Ellenbarrie Industrial Gases IPO Price: ₹380 to ₹400 per share
IPO Dates: 24th June 2025 – 26th June 2025
Company Overview
Ellenbarrie Industrial Gases Limited, incorporated on November 23, 1973, is a prominent Indian manufacturer and supplier of industrial, medical, and specialty gases. With over five decades of operational experience, EIGL has played a vital role in supporting critical sectors such as healthcare, defence, space, infrastructure, and manufacturing. The company produces and supplies gases including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, acetylene, and nitrous oxide, as well as specialty gases like synthetic air, medical oxygen, welding mixtures, fire-fighting gases, and liquefied petroleum gas (LPG).
Services and Solutions
Ellenbarrie Industrial Gases goes beyond gas manufacturing by offering a range of engineering and turnkey services, such as the design, installation, and commissioning of tonnage Air Separation Units (ASUs). The company also provides medical gas pipeline systems to hospitals and healthcare institutions, alongside medical equipment such as anesthesia workstations, ventilators, sterilizers, bedside monitors, spirometers, and lung diffusion testing machines.
Customer Segments
Ellenbarrie Industrial Gases classifies its customer base into three primary segments based on delivery model:
- Bulk Customers: Supplied with liquefied gases via cryogenic tankers.
- Package Customers: Served through compressed gases in cylinders.
- Onsite Customers: Provided with on-premise gas supply, along with operations and maintenance services.
As of Fiscal 2025, EIGL catered to 1,829 customers, one of the highest customer counts in India’s industrial gas sector—demonstrating its diversified base and low concentration risk.
Industry Applications
Ellenbarrie Industrial Gases Limited supplies gases to a wide array of industries, including:
- Defence: Supplies gases to Hindustan Shipyard Limited and other defence establishments.
- Steel: Clients include Jairaj Ispat Limited and Rashtriya Ispat Nigam Limited.
- Pharmaceuticals & Chemicals: Serving Dr. Reddy’s Laboratories and Laurus Labs.
- Healthcare: Trusted by institutions like AIIMS, West Bengal Medical Services Corporation, and Chittaranjan National Cancer Institute.
- Engineering & Infrastructure: Working with GMM Pfaudler Limited and Air India Engineering Services.
- Railways, Aviation & Space: Supplies gases to railway workshops, Jupiter Wagons, and an Indian space research agency.
- Petrochemicals: Partnering with oil marketing public sector companies.
Manufacturing & Operations
As of March 31, 2025, Ellenbarrie Industrial Gases operated nine manufacturing facilities across East, South, and Central India, with a strong concentration in West Bengal (5 units), followed by Andhra Pradesh (2), Telangana (1), and Chhattisgarh (1). This geographic spread positions the company as a market leader in West Bengal, Andhra Pradesh, and Telangana based on installed production capacity.
Ellenbarrie Industrial Gases Limited is also among the few Indian companies with dedicated plants for different delivery models—pipeline supply, merchant liquid, and cylinder filling. It maintains a robust distribution network, boasting the third-largest fleet of transport tankers, cylinders, and customer installations in the country.
Technological and Strategic Milestones
Ellenbarrie Industrial Gases holds the distinction of being the first company to establish a hydrogen electrolyzer in Eastern India, underlining its commitment to innovation and clean energy solutions.
During the COVID-19 pandemic, the company played a critical role in the emergency supply of medical oxygen, with its tankers even being airlifted by the Indian Air Force between Hyderabad and Odisha to meet urgent demand. This crisis response cemented Ellenbarrie Industrial Gases Limited’s reputation as a reliable national supplier.
Competitive Strengths
- Leading manufacturer of industrial gases in East and South India
- Comprehensive product portfolio serving diverse industries
- Long-standing client relationships ensuring predictable cash flows
- Highly diversified customer base, minimizing business concentration risks
- Strong operational and logistics capabilities, including a vast transportation fleet
- Experienced promoters and leadership, backed by a skilled and committed workforce
Bidding Starts In
Ellenbarrie Industrial Gases IPO Specifics:
| IPO Date | June 24, 2025 to June 26, 2025 |
| Listing Date | Tuesday, July 1, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹380 to ₹400 per share |
| Lot Size | 37 Shares |
| Total Issue Size | 2,13,13,130 shares (aggregating up to ₹852.53 Cr) |
| Fresh Issue | 1,00,00,000 shares (aggregating up to ₹400.00 Cr) |
| Offer For Sale | 1,13,13,130 shares of ₹2 (aggregating up to ₹452.53 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,09,35,600 shares |
| Share Holding Post Issue | 14,09,35,600 shares |
Ellenbarrie Industrial Gases IPO Timetable (Important Dates)
| IPO Open Date | Tuesday, June 24 2025 |
| IPO Close Date | Thursday, June 26, 2025 |
| Basis of Allotment | Friday, June 27 2025 |
| Initiation of Refunds | Monday, June 30 2025 |
| Credit of Shares to Demat | Monday, June 30 2025 |
| Listing Date | Tuesday, July 1 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
Ellenbarrie Industrial Gases IPO Lot Size
Bidders have the opportunity to bid for a minimum of 37 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Ellenbarrie Industrial Gases IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Ellenbarrie Industrial Gases Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 551.27 | 672.54 | 845.97 |
| Revenue | 223.71 | 290.20 | 348.43 |
| Profit After Tax | 28.14 | 45.29 | 83.29 |
| EBITDA | 33.59 | 61.53 | 109.74 |
| Net Worth | 203.32 | 250.15 | 333.62 |
| Reserves & Surplus | 356.51 | 403.35 | 467.17 |
| Total Borrowing | 101.10 | 176.90 | 245.30 |
Key Performance Indicator – Ellenbarrie Industrial Gases IPO
| KPI | Values |
|---|---|
| Market Cap | ₹5637.42 Cr |
| EPS | ₹6.36 |
| P/E (x) | 62.88 |
| ROE | 16.88% |
| ROCE | 13.71% |
| Debt/ Equity | 0.32 |
| RoNW | 24.97% |
Objects of the Issue:
Ellenbarrie Industrial Gases Limited intends to utilise the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Repayment or Prepayment of Borrowings: A portion of the proceeds will be allocated towards the full or partial repayment/prepayment of certain outstanding borrowings availed by the company, amounting to ₹210 crore. This move is aimed at strengthening the balance sheet and reducing interest burden.
- Expansion through New Air Separation Unit: The company plans to set up a new Air Separation Unit (ASU) with a production capacity of 220 tonnes per day (TPD) at its Uluberia-II plant, with an estimated investment of ₹104.50 crore. This facility is expected to enhance production capabilities and cater to rising demand across regions.
- General Corporate Purposes: The remaining funds will be used to meet general corporate expenses, including strategic initiatives, operational enhancements, and future growth opportunities.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
