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Ellenbarrie Industrial Gases (EIGL), an industrial gas manufacturer, and EPC firm Globe Civil Projects (GCPL) saw their market value surge more than 30 per cent during their trading debut on Tuesday. Shares of EIGL ended at Rs 541, up Rs 141, or 35 per cent, over its issue price of Rs 400. Meanwhile, GCPL shares ended at Rs 95, up Rs 24, or 33 per cent, over its issue price of Rs 71. The IPOs of EIGL and GCPL were subscribed 22x and 81x, respectively.
The market also witnessed the listing of two Mumbai-based real estate firms, Kalpataru and Raymond Realty, both focusing on projects in the Mumbai Metropolitan Region (MMR). Shares of Kalpataru ended with modest gains of 5 per cent to end at Rs 434, valuing it at Rs 8,933 crore. Kalpataru raised Rs 1,590 crore from its IPO, which saw a 2.3 times subscription. Meanwhile, Raymond Realty’s listing follows a demerger scheme from its parent company, Raymond. Shares of Raymond Realty ended at Rs 963, giving it a market value of Rs 6,408 crore.
In a recent note, SBI Securities noted, “Assuming EBITDA growth of 10 per cent year-on-year in FY26 and EV/EBITDA multiple of 13x (discount of 24 per cent to its closely listed peers), the fair value of the business comes to Rs 1,148. Post listing, Street will closely track key performance indicators (pre-sales, embedded EBITDA margins, cash inflows/outflows, debt) of the company.”
A note by Deven Choksey Research said Kalpataru trades at about 187 times its FY25 annualised EBITDA “which appears expensive compared to a broad set of listed peers operating in the mid-to-high-end real estate segment.” A note by Indsec Research said Kalpataru is valued at an EV/pre-sales of 5x on an FY25 annualised basis versus peers’ group average at 5.5x.
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