India’s IPO market has continued to witness steady interest through June 2025, with investors showing strong appetite across manufacturing, engineering, and healthcare-linked sectors. Riding this wave, Ellenbarrie Industrial Gases Ltd. is now set to open its public issue, drawing attention from both institutional and retail participants. With decades of experience in supplying industrial, medical, and specialty gases, the company holds a significant presence across eastern and southern regions. As demand for medical oxygen and industrial gases continues to rise, the upcoming IPO places Ellenbarrie in focus for investors seeking exposure to a stable, essential services business.
Let’s take a closer look at the company’s background, operational strengths, and the growing relevance of industrial gases in India’s development story.
About Ellenbarrie Industrial Gases Ltd.
Ellenbarrie Industrial Gases Ltd, established in 1973 and headquartered in Kolkata, is one of the leading manufacturers and suppliers of industrial, medical, and speciality gases in India.
The company offers a wide product portfolio that includes oxygen, nitrogen, carbon dioxide, helium, acetylene, hydrogen, argon, LPG, and nitrous oxide. It operates primarily across East and South India and caters to sectors like healthcare, manufacturing, and infrastructure.
In addition to gas distribution, Ellenbarrie provides turnkey engineering solutions, such as air separation units and medical gas pipeline systems. With over five decades of industry presence and a strong regional foothold, the company has built a reliable reputation for quality, efficiency, and customised gas-based solutions.
Ellenbarrie Industrial Gases Ltd. IPO Details
Ellenbarrie Industrial Gases Ltd. is launching its ₹852.53 crore IPO, opening on June 24, 2025, and closing on June 26, 2025. The issue comprises a fresh equity issue of ₹400 crore and an offer for sale (OFS) of ₹452.53 crore, with a price band set between ₹380 to ₹400 per share.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Jun 24, 2025 |
| IPO Close Date | Jun 26, 2025 |
| Allotment Date | Jun 27, 2025 |
| Initiation of Refunds | Jun 30, 2025 |
| Credit of Shares to Demat | Jun 30, 2025 |
| Listing Date (Tentative) | Jul 1, 2025 |
| UPI Mandate Cut-off | 5 PM on June 26, 2025 |
Key IPO Details
Here is the table on the Ellenbarrie Industrial Gases Ltd. IPO Review:
| Particulars | Details |
| Face Value | ₹2 per share |
| Issue Price Band | ₹380 to ₹400 per share |
| Lot Size | 37 Shares |
| Total Issue Size | 2,13,13,130 shares
(aggregating up to ₹852.53 Cr) |
| Fresh Issue | 1,00,00,000 shares
(aggregating up to ₹400.00 Cr) |
| Offer for Sale | 1,13,13,130 shares of ₹2
(aggregating up to ₹452.53 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding (Pre-Issue) | 13,09,35,600 shares |
| Shareholding (Post-Issue) | 14,09,35,600 shares |
Lot Size of Ellenbarrie Industrial Gases Ltd. IPO
Here is the table of lot sizes for each category of investors:
| Application Type | Lots | Shares | Amount (at upper price band) |
| 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 |
Ellenbarrie Industrial Gases Ltd. Financials
The IPO values Ellenbarrie Industrial Gases Ltd. at a market capitalisation of ₹5,637.4 crore. The company manufactures and supplies a wide range of industrial and medical gases, catering to customers across East and South India.
As of March 31, 2024, the company’s financial indicators include:
Key Performance Indicators (as of Mar 31, 2024)
- Return on Equity (ROE): 16.88%
- Return on Capital Employed (ROCE): 13.71%
- Debt-to-Equity Ratio: 0.32
- Return on Net Worth (RoNW): 24.97%
- PAT Margin: 23.90%
- EBITDA Margin: 35.12%
- Price to Book Value: 20.93
Company Financial Snapshot
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 845.97 | 672.54 | 551.27 |
| Revenue (₹ Cr) | 348.43 | 290.20 | 223.71 |
| Profit After Tax (₹ Cr) | 83.29 | 45.29 | 28.14 |
| EBITDA | 109.74 | 61.53 | 33.59 |
| Net Worth (₹ Cr) | 333.62 | 250.15 | 203.32 |
| Reserves and Surplus
(₹ Cr) |
467.17 | 403.35 | 356.51 |
| Total Borrowing (₹ Cr) | 245.30 | 176.90 | 101.10 |
Ellenbarrie Industrial Gases Ltd.: Industry Outlook
- India’s industrial gases market was valued at USD 1.31 billion in 2024 and is projected to grow at a 7.5% CAGR, reaching USD 1.75 billion by 2028.
- Key demand drivers include growth in steel, chemicals, pharmaceuticals, healthcare, electronics, and food & beverage industries.
- The sector benefits from government initiatives like ‘Make in India’, PLI schemes, and infrastructure-focused policies.
- Supply chain challenges, regulatory compliance, and safety requirements present operational hurdles for the industry.
- On-site and cylinder supply modes dominate gas distribution in India, with customer stickiness providing a barrier to entry for new players.
Use of IPO Proceeds
| Objective | Amount (₹ Cr) |
| Repayment/prepayment of outstanding borrowings | 210 |
| Establishing a 220 TPD air separation facility at the Uluberia-II plant | 104.50 |
| General Corporate Purposes | Remaining |
Conclusion
Ellenbarrie Industrial Gases Ltd.’s IPO offers investors a chance to participate in a business with a proven track record in the industrial and medical gases space. Its longstanding operations, established clientele, and plans to strengthen the balance sheet post-issue reflect a commitment to long-term stability and growth.
However, caution is advised. The company operates in a sector that demands high capital investment and faces pricing pressure from both domestic and global players. Investors should carefully consider these risks alongside the company’s expansion plans and financial performance. This IPO may appeal to those with a cautious yet optimistic medium to long-term outlook, especially if the company maintains operational discipline and improves margins.
