Ellenbarrie Industrial Gases IPO: What GMP And Market Buzz Say Ahead Of Listing

Shares of Ellenbarrie Industrial Gases are set to debut on the stock exchanges on Tuesday, July 1, following a good response to its initial public offering (IPO). After a slow start, the 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, as per a market tracking website. It includes a fresh issue worth Rs 400 crore and an offer for sale (OFS) of Rs 452.5 crore by promoters Padam Agarwala and Varun Agarwal.

Ellenbarrie Industrial Gases IPO: Subscription Status

The Rs 852-crore IPO, which was open for subscription between June 24 and 26, witnessed an overall subscription of 22.19 times. The issue attracted strong interest from institutional investors, with the Qualified Institutional Buyers (QIB) category seeing bids worth nearly 64 times the shares on offer. Non-institutional investors (NII) subscribed about 15 times their quota, while the retail portion was subscribed around 2.1 times.

The finalisation of share allotments took place on June 27, and successful applicants received their shares in demat accounts by June 30, as per the timeline shared by the company.

Ellenbarrie Industrial Gases IPO: GMP

As of June 30, 2025, at 1:57 PM, the IPO's grey market premium stood at Rs 55, pushing the estimated listing price to Rs 455 against the upper band of Rs 400. This implies an expected gain of approximately 13.75% per share on debut.

Also Read: Ellenbarrie Industrial Gases IPO Day 3: Subscription Picks Up- What Investors Should Watch | Republic World

Ellenbarrie Industrial Gases IPO: Usage Of Proceeds

The company plans to utilize Rs 210 crore from the proceeds to pare down existing debt, while Rs 104.5 crore has been earmarked for setting up a new air separation unit at its Uluberia-II facility. The remaining funds will go toward general corporate purposes.

About the company 

Established in 1973, Ellenbarrie Industrial Gases has built a strong presence in India’s industrial and medical gases segment. Its product range includes industrial gases like oxygen, nitrogen, carbon dioxide, and helium, as well as medical oxygen, dry ice, LPG, and fire-suppression gases. The company operates more than eight production facilities and caters to over 1,800 clients across various industries.

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