Ellenbarrie Industrial Gases IPO Day 3: Subscription Picks Up- What Investors Should Watch

The initial public offering (IPO) of Ellenbarrie Industrial Gases Ltd, a leading player in the industrial and medical gases segment, is seeing a strong pickup in interest on its third and final day of bidding. After a slow start, the Rs 852.5 crore issue has gathered pace, with increasing bids from non-institutional and retail investors.

The company has also attracted institutional backing, having secured Rs 256 crore from anchor investors ahead of the IPO.

Ellenbarrie Industrial Gases IPO: Price Band and Lot Size

As per a market tracking website, the issue is priced in the range of Rs 380 to Rs 400 per share. It includes a fresh issue worth Rs 400 crore and an offer for sale of Rs 452.5 crore. Investors can bid for a minimum of 37 shares per lot, translating to a base investment of Rs 14,800 at the upper price band.

Ellenbarrie Industrial Gases IPO: Subscription Status

The initial public offering (IPO) of Ellenbarrie Industrial Gases was subscribed 52% as of the third day of bidding on Thursday, up from 31% on Day 2. As of 10:05 AM, the IPO had received bids for 79.18 lakh shares against the total issue size of 1.51 crore shares.

Retail investors and high-net-worth individuals (HNIs) have been particularly active, while institutional interest is gradually building up.

Also Read: Ellenbarrie Industrial Gases IPO Day 2: Check latest GMP, Subscription Status, Price Band And Other Key Details | Republic World

Ellenbarrie Industrial Gases IPO: Grey Market Premium (GMP)

In the unofficial grey market, sentiment around the IPO appears to be improving. As of June 26 at 11:02 AM, the last reported grey market premium (GMP) stood at Rs 19. With the IPO’s price band capped at Rs 400, this translates to an expected gain of 4.75% per share.

Ellenbarrie Industrial Gases IPO: Usage of Funds

The company had earlier revealed that the proceeds from the fresh issue will be used to repay debt, fund a new manufacturing unit in Uluberia, and meet general corporate requirements. Post-IPO, the company is looking to reduce its leverage and expand its production capacity to tap growing demand from sectors such as steel, healthcare, and infrastructure.

Key Dates to Watch

The IPO closes on June 26, with the basis of allotment expected on June 27. Refunds and demat credit are scheduled for June 30, and the shares are slated to list on the NSE and BSE on July 1, 2025.

About the Company

Established in 1973, Ellenbarrie Industrial Gases supplies essential gases such as oxygen, carbon dioxide, nitrogen, helium, hydrogen, acetylene, argon, and nitrous oxide, as well as dry ice, synthetic air, LPG, fire-fighting gases, and medical oxygen. Its diversified offerings cater to industries ranging from healthcare to manufacturing and firefighting. The company has recently stepped up its presence in the medical and railway sectors.