The IPO, a combination of fresh equity issuance and an offer for sale (OFS), comes amid muted interest in the grey market, with a grey market premium (GMP) of Rs 0 as of June 19, indicating no implied listing gain at the current pricing.
While the lack of a premium hints at subdued speculative enthusiasm, it does not necessarily reflect institutional appetite, which often shows closer to anchor book closure.
Offer details and key dates
The IPO comprises a fresh issue of 1 crore shares amounting to Rs 400 crore and an OFS of 1.13 crore shares worth Rs 452.53 crore by existing shareholders. The allotment is expected to be finalized on June 27, with listing scheduled for July 1 on both the BSE and NSE.
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Retail investors must bid for a minimum lot of 37 shares, translating to an investment of Rs 14,060 at the lower end and Rs 14,800 at the upper cap. Small NII (sNII) investors need to apply for at least 14 lots (518 shares) amounting to Rs 2,07,200, while big NII (bNII) bidders must go for 68 lots (2,516 shares), requiring Rs 10,06,400.
About the company
Founded in 1973, Ellenbarrie Industrial Gases Limited (EIGL) manufactures and distributes a wide range of industrial, medical, and specialty gases including oxygen, nitrogen, helium, argon, and LPG. The company also provides turnkey project engineering for gas separation plants, medical gas pipeline solutions, and medical devices such as ventilators, monitors, and sterilizers.The firm’s revenue rose 20% year-on-year, while profit after tax jumped 84% in FY25, underscoring its operating leverage and demand resilience across end-user industries.
Use of IPO proceeds
According to the red herring prospectus, EIGL plans to utilize ₹210 crore of the net proceeds for debt repayment and Rs 104.5 crore to set up a new 220 TPD air separation unit at its Uluberia-II plant. The remainder will go towards general corporate purposes as the company scales operations.
Lead managers and registrar
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are acting as book running lead managers to the issue. KFin Technologies is the registrar.
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