Ellenbarrie Industrial Gases IPO Day 2 LIVE: Issue subscribed 31% so far. Check GMP, key dates. Apply or not?

Ellenbarrie Industrial Gases IPO Day 2 LIVE: The initial public offering of Ellenbarrie Industrial Gases opened for public subscription on Tuesday, June 24, and will conclude on Thursday, June 26. Ahead of IPO, Ellenbarrie Industrial Gases raised ₹256 crore from anchor investors.

Ellenbarrie Industrial Gases IPO price band has been fixed in the range of ₹380 to ₹400 per equity share of the face value of ₹2. Ellenbarrie Industrial Gases IPO lot size is 37 equity shares and in multiples of 37 equity shares thereafter.

Ellenbarrie Industrial Gases has allocated 50% of the shares in its public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the issue for retail investors.

The tentative basis for the allotment of shares for the Ellenbarrie Industrial Gases IPO will be determined on Friday, June 27, and the company will start the refund process on Monday, June 30, with shares being credited to the demat accounts of allottees on the same day following the refunds.

The share price of Ellenbarrie Industrial Gases is expected to be listed on the BSE and NSE on Tuesday, July 1.

Ellenbarrie Industrial Gases is an Indian company dedicated to the production and distribution of industrial, medical, and specialty gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.

Ellenbarrie Industrial Gases IPO Day 2 LIVE: Subscription Status

Ellenbarrie Industrial Gases IPO subscription status is 31% on day 2, so far. The retail portion was subscribed 37%, and NII portion has been booked 58%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids.

The company has received bids for 47,31,560 shares against 1,51,08,983 shares on offer, at 17:00 IST, according to data on BSE.

Ellenbarrie Industrial Gases IPO Day 2 LIVE: Check out SMIFS Ltd's views 

“Ellenbarrie’s transition from a regional to a pan-India supplier, backed by proven execution and capacity-led growth, supports a positive revenue and profitability outlook with sustained double-digit growth potential. We recommend to subscribe to the issue backed by strong parentage, fast rampup of capacities and utilistaion levels leading to economies of scale and higher margins and rapid growth over the next 3-5 years,” said the brokerage.

Ellenbarrie Industrial Gases IPO Day 2 LIVE: Ellenbarrie Industrial Gases IPO GMP today

Ellenbarrie Industrial Gases IPO GMP today is +26. This indicates Ellenbarrie Industrial Gases share price was trading at a premium of ₹26 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ellenbarrie Industrial Gases share price is indicated at ₹426 apiece, which is 6.50% higher than the IPO price of ₹400.

Ellenbarrie Industrial Gases IPO Day 1 Highlights: Subscription Status 

Ellenbarrie Industrial Gases IPO subscription status is 8% on day 1, so far. The retail portion was subscribed 13%, and NII portion has been booked 5%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids.

The company has received bids for 11,48,813 shares against 1,51,08,983 shares on offer, at 17:00 IST, according to data on BSE.

Ellenbarrie Industrial Gases IPO Day 1 Live: Anand Rathi Views

"We believe with company’s legacy and long standing customer relationships offering in diversified industries could lead Ellenbarrie Industrial growth over long term. However the company might witness revenue volatility as its 1/3rd of its revenue comes from government or public sector. 

Additionally with its regional concentration of top 10 customers located in east and south might face operational challenges due to economic, Political disruptions. Therefore we believe since the issue is aggressively priced but with planned debt reduction and capacity addition the company could perform well over long run, so we give “SUBCRIBE FOR LONG TERM” rating for the issue," said the brokerage. 

Ellenbarrie Industrial Gases IPO Day 1 Live: Financials

The firm's operational revenue rose by 16% to ₹312.48 crore in FY25, up from ₹269.48 crore in the previous year. Its net profit climbed by 84% to ₹83.29 crore in the financial year 2024-25, compared to ₹45.29 crore during the same period last year.

Ellenbarrie Industrial Gases IPO Day 1 Live: Key Risks

1. Customer Concentration and Non-Recurring Revenue Streams
2. Facility Concentration Risk and Operational Disruption
3. Capacity Utilization and Revenue Realization
4. Customer Acquisition Barriers
5. Outsourced Medical Equipment Risk

Ellenbarrie Industrial Gases IPO Day 1 Live: Subscription Status 

Ellenbarrie Industrial Gases IPO subscription status is 3% on day 1, so far. The retail portion was subscribed 6%, and NII portion has been booked 1%, Qualified Institutional Buyers (QIBs) portion is yet to receive bids.

