, along with debt reduction and new capacity, as positive structural factors. :contentReference[oaicite:17]{index=17}

7. Timeline & Key Dates

• Subscription Window: June 24–26, 2025
• Basis of Allotment: ~June 27, 2025
• Refunds & Credits: June 30, 2025
• Expected Listing: July 1, 2025

8. Final Takeaways

The Ellenbarrie IPO offers a blend of steady business, robust margins, capacity expansion, and a valuation gap compared to peers. Flat GMP (₹0) suggests modest short-term upside, although institutional interest may bring listing strength. Prospective investors—especially long-term ones—can weigh these attributes while deciding whether to subscribe. No recommendations—just data.

Disclosure: This post is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decision.