Ellenbarrie Industrial Gases IPO - Day 3 Subscription at 17.37 Times

Ellenbarrie Industrial Gases' initial public offering (IPO) has demonstrated exceptional investor demand through its third day of subscription, with Ellenbarrie Industrial Gases' stock price set at ₹400 per share and Ellenbarrie Industrial Gases' share price reflecting positive market reception. The ₹1,108.28 crore IPO has witnessed remarkable progress, with subscription rates opening at 0.08 times on day one, improving to 0.32 times on day two, and surging to 17.37 times by 5:04:53 PM on day three, indicating strong investor interest in this industrial gases company.

Ellenbarrie Industrial Gases IPO qualified institutional buyers segment leads with an exceptional 45.27 times subscription, while non-institutional investors demonstrate strong participation at 15.58 times, and retail investors show solid interest at 2.19 times, reflecting robust investor confidence in this company with a diversified gas products portfolio.

Ellenbarrie Industrial Gases IPO subscription reached an impressive 17.37 times on day three, led by QIB (45.27x), NII (15.58x), and Retail (2.19x). Total applications reached 4,52,473.

Subscription Status of Ellenbarrie Industrial Gases IPO:

Here are the subscription details for Ellenbarrie Industrial Gases IPO as of Day 3 (June 26, 2025, 5:04:53 PM):

Key Highlights - Day 3:

• Overall subscription reaching an impressive 17.37 times, a dramatic surge from day two's 0.32 times
• QIB segment leading with exceptional demand at 45.27 times, a remarkable increase from day two's 0.00 times
• NII segment demonstrating strong participation at 15.58 times, a substantial improvement from day two's 0.60 times
• bNII subsegment showing excellent participation at 17.15 times, indicating strong high-net-worth interest
• Retail segment achieving solid participation at 2.19 times, a significant improvement from day two's 0.38 times
• sNII subsegment demonstrating strong interest at 11.78 times, reflecting positive, smaller investor confidence
• Total applications reached 4,52,473, indicating strong investor participation
• The cumulative bid amount reached ₹10,365.24 crores against the issue size of ₹1,108.28 crores

Ellenbarrie Industrial Gases IPO - Day 2 Subscription at 0.32 Times

Key Highlights - Day 2:

• Overall subscription reaching a modest 0.15 times, a slight improvement from day one's 0.08 times
• Retail segment leading with limited demand at 0.23 times, moderate increase from day one's 0.13 times
• NII segment showing modest participation at 0.14 times, improvement from day one's 0.05 times
• QIB segment showing no participation at 0.00 times, remaining unchanged from day one
• Total applications reached 37,323, indicating limited investor participation
• The cumulative bid amount reached ₹86.76 crores against the issue size of ₹852.53 crores
   

Ellenbarrie Industrial Gases IPO - Day 1 Subscription at 0.08 Times

Key Highlights - Day 1:

• Overall subscription opening cautiously at 0.08 times, showing modest initial investor interest
• Retail segment leading with limited early participation at 0.13 times, indicating measured individual investor confidence
• NII segment showing minimal early interest at 0.05 times, reflecting reserved high-net-worth confidence
• QIB segment showing no initial participation at 0.00 times on day one
• Opening day demonstrates reserved initial engagement across categories

About Ellenbarrie Industrial Gases IPO

Incorporated in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is an Indian company specialising in the production and supply of industrial, medical, and speciality gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. EIGL also offers dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas (LPG), welding mixtures, and speciality gases, serving a wide range of industries.

EIGL offers project engineering services, leveraging technical expertise to design, install, and commission tonnage air separation units (ASUs) on a turnkey basis. The company also provides medical gas pipeline solutions, assisting healthcare facilities with installing, operating, and maintaining their systems. Additionally, EIGL supplies medical equipment such as anaesthesia workstations, ventilators, spirometers, sterilisers, bedside monitors, and lung diffusion testing machines.

EIGL operates eight facilities across India: four in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh, supplied products to 1,829 customers in Fiscal 2025, and employed 281 permanent and 85 contractual employees as of March 31, 2025, with promoters Padam Kumar Agarwala and Varun Agarwal holding 96.47% pre-issue and 81.59% post-issue shareholding.

Financial performance shows strong growth with revenue increasing 20% from ₹290.20 crores in FY2024 to ₹348.43 crores in FY2025, while profit after tax surged 84% from ₹45.29 crores to ₹83.29 crores. The company maintains excellent profitability metrics with 16.88% ROE, 13.71% ROCE, operates with a moderate debt-to-equity ratio of 0.32, but faces aggressive valuation with a post-IPO P/E of 67.69x and a price-to-book value of 20.93x. Market capitalisation post-IPO would be ₹5,637.42 crores.

Highlights of the Ellenbarrie Industrial Gases IPO:

• IPO type: Book Building IPO
• IPO size: ₹852.53 crores
• Fresh Issue: 1.00 crore shares (₹400.00 crores)
• Offer for Sale: 1.13 crore shares (₹452.53 crores)
• Face value: ₹2 per share
• Issue price band: ₹380 to ₹400 per share
• Lot size: 37 shares
• Minimum investment for retail investors: ₹14,800 (1 lot, 37 shares)
• Minimum investment for sNII: ₹2,07,200 (14 lots, 518 shares)
• Minimum investment for bNII: ₹10,06,400 (68 lots, 2,516 shares)
• Anchor investor allocation: ₹255.76 crores
• Book-running lead managers: Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, JM Financial Limited
• Registrar: Kfin Technologies Limited
• Listing at: BSE, NSE
• IPO opens: June 24, 2025
• IPO closes: June 26, 2025
• Allotment date: June 27, 2025
• Listing date: July 1, 2025
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