Ellenbarrie Industrial Gases IPO

Ellenbarrie Industrial Gases Ltd

₹14,060 /37 sharesMinimum Investment

Ellenbarrie Industrial Gases IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
BSE₹400.00₹486.00₹86.00 (21.50%)

Ellenbarrie Industrial Gases IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
24 Jun ‘25 - 26 Jun ‘25₹14,06037₹380 - ₹400
Issue SizeIPO Doc
852.53Cr
RHP PDF

Subscription rate

As of 26 Jun'25, 05:00 PM
Qualified Institutional Buyers64.23x
Non-Institutional Investor15.14x
Retail Individual Investor1.89x
Total22.05x

About Ellenbarrie Industrial Gases

Ellenbarrie Industrial Gases is involved in the production and distribution of industrial gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. The company also supplies dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas, welding mixtures, and various speciality gases. Additionally, the company provides project engineering services, which include design, engineering, supply, installation, and commissioning of tonnage air separation units (ASUs) and other related projects. Apart from this, the company supplies medical products and equipment to healthcare institutions. These include anaesthesia workstations, spirometers, ventilators, sterilisers, bedside monitors, and lung diffusion testing devices. The company operates eight facilities across eastern, southern, and central India as of FY24.;
Founded in
1973
Managing director
Mr. Padam Kumar Agarwala
Parent organisation
Ellenbarrie Industrial Gases Ltd
Ellenbarrie Industrial Gases Ltd IPO
https://www.youtube.com/watch?v=sJWZxKSa46U

Strengths & Financials of Ellenbarrie Industrial Gases

Strengths
Risks
The company claims to offer niche products, such as synthetic air, which is a controlled mix of oxygen and nitrogen with low impurity levels; this is used as zero gas for calibrating environmental testing equipment. It also claims to supply ultra-high-purity nitrogen for the electronics sector and high-purity oxygen used in research labs, solar cell production, and semiconductors. The company also produces liquefied argon.
Ellenbarrie Industrial Gases claims to provide complete solutions for medical gas pipeline systems, including design, installation, commissioning, operation, and maintenance, supporting hospitals and healthcare centres.
The company claims to have served 1,836 customers across various sectors in FY24.
The company’s customer base includes key government and defence institutions, such as Indian Air Force bases across multiple regions, the Eastern Naval Command, and several government laboratories. The company also caters to organisations in the space sector, railway workshops, railway hospitals in eastern and southern India, and AIIMS hospitals.
Ellenbarrie Industrial Gases operates oxygen production plants with a capacity of 1,250 (TPD).
The company claims to manage bulk distribution using its own fleet of cryogenic tankers. It operates three standalone air separation units with capacities of 115 TPD in Uluberia (West Bengal), 130 TPD in Jadcherla (Telangana), and 170 TPD in Visakhapatnam (Andhra Pradesh).
Ellenbarrie Industrial Gases claims to run two standalone cylinder filling stations to enhance its reach. With over 35,000 gas cylinders in circulation as of March 31, 2024, the company claims to maintain a strong distribution network.
A major share of the company’s revenue is dependent on a few customers. The top 10 customers accounted for Rs 92.63 crore (40.95 percent) of the company’s revenue in FY24, Rs 71.09 crore (37.56 percent) in FY23, and Rs 68.52 crore (31.71 percent) in FY22. Any loss of any of these key customers or a decrease in demand from them can adversely affect the company’s operations and finances.
The company’s business depends on demand from specific industries, including pharmaceuticals, chemicals, steel, infrastructure, defence, aerospace, and others. Any decline in demand from these sectors can reduce the need for industrial gases, affecting the company’s overall performance.
The company does not manufacture the medical equipment it supplies; instead, it sources from third-party vendors. Any quality issues in these products can adversely harm the company's reputation and operations.
As of FY24, the company has total trade receivables amounting to Rs 45.32 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
Four out of eight company facilities are located in West Bengal. Any adverse political, social, or environmental developments in the region can disrupt operations and impact the company’s financial health.
The company, its directors, and promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases can be detrimental to the company’s business prospects.
The company’s revenue is largely dependent on two products: oxygen and nitrogen. Oxygen accounted for Rs 108.56 crore (48 percent) of the company’s revenue in FY24, Rs 91.52 crore (48.36 percent) in FY23, and Rs 125.95 crore (58.29 percent) in FY22. Nitrogen accounted for Rs 84.42 crore (37.32 percent) of the company’s revenue in FY24, Rs 71.38 crore (37.71 percent) in FY23, and Rs 62.01 crore (28.70 percent) in FY22. A decline in demand for either gas can adversely affect the company’s finances.
As of May 31, 2024, Ellenbarrie Industrial Gases had total outstanding financial indebtedness amounting to Rs 184 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

Ellenbarrie Industrial Gases Financials

*All values are in Rs. Cr
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Application Details of Ellenbarrie Industrial Gases IPO

Apply asPrice bandApply Range
Regular380 - 400Upto ₹2 Lakh
High Networth Individual380 - 400₹2 - 5 Lakh
For Ellenbarrie Industrial Gases IPO, eligible investors can apply as Regular.