Ellenbarrie Industrial Gases set for listing today. GMP hints at robust debut

Kolkata-based industrial gas supplier Ellenbarrie Industrial Gases is set to list on the BSE and NSE on Tuesday after receiving a stellar response to its Rs 853 crore IPO. The IPO is expected to debut with a healthy premium, backed by a grey market premium (GMP) of Rs 57 per share over the issue price of Rs 400.

The issue, a mix of fresh equity worth Rs 400 crore and an offer for sale of Rs 452.53 crore, was subscribed an impressive 22.19 times overall. The demand was driven by Qualified Institutional Buyers (QIBs), who bid 64.23 times their quota, while non-institutional investors (NIIs) followed at 15.21 times. The retail portion saw 2.14 times subscription, reflecting solid interest despite a relatively high ticket size.

EIGL plans to use the IPO proceeds for debt repayment, setting up a 220 TPD air separation unit at its Uluberia-II plant, and general corporate purposes. The company had also raised Rs 255.76 crore from anchor investors on June 23, with a strong institutional book including domestic mutual funds and insurance players.

Founded in 1973, Ellenbarrie manufactures and supplies industrial, medical, and specialty gases such as oxygen, nitrogen, helium, argon, and carbon dioxide.

It caters to sectors including steel, healthcare, pharmaceuticals, petrochemicals, defence, and railways. With eight production facilities and a customer base of over 1,800 clients, EIGL is considered a key player in India’s industrial gas ecosystem.

The company has shown robust financial growth, with FY25 profit after tax rising 84% year-on-year to Rs 83.29 crore, and revenue up by 20% to Rs 348.43 crore.While the stock is seen as aggressively priced with a P/E multiple of 67.69x, analysts remain optimistic about its long-term prospects given its sticky clientele, niche product mix, and consistent margin profile. The market capitalization at listing is estimated at over Rs 5,637 crore.With a solid subscription book and positive grey market sentiment, Ellenbarrie is likely to see a strong listing, though broader market cues and institutional follow-through will determine its sustainability post-debut.

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