Ellenbarrie Industrial Gases Limited, one of India’s oldest and most reputed industrial gas manufacturers, has announced the launch of its Initial Public Offering (IPO). The company has fixed the IPO price band at ₹380 to ₹400 per equity share of face value ₹2 each. The public issue will open for subscription on Tuesday, June 24, 2025, and close on Thursday, June 26, 2025. Investors can bid for a minimum of 37 equity shares and in multiples thereof. The IPO comprises a fresh issue of shares worth ₹400 crore and an Offer for Sale (OFS) of 1,13,13,130 equity shares, equally divided between existing shareholders Padam Kumar Agarwala and Varun Agarwal. At the upper end of the price band, the total IPO size aggregates to ₹852.53 crore, while at the lower end, it amounts to ₹829.90 crore.
Proceeds from the fresh issue will be utilized to the extent of ₹210 crore for repayment or prepayment of certain outstanding borrowings, ₹104.50 crore for setting up a 220 TPD air separation unit at the company’s Uluberia-II plant, and the remaining funds will be used for general corporate purposes. Ellenbarrie Industrial Gases, with a legacy of over 50 years, is a major player in the Indian industrial gases market. The company manufactures and supplies a wide array of gases, including oxygen, nitrogen, acetylene, carbon dioxide, helium, argon, hydrogen, nitrous oxide, and specialty gases. It also offers dry ice, medical oxygen, firefighting gases, LPG, synthetic air, welding mixtures, and more. As of March 31, 2025, it holds a market leadership position in West Bengal, Andhra Pradesh, and Telangana in terms of installed manufacturing capacity.
The company operates nine manufacturing facilities across East, South, and Central India, with five in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh. It also has one of the largest distribution infrastructures in India, with the third-highest number of transport tankers, cylinders, and customer installations. Ellenbarrie also provides project engineering services, including design, engineering, installation, and commissioning of air separation units (ASUs) on a turnkey basis for industrial and medical clients. The company offers complete medical gas pipeline solutions and supplies advanced healthcare equipment such as ventilators, spirometers, sterilizers, anaesthesia workstations, bedside monitors, and lung testing machines.
Ellenbarrie serves a diverse and well-established customer base across industries, including companies like Dr. Reddy’s Laboratories, Laurus Labs, GMM Pfaudler, Rashtriya Ispat Nigam Limited, Hindustan Shipyard Limited, and institutions such as AIIMS, Chittaranjan National Cancer Institute, and West Bengal Medical Services Corporation. The company also caters to Indian Railways and the Indian Armed Forces, supplying products to Indian Air Force and Navy bases, government laboratories, and railway hospitals. In FY2025, the company served 1,829 customers across public and private sectors.
Financially, Ellenbarrie Industrial Gases demonstrated strong growth in FY2025, with revenue from operations increasing by 15.96%, from ₹269.48 crore in FY2024 to ₹312.48 crore in FY2025. Profit after tax surged by 83.91%, rising from ₹45.29 crore in FY2024 to ₹83.29 crore in FY2025, driven by higher product sales and construction-related revenue. The IPO is being made through the book-building process, with allocation as per SEBI guidelines: not more than 50% to Qualified Institutional Buyers (QIBs), a minimum of 15% to Non-Institutional Investors (NIIs), and at least 35% to Retail Individual Investors (RIIs). Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the Book Running Lead Managers (BRLMs), while KFin Technologies Limited serves as the Registrar to the issue.
This IPO marks a significant milestone for Ellenbarrie Industrial Gases Limited as it strengthens its financial base to support future growth, particularly in the capital-intensive industrial and medical gases sector. With its established market presence, strong financials, and expanding infrastructure, the company presents an attractive investment opportunity in the Indian chemical and industrial sector.
