Ellenbarrie Industrial Gases Ltd’s initial public offering received a tepid response on its second day, with the issue subscribed only 0.24 times as of 3.21 pm on Tuesday. The IPO, which opened on June 24, has attracted bids for 36.55 lakh shares, against the total offer of 1.51 crore shares.
The retail individual investors’ category showed the strongest participation with 0.32 times subscription, receiving bids for 24.65 lakh shares, against the reserved quota of 76.43 lakh shares. Non-institutional investors subscribed 0.36 times their allocated portion, bidding for 11.83 lakh shares out of the 32.75 lakh shares reserved for the category.
Qualified institutional buyers remained largely absent, with their category recording minimal subscription of 0.00 times. Only 6,771 shares were bid for, against the 41.89 lakh shares allocated to QIBs, indicating institutional investors’ cautious approach towards the offering.
The company has set the price band at ₹380-400 per equity share, with a face value of ₹2 each. The IPO comprises a fresh issue of up to ₹400 crore and an offer-for-sale of 1.13 crore equity shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper price band, the total issue size stands at ₹852.53 crore.
Ellenbarrie Industrial Gases, established over 50 years ago, is among India’s oldest industrial gas manufacturers. The company produces oxygen, carbon dioxide, nitrogen, hydrogen, and other industrial gases, serving diverse sectors including healthcare, steel, and defence. It operates nine facilities across eastern, southern, and central India, with a strong presence in West Bengal, Andhra Pradesh, and Telangana.
The company’s financial performance improved in fiscal 2025, with revenue from operations growing 15.96 per cent to ₹312.48 crore, from ₹269.48 crore in the previous year. Profit-after-tax surged 83.91 per cent to ₹83.29 crore from ₹45.29 crore.
Proceeds from the fresh issue will fund debt repayment of ₹210 crore, ₹104.50 crore will be used for setting up an air separation unit at the Uluberia-II plant, and for general corporate purposes. The IPO closes on June 26, with Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial serving as book-running lead managers.