Ellenbarrie Industrial Gases IPO Day 3 LIVE: Here's GMP, subscription status, review, key details. Apply or not?
Ellenbarrie Industrial Gases IPO has seen a 31% overall subscription by the second day. The retail investor segment was subscribed 37%, while the Non-Institutional Investors (NII) portion was booked at 58%
The initial public offering (IPO) of Ellenbarrie Industrial Gases has opened for subscription on June 24. The mainboard segment IPO will remain open for bidding till June 26. Ahead of its IPO, Ellenbarrie Industrial Gases secured ₹256 crore from anchor investors.
Ellenbarrie Industrial Gases has reserved 50% of its public issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 35% for retail investors.
The company, based in India, specializes in manufacturing and supplying industrial, medical, and specialty gases, including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.
Ellenbarrie Industrial Gases IPO Day 3 LIVE: Subscription status
Ellenbarrie Industrial Gases IPO has so far been subscribed over 4.59 times by 1:40 pm on third day of bidding. The retail investor segment was subscribed 0.82 times while the Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NII) portion was booked 11.26 times and 4.84 times.
The IPO has received 6,92,79,059 bids against offered 1,51,08,983 shares so far, on the third day of subscription.
Ellenbarrie Industrial Gases IPO Day 3 LIVE: Details
Ellenbarrie Industrial Gases' IPO is a book-built issue totaling ₹852.53 crore. It comprises a fresh issue of 1 crore shares worth ₹400 crore and an offer for sale of 1.13 crore shares valued at ₹452.53 crore.
The price band for the Ellenbarrie Industrial Gases IPO has been set between ₹380 and ₹400 per equity share, with a face value of ₹2. The minimum lot size is 37 equity shares, with bids to be placed in multiples of 37 shares thereafter.
The allotment for the Ellenbarrie Industrial Gases IPO is expected to be finalized on Friday, June 27. The IPO will be list on BSE, NSE with a tentative listing date fixed as Tuesday, July 1.
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 3 LIVE: GMP
Ellenbarrie Industrial Gases' IPO grey market premium (GMP) stands at ₹19 today, indicating that its shares are trading at ₹19 above the issue price in the unofficial market, according to investorgain.com.
Based on the IPO’s upper price band and the current GMP, the expected listing price is around ₹419 per share — a 4.75% premium over the issue price of ₹400.
Tracking grey market movements over the last 12 sessions, the GMP shows a rising trend, suggesting strong listing prospects. Experts from investorgain.com noted that the GMP has ranged between ₹0.00 and ₹19 during this period.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Ellenbarrie Industrial Gases IPO Day 3 LIVE: Review
Brokerage firm Anand Rathi has given ‘subscribe for long-term’ rating to the Ellenbarrie Industrial Gases IPO, saying the company could perform well in the long run.
“ Profitability is improving, supported by a growing share of high-margin Argon gas and onsite projects, upcoming capacity additions in 2HFY26 are expected to further enhance profitability in FY26 and FY27. 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,” the firm said in a note.
Brokerage firm Cholamandalam Securities has also issued ‘subscribe’ rating to the issue.
The brokerage estimates that the Indian industrial gases market will grow at a compound annual rate of 7.5%, surpassing ₹15,000 crore by 2028. This growth is expected to be fueled by government programs like 'Make in India' and rising demand from industries such as steel, pharmaceuticals, and manufacturing. The company currently holds a 2.85% share of the ₹11,300 crore market, highlighting ample room for expansion.
Their strategy includes strengthening their presence in the underserved eastern and southern regions, with plans to expand into the northern and western parts of the country. Additionally, their move toward backward integration through in-house plant manufacturing is aimed at de-risking the growth outlook beyond FY26.
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