The company has received bids for 4,67,717 shares against 1,51,08,983 shares on offer, at 11:36 IST, according to data on BSE.

Ellenbarrie Industrial Gases IPO Day 1 Live: Cholamandalam Securities Views 

The brokerage predicts that the Indian industrial gases market will experience a compound annual growth rate of 7.5%, reaching over Rs. 15,000 Cr by 2028, driven by government initiatives such as 'Make in India' and increasing demand from sectors like steel, pharmaceuticals, and manufacturing. They currently command a 2.85% share of a Rs. 11,300 Cr market in India, indicating significant potential for growth. 

Their strategic focus on the underrepresented eastern and southern regions, planned expansions into northern and western India, and backward integration into plant manufacturing help mitigate risks in the growth pipeline beyond FY26.

“We have issued a “SUBSCRIBE” rating for Ellenbarrie Industrial Gases Ltd for IPO for listing gains,” the brokerage said. 

Ellenbarrie Industrial Gases IPO Day 1 Live: Anchor investor details 

The firm announced that it secured ₹256 crore from anchor investors, just one day before the commencement of its initial public offering for public subscription. Among the participants in the anchor round are HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, HDFC Life Insurance, British multinational Prudential via Eastspring Investments, ICICI Lombard General Insurance, Citigroup Global Markets Mauritius, and Copthall Mauritius Investment, among others.

As stated in a circular posted on the BSE's website, Ellenbarrie Industrial Gases distributed just over 63.93 lakh equity shares to 28 entities at a price of ₹400 per share, which represents the high end of the IPO price range.

Ellenbarrie Industrial Gases IPO Day 1 Live: Subscription Status

Ellenbarrie Industrial Gases IPO subscription status is 1% on day 1, so far. The retail portion was subscribed 1%, and NII portion and Qualified Institutional Buyers (QIBs) portion are yet to receive bids.

The company has received bids for 97,162 shares against 1,51,08,983 shares on offer, at 10:12 IST, according to data on BSE.

Ellenbarrie Industrial Gases IPO Day 1 Live: Review

Ellenbarrie Industrial Gases is noted by SBICAP Securities for its significant role as a supplier of industrial gases in East and South India, supporting the growth of manufacturing centers in those areas. The company retains ownership of the cylinders and equipment installed at customer sites, creating a robust barrier to entry for competitors. The inclusion of a take-or-pay clause in its supply contracts ensures consistent revenue and mitigates risks related to customers' business cycles.

Ellenbarrie Industrial Gases is also experiencing an upward trend in its margin profile, driven by an increasing share of higher-margin Argon gas and onsite projects. Utilizing proceeds from the IPO for debt repayment will decrease interest costs. This, together with the expansion of capacity in 2HFY26, is expected to enhance profitability in FY26 and FY27. At the maximum price of ₹400, the stock is projected to trade at a multiple of 67.7x FY25 EPS after the issue, which is lower than that of its peer Linde India. The brokerage advises investors to subscribe to the issue at the cutoff price.

Ellenbarrie Industrial Gases IPO Day 1 Live: IPO details

The IPO comprises a new issue estimated at ₹400 crore, in addition to an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper limit of the price range, the OFS is expected to be approximately ₹577 crore, making the total value of the issue close to ₹977 crore.

The company plans to allocate ₹210 crore from the fresh issue proceeds to pay down debt, while ₹104.5 crore is designated for setting up a 220 TPD air separation unit at its Uluberia-II facility. As of April 2025, Ellenbarrie’s total outstanding debt stood at ₹264.2 crore.

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

Ellenbarrie Industrial Gases IPO Day 1 Live: Ellenbarrie Industrial Gases IPO GMP today

Ellenbarrie Industrial Gases IPO GMP today is +7. This indicates Ellenbarrie Industrial Gases share price was trading at a premium of ₹7 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ellenbarrie Industrial Gases share price is indicated at ₹407 apiece, which is 1.75% higher than the IPO price of ₹400.

Following the grey market activities from the past 12 sessions, the current IPO GMP is showing an upward trend and is anticipated to have a robust listing. The minimum GMP is ₹0.00, whereas the maximum GMP is ₹12, as stated by experts from investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.