Ellenbarrie Industrial Gases Limited is set to launch its IPO, opening for subscription from June 24 to June 26, 2025. Backed by over five decades of experience in industrial and medical gases, this Kolkata-based company is offering a mix of fresh issue and offer for sale (OFS). In this article, we will dive into the IPO review, GMP details, financials, strengths, risks, and whether you should subscribe or avoid this IPO.
Ellenbarrie Industrial Gases IPO – Issue Details
- IPO Open Date: June 24, 2025
- IPO Close Date: June 26, 2025
- Listing Date (Tentative): July 1, 2025
- Price Band: ₹ 380 – ₹ 400 per share
- Lot Size: 37 shares
- Minimum Investment: ₹ 14,800
- Issue Size: ₹ 852.53 Crores
- Fresh Issue: ₹ 400 Crores
- OFS: ₹ 452.53 Crores
- Face Value: ₹ 2 per share
- Market Lot: Retail investors can apply for 1 lot (37 shares) or multiples thereof.
- Book Running Lead Managers: Motilal Oswal, IIFL Capital, JM Financial
- Registrar: KFin Technologies
About Ellenbarrie Industrial Gases Limited
Established in 1973, Ellenbarrie Industrial Gases is a leading Indian manufacturer and supplier of industrial, medical, and specialty gases. The company offers oxygen, carbon dioxide, acetylene, nitrogen, argon, hydrogen, helium, and dry ice. It serves clients in steel, pharmaceuticals, healthcare, railways, space, and defence sectors.
They operate 8 manufacturing facilities across India and served over 1,800 customers in FY2025.
Competitive Strengths
- Over 50 years of industry experience
- Diverse gas portfolio catering to various sectors
- Long-standing relationships with marquee clients like AIIMS, RINL, Dr. Reddy’s, and Air India Engineering
- Strong pan-India manufacturing and distribution network
- Healthy EBITDA and PAT margins
Ellenbarrie Industrial Gases Financials
| Particulars | FY23 | FY24 | FY25 |
| Revenue (Cr) | 223.7 | 290.2 | 348.4 |
| PAT (Cr) | 28.1 | 45.3 | 83.3 |
| EBITDA (Cr) | 33.6 | 61.5 | 109.7 |
| ROE (%) | – | – | 16.88% |
| ROCE (%) | – | – | 13.71% |
| PAT Margin (%) | – | – | 23.9% |
| EBITDA Margin (%) | – | – | 35.1% |
PAT has grown by 84% YoY and revenue by 20%, showcasing strong operational efficiency and margin expansion.
Objects of the IPO
- Repayment of certain borrowings (₹ 210 Cr)
- Setting up a new air separation unit at Uluberia-II (₹ 104.5 Cr)
- General corporate purposes
Positive Factors / Reasons to Invest in Ellenbarrie IPO
- Strong Growth Momentum: Impressive 84% jump in PAT YoY indicates profitability traction.
- Sectoral Tailwinds: Increasing demand from steel, pharma, and healthcare sectors provides a growth runway.
- Experienced Management: Led by seasoned promoters with industry insight and execution capabilities.
- Diversified Product & Client Base: Offers resilience against sectoral slowdown.
- Strategic Expansion: Proceeds used for setting up a new plant indicates forward-looking growth.
- Improved Margins: EBITDA margin at 35% and PAT margin at 24% reflect operational excellence.
Risks to Consider
- High dependency on few large customers
- Regulatory and compliance risks, especially in industrial gases
- High valuation compared to peers
- Past delisting and re-entry may concern conservative investors
Valuation and P/E Comparison with Peers
- EPS (Post Issue): ₹ 5.91
- P/E Ratio (Post Issue): ~67.7x
- Book Value: ~₹ 20
- P/B Ratio: ~20.9x
- Market Cap: ₹ 5,637 Cr
Peer Comparison:
| Company | P/E Ratio |
| Linde India | 70x+ |
| Goyal Gases (Unlisted) | ~40x (industry avg.) |
| Ellenbarrie | 67.7x (Post Issue) |
Conclusion on Valuation: Ellenbarrie’s P/E of 67.7x is on the higher side but in line with leading listed peers like Linde India. While expensive, the pricing reflects the company’s niche position, strong financials, and future potential. Conservative investors may find the valuation stretched, but growth-focused investors could consider it reasonable given the margins and ROE.
Grey Market Premium (GMP) of Ellenbarrie IPO
As per market sources, the GMP of Ellenbarrie Industrial Gases IPO is around ₹ 65-75 per share as of now. This reflects moderate interest in the grey market.
How to Apply for Ellenbarrie IPO?
You can apply via:
- UPI through broker platforms (Zerodha, Groww, Upstox, etc.)
- Net banking ASBA facility via your bank (ICICI, HDFC, SBI, etc.)
Ellenbarrie IPO – Should You Invest or Avoid?
Ellenbarrie Industrial Gases is a niche player with strong fundamentals and solid growth in profitability. However, its IPO is priced on the higher side relative to smaller players, though still competitive compared to Linde India. If you’re a long-term investor looking for a play on healthcare, infrastructure, and manufacturing growth, this IPO could fit your portfolio. Conservative investors may consider applying with a limited amount or wait for post-listing stability.
FAQs on Ellenbarrie Industrial Gases IPO
- What are Ellenbarrie IPO dates?
June 24 to June 26, 2025. - What is the IPO price band?
₹ 380 to ₹ 400 per share. - What is the minimum lot size?
1 lot = 37 shares = ₹ 14,800 approx. - What is the GMP of Ellenbarrie IPO?
Around ₹ 65 to 75 as per market sources. - When is the listing date?
Tentatively July 1, 2025. - What are the funds being used for?
Loan repayment, new plant setup, and general corporate use. - Should I apply to Ellenbarrie IPO?
Good fundamentals but high valuation; suitable for long-term investors with moderate risk appetite.
Disclaimer: This IPO analysis is for information only. Please consult your financial advisor before investing.
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