IPO Details
Issue Opening Date: June 24, 2025
Issue Closing Date:June 26, 2025
Issue Size: ₹ 852.53 Cr (@ upper band Rs. 400)
Structure: Fresh Issue ₹ 400 Cr + OFS ₹ 452.53 Cr
Price Band: ₹ 380 – ₹ 400 per share
Lot Size: 37 shares & multiples thereafter
Application Amounts: Retail Min: Rs. 14,800 (37)
Retail Max: ₹ 192,400 (481)
Small HNI: ₹ 2,07,200 (518)
Big HNI: ₹ 10,06,400 (2,516)
Our ViewSubscribe for Long Term Horizon
Company Overview
Ellenbarrie Industrial Gases Ltd (“EIGL”) manufactures a wide variety of industrial gases including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, nitrous oxide and acetylene. These gases serve shipbuilding, glass, steel, pharma, welding and fabrication industries, making supply critical. The company is also a key supplier to India’s space and defence programs.
Established in 1973, EIGL is one of India’s oldest industrial gas companies, with over 50 years of legacy. It is a market leader in West Bengal, Andhra Pradesh and Telangana. Operations span 9 facilities across East, South and Central India.
Distribution is strong, with the third highest number of tankers, cylinders and installations in India. In FY25, EIGL sold products to 1,829 customers. During COVID-19, its medical oxygen was airlifted by the Indian Air Force.
Key Highlights
Leading manufacturer of industrial gases with strong demand outlook
Diverse product portfolio catering to multiple industries
Long-term customer relationships ensuring stable cashflows
Wide customer base reducing concentration risks
Expansive operations and distribution in East & South India
Objects of the Issue
Repayment/pre-payment of borrowings – Rs. 210 Cr
New air separation unit (220 TPD) at Uluberia-II – Rs. 104.5 Cr
General corporate purposes
Our View & Risks
EIGL’s brand ensures sticky revenues – 85% of FY25 sales from repeat customers; top 10 clients retained for 7.7 years on average. Risks: quality compliance, manufacturing & distribution challenges, legal risks, customer dependency, debt burden, past delisting history.
Financial Snapshot & Valuation
Revenue/EBITDA/PAT CAGR: 23.43% / 80.75% / 72.03% (FY23–25). EBITDA margin 35.12%, PAT margin 23.9%. ROCE 13.71%, D/E 0.32x (FY25).
Valuation: P/BV 15.70 (NAV Rs. 25.48 FY25). P/E 29x FY25; 63x FY24. Peer: Linde India trades at 124x.
Well-established leader with strong expansion plans, diverse customer base and long-term growth potential. Valuations are reasonable compared to peer.
Quick FAQs — Ellenbarrie Industrial Gases IPO
What are the IPO dates and lot size?
Opens June 24, 2025 • Closes June 26, 2025 • Lot size 37 shares.
Is Ellenbarrie profitable?
Yes. FY25 PAT margin 23.9%. CAGR in PAT 72.03% (FY23–25).
What is Sushil Finance’s recommendation?
Subscribe with a long-term horizon.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ‘25 |
FY ’24 |
FY ‘23 |
| Total Income |
3,484.32 |
2,902.03 |
2,237.10 |
| Total Expenditure |
2,406.07 |
2,259.85 |
1,864.46 |
| EBITDA |
1,097.36 |
615.30 |
335.88 |
| Profit before Tax |
1,078.25 |
642.18 |
372.64 |
| Profit after Tax |
832.89 |
452.89 |
281.42 |
| E.P.S. (Diluted) |
6.36 |
3.46 |
2.15 |
| P/E (x) (Diluted) |
63 |
- |
- |
| RONW (%) |
24.97 |
18.10 |
13.84 |
PRICE CHART (@ ₹ 400) (Retail Category)
| LOT SIZE |
| Amount |
| 37 |
14,800 |
| 74 |
29,600 |
| 111 |
44,400 |
| 148 |
59,200 |
| 185 |
74,000 |
| 222 |
88,800 |
| 259 |
103,600 |
| 296 |
118,400 |
| 333 |
133,200 |
| 370 |
148,000 |
| 407 |
162,800 |
| 444 |
177,600 |
| 481 |
192,400 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
518 |
207,200 |
| Big HNI |
2,516 |
1,006,400 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
27/6/2025 |
| Initiation of refunds/unblocking ASBA Fund |
30/6/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
30/6/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
1/7/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
