Ellenbarrie Industrial Gases IPO saw 31% subscription on Day 2. Non-institutional investors showed strong interest (58%). IPO closes Thursday.
The IPO received bids for 47,29,488 shares against 1,51,08,983 shares on offer, according to data available with the NSE.
The category for non-institutional investors received 58 per cent subscription, while retail individual investors (RIIs) quota subscribed 37 per cent.
Ellenbarrie Industrial Gases has raised Rs 256 crore from anchor investors.
The Rs 852-crore IPO will conclude on Thursday. The price band has been fixed at Rs 380-400 per share for the issue.
The initial public offer (IPO) is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper end of the price band by promoters – Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 crore.
Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate purposes.
Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries.
The shares will be listed on the BSE and NSE.
Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue.
