Ellenbarrie Industrial IPO Day 2 update: Subscription lags at 20%, GMP 6%

Ellenbarrie Industrial Gases IPO Day 2 subscription: The company raised ₹256 crore from anchor investors ahead of the IPO

Ellenbarrie Industrial Gases IPO Day 2 subscription: The initial public offering (IPO) of industrial gases manufacturer, Ellenbarrie Industrial Gases, has received a muted response from the investors so far. The public offering, which opened for subscription on Tuesday, June 24, 2025, has received bids for 30,76,291 shares against 1,51,08,983 on offer, till 2 PM on Wednesday, June 25, showed the NSE data. This translates into a subscription of only 20 per cent.

 

The portion reserved for retail investors was subscribed to 28 per cent and the non-institutional investors (NIIs) quota was booked 27 per cent. However, the issue received bids for only 6,771 shares from the qualified institutional buyers (QIBs).

 

 

According to an exchange filing, the company raised ₹256 crore from anchor investors ahead of the IPO. Ellenbarrie Industrial Gases allocated around 6.39 million equity shares to 28 entities at the upper-end price of ₹400 per share.

Ellenbarrie Industrial Gases IPO listing date

Following the closure of the subscription window, the basis of allotment of shares is expected to be finalised on Friday, June 27. Shares of Ellenabrrie will make their debut on the bourses, NSE and BSE, tentatively on Tuesday, July 1, 2025.  

Ellenbarrie Industrial Gases IPO price band, lot size

The company has set the price band in the range of ₹380-400 per share, and a lot size of 37 shares. A retail investor would require a minimum of ₹14,800 to bid for one lot, taking the upper end of the IPO price into consideration. A retail investor can bid for a maximum of 13 lots or 481 shares, amounting to ₹1,92,400.

Ellenbarrie Industrial Gases IPO registrar, lead managers

Kfin Technologies is the registrar of the issue. Motilal Oswal Investment Advisors, IIFL Capital Advisors, and JM Financial are the book running lead managers. 

Ellenbarrie Industrial Gases IPO objective

According to the red herring prospectus (RHP), the company plans to utilise ₹210 crore from the net issue proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings and ₹104.5 crore for setting a 220 TPD Air Separation Unit at the Uluberia-II plant. The remaining proceeds will be used for general corporate purposes. 

Ellenbarrie Industrial Gases IPO grey market premium (GMP)

The unlisted shares of Ellenbarrie Industrial Gases were trading at ₹424, up ₹24 or 6 per cent compared to the upper price band of ₹400, according to the sources tracking unofficial markets.

Ellenbarrie Industrial Gases IPO review

According to analysts at Bajaj Broking, the IPO is reasonably valued, supported by visible growth levers such as capacity addition, margin improvement, and reduced leverage. The company's key strengths include a diversified customer base across core sectors like healthcare, steel, and manufacturing, alongside a growing production footprint.

 

"However, investors should be mindful of sector-specific risks like high capital intensity, regulatory challenges, and

sensitivity to input costs. Overall, Ellenbarrie 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," the brokerage firm said. READ MORE

About Ellenbarrie Industrial Gases

Incorporated in 1973, Ellenbarrie Industrial Gases produces industrial, medical and speciality gases. It is the largest Indian-owned industrial gas company by installed capacity, revenue, and profitability, with a market share of approximately 2.65 per cent by revenue as of FY24.  The company operates eight manufacturing units across West Bengal, Andhra Pradesh, Telangana, and Chhattisgarh. Its product portfolio comprises oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, acetylene, nitrous oxide, LPG, and speciality gases like synthetic air, gas mixtures, and dry ice. These gases are distributed through cryogenic tankers, pipelines, and gas cylinders.

 

In addition, Ellenbarrie provides turnkey project engineering solutions, including the design and commissioning of tonnage air separation units (ASUs).