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Business Standard
3 hours ago
- Business
- Business Standard
Ellenbarrie Industrial Gases IPO opens today: GMP up 2%; should you apply?
Ellenbarrie Industrial Gases IPO opens for public subscription: The initial public offering (IPO) of essential gases provider Ellenbarrie Industrial Gases is set to open for public subscription today, Tuesday, June 2025. At the upper end, the company aims to raise ₹852.53 crore through the offering, which comprises a fresh issue of 10 million equity shares and an offer for sale (OFS) by promoters Padam Kumar Agarwala and Varun Agarwal, offloading up to 11.3 million equity shares. Notably, Ellenbarrie Industrial Gases has already raised ₹255.76 crore from anchor investors in the bidding that concluded on June 23. Meanwhile, the brokerages remain optimistic about the public offering, citing a positive long-term outlook. Before delving into the brokerage reports, let's have a look at the key details of the Ellenbarrie Industrial Gases IPO: Ellenbarrie Industrial Gases IPO price band, lot size Ellenbarrie Industrial Gases has set a price band of ₹380-400 per share for the IPO. The lot size is 37 shares, allowing investors to bid for a minimum of one lot (37 shares) at ₹14,800. A retail investor can, however, bid for a maximum of 13 lots or 481 shares of Ellenbarrie Industrial Gases IPO with an investment of ₹1,92,400. Ellenbarrie Industrial Gases IPO grey market premium (GMP) The unlisted shares of Ellenbarrie Industrial Gases remained muted in the grey market ahead of the opening of their public issue. Sources tracking unofficial market activity revealed that Ellenbarrie Industrial Gases shares were trading at ₹407 apiece, reflecting a grey market premium (GMP) of ₹7 or 1.75 per cent over the upper price band of ₹400. Ellenbarrie Industrial Gases IPO timelines Ellenbarrie Industrial Gases IPO will remain open for subscription until Thursday, June 26, 2025. Following that, the basis of allotment of Ellenbarrie Industrial Gases IPO shares is expected to be finalised on Friday, June 28, 2025, and shares will be credited to successful allottees' demat accounts on Monday, June 30, 2025. The tentative listing date for Ellenbarrie Industrial Gases shares on the BSE and NSE is Monday, July 1, 2025. Ellenbarrie Industrial Gases IPO registrar, lead manager Kfin Technologies has been appointed as the registrar for the Ellenbarrie Industrial Gases IPO, while Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers for the issue. Ellenbarrie Industrial Gases IPO objectives The company will not receive any proceeds from the OFS, as those will go to the selling promoters. 'The Promoter Selling Shareholders will be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their proportion of Offer expenses and relevant taxes thereon,' Ellenbarrie Industrial Gases said in its Red Herring Prospectus (RHP). However, Ellenbarrie Industrial Gases plans to use the proceeds from the fresh issue for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company, as well as for setting up an air separation unit at the Uluberia-II plant with a capacity of 220 TPD. The company will further use the IPO proceeds for general corporate purposes. Should you apply for the Ellenbarrie Industrial Gases IPO? SBI Securities - Subscribe Analysts at SBI Securities have recommended that investors subscribe to the Ellenbarrie Industrial Gases IPO, citing that the company has a strong presence as an industrial gas supplier in East and South India, catering to the emerging manufacturing hubs in these regions. EIGL, analysts said, has an improving margin profile, in line with the rising share of higher-margin Argon gas and onsite projects. Debt repayment from the IPO proceeds will lower interest costs. "This, along with the capacity addition in 2HFY26, is likely to boost profitability in FY26 and FY27." "At the upper price band of ₹400, the stock is likely to trade at 67.7x FY25 EPS post-issue, which is at a discount to peer Linde India. We recommend investors subscribe to the issue at the cut-off price," said the analysts at SBI Securities. Bajaj Broking - Subscribe for medium- to long-term Analysts at Bajaj Broking have recommended that investors bid for the Ellenbarrie Industrial Gases IPO with a medium- to long-term investment horizon. The public offering, analysts said, is reasonably valued, supported by visible growth levers such as capacity addition, margin improvement, and reduced leverage. Key strengths, they said, include a diversified customer base across core sectors like healthcare, steel, and manufacturing, alongside a growing production footprint. However, they cautioned that investors should be mindful of sector-specific risks like high capital intensity, regulatory challenges, and sensitivity to input costs. "Overall, EIGL presents an attractive investment opportunity with a strong operational foundation, scalable growth potential, and improving financial metrics. Execution of its expansion strategy will be crucial to sustaining long-term shareholder value," wrote the analysts in a research note. About Ellenbarrie Industrial Gases Established in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is an Indian manufacturer and supplier of industrial, medical, and specialty gases. Its product range includes oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, nitrous oxide, synthetic air, fire-fighting gases, dry ice, LPG, welding mixtures, and medical-grade gases. Ellenbarrie Industrial Gases provides project engineering services, including turnkey design, installation, and commissioning of tonnage air separation units (ASUs). The company also supports healthcare facilities with medical gas pipeline systems and offers medical equipment such as ventilators, anesthesia workstations, sterilizers, monitors, and spirometers.
