Ellenbarrie Industrial Gases IPO
Ellenbarrie Industrial Gases IPO — date, price band, lot size & details 2025
Ellenbarrie Industrial Gases listed on 1 Jul 2025 at ₹486, 21.5% above the ₹400 issue price.
Ellenbarrie Industrial Gases produces and supplies industrial, medical and speciality gases such as oxygen, nitrogen and argon. Its profit after tax rose from Rs 28.14 crore in FY2023 to Rs 83.29 crore in FY2025.
Stock price
Ellenbarrie Industrial Gases is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 24 Jun 2025
- Close 26 Jun 2025
- Allotment 27 Jun 2025
- Refund/credit 30 Jun 2025
- Listing 01 Jul 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 24 to 26 Jun, 2025 |
|---|---|
| Price Band | ₹380 – ₹400 |
| Face Value | ₹2 |
| Lot Size | 37 Shares |
| Issue Size | ₹852.53 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,800 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 37 shares at the ₹400 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 223.71 crore in FY2023 to Rs 290.20 crore in FY2024 and Rs 348.43 crore in FY2025.
- 02Profit after tax rose from Rs 28.14 crore in FY2023 to Rs 83.29 crore in FY2025.
- 03The EBITDA margin was 35.12% and the PAT margin was 23.90%.
- 04Rs 104.50 crore of the fresh issue was for a new air separation unit at the Uluberia-II plant.
- 05Return on net worth was 24.97%, as per the figures at the source.
Risks · 6
- 01The P/E was 67.69 at the upper band of Rs 400, based on post-issue EPS of Rs 5.91.
- 02Rs 452.53 crore of the Rs 852.53 crore issue was offer for sale and did not reach the company.
- 03Total borrowing rose from Rs 101.10 crore on 31 March 2023 to Rs 245.30 crore on 31 March 2025.
- 04Return on capital employed was 13.71%, far below the return on net worth of 24.97%.
- 05The PAT of Rs 83.29 crore in FY2025 was a large jump from Rs 45.29 crore in FY2024, so a single year carries the valuation.
- 06Promoters held 96.47% before the issue and still held 81.59% after it, so public float is limited.
Three years of numbers
All figures in ₹ crore, as reported in the Ellenbarrie Industrial Gases offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 845.97 | 672.54 | 551.27 |
| Total Income | 348.43 | 290.20 | 223.71 |
| Profit After Tax | 83.29 | 45.29 | 28.14 |
| EBITDA | 109.74 | 61.53 | 33.59 |
| NET Worth | 333.62 | 250.15 | 203.32 |
| Reserves and Surplus | 467.17 | 403.35 | 356.51 |
| Total Borrowing | 245.30 | 176.90 | 101.10 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ellenbarrie Industrial Gases RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Ellenbarrie Industrial Gases IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.36 | ₹5.91 |
| P/E Ratio (x) | 62.88 | 67.69 |
| Market Cap at Offer Price (₹ Cr) | ₹5,238.36 | ₹5,637.23 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹400 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹430.32 Cr of the issue is earmarked to named objects.
Ellenbarrie Industrial Gases IPO Anchor Investors
28 anchor investors across 18 fund houses committed ₹255.76 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company also sells dry ice, synthetic air, fire-fighting gases, LPG and welding mixtures. It designs, installs and commissions tonnage air separation units on a turnkey basis.
For hospitals it provides medical gas pipeline systems and supplies equipment such as anaesthesia workstations and ventilators.
The IPO was Rs 852.53 crore, with Rs 400.00 crore of fresh issue and Rs 452.53 crore of offer for sale. Rs 210.00 crore was planned for repaying borrowings and Rs 104.50 crore for an air separation unit at the Uluberia-II plant.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Ellenbarrie Industrial Gases IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
IIFL Capital Services Limited
50 issues handledBest listing: Tonbo Imaging India (+65.7%). Weakest: Acevector (-11.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ellenbarrie Industrial Gases?
The current Grey Market Premium is ₹60, or 15% over the issue price.
What is the Ellenbarrie Industrial Gases IPO price band?
₹380 to ₹400, on a face value of ₹2.
When is the allotment?
The basis of allotment is 27 June 2025, with listing on 1 July 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
