The first public offer of Ellenbarrie Industrial Gases LTD received a lukewarm response on his second day, in which the issue was only registered 0.24 times on Tuesday. The IPO, which was opened on 24 June, has attracted bids for 36.55 Lakh shares, against the total range of 1.51 Crore shares.
The category of retail individual investors showed the strongest participation with 0.32 times subscription, which received bids for 24.65 Lakh shares, against the reserved quota of 76.43 Lakh shares. Non-institutional investors subscribed 0.36 times their assigned part and offered for 11.83 Lakh shares from the 32.75 Lakh shares reserved for the category.
Qualified institutional buyers remained largely absent, whereby their category registered at least 0.00 times subscription. Only 6,771 shares were offered, against the 41.89 Lakh shares assigned to QIBS, which indicates the cautious approach to institutional investors for the offer.
The company has set the price band at £ 380-400 per share of shares, with a nominal value of £ 2 each. The IPO consists of a new edition of a maximum of £ 400 crore and an offer for sale of 1.13 crore shares shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the top price band, the total issue -size is £ 852.53 crore.
Ellenbarrie Industrial Gases, which was founded more than 50 years ago, is one of the oldest industrial gas manufacturers in India. The company produces oxygen, carbon dioxide, nitrogen, hydrogen and other industrial gases, with different sectors, including healthcare, steel and defense. It operates nine facilities in eastern, southern and central India, with a strong presence in West Bengal, Andhra Pradesh and Telangana.
The financial performance of the company improved in Fiscal 2025, with the turnover from the activities that grow by 15.96 percent to £ 312.48 crore, from £ 269.48 crore in the previous year. Profit-after-tax rose by 83.91 percent to £ 83.29 crore of £ 45.29 crore.
The proceeds from the new issue will finance the reimbursement of £ 210 crore, £ 104.50 Crore will be used to set up an air separation unit in the Uluberia-II factory and for general business purposes. The IPO closes on 26 June, with Motilal Oswal Investment Advisors, IIFL Capital Services and JM Financial serves as book runners.
Published on June 25, 2025
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