Mint
3 hours ago
- Business
- Mint
Ellenbarrie Industrial Gases IPO Day 1 Live: Check GMP, issue details, key dates. Should you apply or not?
The initial public offering of Ellenbarrie Industrial Gases opens for public subscription today (Tuesday, June 24), and conclude on Thursday, June 26. Ahead of IPO, Ellenbarrie Industrial Gases raised ₹ 256 crore from anchor investors. Ellenbarrie Industrial Gases IPO price band has been fixed in the range of ₹ 380 to ₹ 400 per equity share of the face value of ₹ 2. Ellenbarrie Industrial Gases IPO lot size is 37 equity shares and in multiples of 37 equity shares thereafter. Ellenbarrie Industrial Gases has allocated 50% of the shares in its public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the issue for retail investors. The tentative basis for the allotment of shares for the Ellenbarrie Industrial Gases IPO will be determined on Friday, June 27, and the company will start the refund process on Monday, June 30, with shares being credited to the demat accounts of allottees on the same day following the refunds. The share price of Ellenbarrie Industrial Gases is expected to be listed on the BSE and NSE on Tuesday, July 1. Ellenbarrie Industrial Gases is an Indian company dedicated to the production and distribution of industrial, medical, and specialty gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. Subscription for the public issue will open at 10:00 IST during Tuesday's deals. Ellenbarrie Industrial Gases is noted by SBICAP Securities for its significant role as a supplier of industrial gases in East and South India, supporting the growth of manufacturing centers in those areas. The company retains ownership of the cylinders and equipment installed at customer sites, creating a robust barrier to entry for competitors. The inclusion of a take-or-pay clause in its supply contracts ensures consistent revenue and mitigates risks related to customers' business cycles. Ellenbarrie Industrial Gases is also experiencing an upward trend in its margin profile, driven by an increasing share of higher-margin Argon gas and onsite projects. Utilizing proceeds from the IPO for debt repayment will decrease interest costs. This, together with the expansion of capacity in 2HFY26, is expected to enhance profitability in FY26 and FY27. At the maximum price of ₹ 400, the stock is projected to trade at a multiple of 67.7x FY25 EPS after the issue, which is lower than that of its peer Linde India. The brokerage advises investors to subscribe to the issue at the cutoff price. The IPO comprises a new issue estimated at ₹ 400 crore, in addition to an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper limit of the price range, the OFS is expected to be approximately ₹ 577 crore, making the total value of the issue close to ₹ 977 crore. The company plans to allocate ₹ 210 crore from the fresh issue proceeds to pay down debt, while ₹ 104.5 crore is designated for setting up a 220 TPD air separation unit at its Uluberia-II facility. As of April 2025, Ellenbarrie's total outstanding debt stood at ₹ 264.2 crore. Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and Jm Financial Limited are the lead managers for the Ellenbarrie Industrial Gases IPO, with Kfin Technologies Limited serving as the registrar for this offering. Ellenbarrie Industrial Gases IPO GMP today is +7. This indicates Ellenbarrie Industrial Gases share price was trading at a premium of ₹ 7 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ellenbarrie Industrial Gases share price is indicated at ₹ 407 apiece, which is 1.75% higher than the IPO price of ₹ 400. Following the grey market activities from the past 12 sessions, the current IPO GMP is showing an upward trend and is anticipated to have a robust listing. The minimum GMP is ₹ 0.00, whereas the maximum GMP is ₹ 12, as stated by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Business Standard
11 hours ago
- Business
- Business Standard
Ellenbarrie Industrial raises ₹256 crore from anchors investors before IPO
Ellenbarrie Industrial Gases on Monday said it has raised Rs 256 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription. HDFC Mutual Fund (MF), Axis MF, Bandhan MF, Tata MF, Motilal Oswal MF, Nippon India MF, HDFC Life Insurance, British multinational Prudential through Eastspring Investments, ICICI Lombard General Insurance, Citigroup Global Markets Mauritius, and Copthall Mauritius Investment, among others, have been allotted shares in the anchor round. According to a circular uploaded on BSE's website, Ellenbarrie Industrial Gases allocated a little over 63.93 lakh equity shares to 28 entities at Rs 400 per share, which is the upper end of the IPO price band. The Rs 852-crore initial public offering (IPO) will open for public subscription on June 24 and conclude on June 26. The price band has been set at Rs 380-400 per share for the issue. The initial public offer is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper end of the price band by promoters - Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 crore. Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate purposes. Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries. The company's revenue from operations increased 16 per cent to Rs 312.48 crore in FY25 from Rs 269.48 crore in the preceding fiscal. Its profit after tax surged by 84 per cent to Rs 83.29 crore in the 2024-25 financial year against Rs 45.29 crore in the year-ago period. Further, investors can bid for a minimum of 37 shares and multiples thereof. The shares of the company will be listed on the BSE and NSE. Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers, and KFin Technologies is the registrar of the issue. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
14 hours ago
- Business
- Economic Times
Ahead of IPO, Ellenbarrie Industrial Gases raises Rs 256 crore from anchor investors
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel New Delhi, Ellenbarrie Industrial Gases on Monday said it has raised Rs 256 crore from anchor investors, a day ahead of the launch of its initial share sale for public Mutual Fund (MF), Axis MF, Bandhan MF, Tata MF, Motilal Oswal MF, Nippon India MF, HDFC Life Insurance , British multinational Prudential through Eastspring Investments, ICICI Lombard General Insurance, Citigroup Global Markets Mauritius, and Copthall Mauritius Investment, among others, have been allotted shares in the anchor to a circular uploaded on BSE's website, Ellenbarrie Industrial Gases allocated a little over 63.93 lakh equity shares to 28 entities at Rs 400 per share, which is the upper end of the IPO price Rs 852-crore initial public offering (IPO) will open for public subscription on June 24 and conclude on June 26. The price band has been set at Rs 380-400 per share for the initial public offer is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper end of the price band by promoters - Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of company's revenue from operations increased 16 per cent to Rs 312.48 crore in FY25 from Rs 269.48 crore in the preceding profit after tax surged by 84 per cent to Rs 83.29 crore in the 2024-25 financial year against Rs 45.29 crore in the year-ago investors can bid for a minimum of 37 shares and multiples shares of the company will be listed on the BSE and Oswal Investment Advisors, IIFL Capital Services , and JM Financial are the book-running lead managers, and KFin Technologies is the registrar of the issue.
Time of India
14 hours ago
- Business
- Time of India
Ahead of IPO, Ellenbarrie Industrial Gases raises Rs 256 crore from anchor investors
Ellenbarrie Industrial Gases secured Rs 256 crore from anchor investors. The IPO will open on June 24 and close on June 26, with a price band of Rs 380-400 per share. The IPO includes a fresh issue and an offer for sale by promoters. Funds will be used for debt payment and expansion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi, Ellenbarrie Industrial Gases on Monday said it has raised Rs 256 crore from anchor investors, a day ahead of the launch of its initial share sale for public Mutual Fund (MF), Axis MF, Bandhan MF, Tata MF, Motilal Oswal MF, Nippon India MF, HDFC Life Insurance , British multinational Prudential through Eastspring Investments, ICICI Lombard General Insurance, Citigroup Global Markets Mauritius, and Copthall Mauritius Investment, among others, have been allotted shares in the anchor to a circular uploaded on BSE's website, Ellenbarrie Industrial Gases allocated a little over 63.93 lakh equity shares to 28 entities at Rs 400 per share, which is the upper end of the IPO price Rs 852-crore initial public offering (IPO) will open for public subscription on June 24 and conclude on June 26. The price band has been set at Rs 380-400 per share for the initial public offer is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper end of the price band by promoters - Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of company's revenue from operations increased 16 per cent to Rs 312.48 crore in FY25 from Rs 269.48 crore in the preceding profit after tax surged by 84 per cent to Rs 83.29 crore in the 2024-25 financial year against Rs 45.29 crore in the year-ago investors can bid for a minimum of 37 shares and multiples shares of the company will be listed on the BSE and Oswal Investment Advisors, IIFL Capital Services , and JM Financial are the book-running lead managers, and KFin Technologies is the registrar of the issue.
