The IPO consists of a fresh issue worth Rs 400 crore and an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper end of the price band, the OFS is estimated at approximately Rs 577 crore, taking the total issue size to around Rs 977 crore.  The total mcap post listing will be around Rs 5638 crore.

Ellenbarrie Industrial Gases manufactures a diverse range of industrial gases, including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, fire-fighting gases, and liquefied petroleum gas. Its products serve key sectors such as steel, pharmaceuticals, chemicals, healthcare, engineering, infrastructure, railways, aviation, aerospace, defence, and petrochemicals.

The company plans to utilise Rs 210 crore from the fresh issue proceeds to repay debt, while Rs 104.5 crore will be allocated for setting up a 220 TPD air separation unit at its Uluberia-II facility. As of April 2025, Ellenbarrie’s outstanding debt stood at Rs 264.2 crore. The IPO is being managed by Motilal Oswal Investment Advisors, IIFL Securities, and JM Financial.

Ellenbarrie Industrial Gases is a company based in India that focuses on the manufacturing and distribution of industrial, medical, and specialty gases. The firm supplies critical gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.

In addition to these, the company provides dry ice, synthetic air, fire-extinguishing gases, medical oxygen, liquefied petroleum gas (LPG), welding gas mixtures, and specialty gases, catering to diverse industries.

Ellenbarrie Industrial Gases Ltd intends to use Rs. 210 crore from the proceeds of the fresh issue to reduce debt, while Rs. 104.5 crore is earmarked for the establishment of a 220 TPD air separation unit at its Uluberia-II site. As of April 2025, Ellenbarrie’s total outstanding debt was Rs.264.2 crore.

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and Jm Financial Limited serve as the lead managers for the Ellenbarrie Industrial Gases IPO, with Kfin Technologies Limited acting as the registrar for this issue.

About Ellenbarrie Industrial Gases Limited
Ellenbarrie is one of the oldest operating industrial gases companies in India, with a rich legacy of over 50 years. (Source: F&S Report). The company manufacture and supply industrial gases including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, synthetic air, firefighting gases, medical oxygen, liquid petroleum gas, welding mixture and speciality gases catering to a wide range of enduse industries. Ellenbarrie is one of the important manufacturers of industrial gases in East India and South India, and the market leader in the states of West Bengal, Andhra Pradesh and Telangana, each in terms of installed manufacturing capacity.