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Ellenbarrie Industrial Gases IPO
Price Band
₹380.0–400.0
Issue Size
₹852.53 Cr
Lot Size
37 shares
Min Investment
₹14,800
GMP
+₹57.0 (14.25%)
Issue Price
₹400.0
Subject to Sauda
₹1600
Paid only if allotted
Ellenbarrie Industrial Gases IPO AI Summary
- Ellenbarrie Industrial Gases IPO is listed on BSE, NSE in the Industrial Gases sector.
- Price band: ₹380.0–₹400.0 per share, lot size 37 shares (min. investment ₹14,800).
- Subscription window: 24 Jun–26 Jun 2025, listing on 01 Jul 2025.
- Current GMP is +₹57.0 (14.25%), an estimated listing price of ₹457 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Ellenbarrie Industrial Gases IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 26 Jun 2025 — not a current signal.
10 of 12 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Ellenbarrie Industrial Gases IPO Grey Market Premium (GMP) Today
GMP
+₹57.0
GMP %
+14.25%
Est. Listing
₹457.0
Updated: 25 Jul 2026 14:14
About the Company
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 specialty gases, serving a wide range of industries. Services: 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 anesthesia workstations, ventilators, spirometers, sterilizers, bedside monitors, and lung diffusion testing machines. EIGL serves various customers, classified into three categories: Bulk Customers – Supplied with liquefied gases through cryogenic tankers. Package Customers – Receive compressed gases in cylinders. Onsite Customers – Provided with onsite gas supply and operations & maintenance services. Industries Served EIGL caters to several industries, including: Steel – Supplying gases to leading steel manufacturers like Jairaj Ispat Limited and Rashtriya Ispat Nigam Limited. Pharmaceuticals & Chemicals – Clients include Dr. Reddy's Laboratories Limited and Laurus Labs Limited. Healthcare – Partnering with institutions like AIIMS, West Bengal Medical Services Corporation Limited, and Chittaranjan National Cancer Institute. Engineering & Infrastructure – Serving companies like GMM Pfaudler Limited and Air India Engineering Services Limited. Railways, Aviation & Space – Supplying gases to railway workshops, Jupiter Wagons Limited, and a space research organization. Petrochemicals – Working with major oil marketing public sector companies. Defence – Providing industrial gases to Hindustan Shipyard Limited. Operations & Workforce Customer Base: In Fiscal 2025, EIGL supplied products to 1,829 customers. Manufacturing Facilities: EIGL operates eight facilities across India: four in West Bengal, two in Andhra Pradesh, one in Telangana, and one in Chhattisgarh. Employees: As of March 31, 2025, EIGL employed 281 permanent and 85 contractual employees.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 845.97 | 672.54 | 551.27 |
| Total Income | 348.43 | 290.20 | 223.71 |
| Profit After Tax | 83.29 | 45.29 | 28.14 |
| EBITDA | 109.74 | 61.53 | 33.59 |
| NET Worth | 333.62 | 250.15 | 203.32 |
| Reserves and Surplus | 467.17 | 403.35 | 356.51 |
| Total Borrowing | 245.30 | 176.90 | 101.10 |
Key Ratios
EPS
₹6.36
NAV
₹25.48
ROE
16.88%
ROCE
13.71%
RoNW
24.97%
P/B Value
20.93
P/E Ratio
62.88
Market Cap
₹5637.42 Cr
PAT Margin
23.90%
Debt/Equity
0.32
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Linde India Limited | 447.91 | 11.91% | 140.74 | 53.33 | 53.33 |
| Ellenbarrie Industrial Gases Limited This IPO | 25.48 | 24.97% | — | 6.36 | 6.36 |
Promoters
Padam Kumar Agarwala and Varun Agarwal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company. 210.00 2 Setting up of an air separation unit at the Uluberia-II plant with a capacity of 220 TPD. 104.50 3 General Corporate Purposes 55.95 4 Issue Expenses 59.87 Total 430.32
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income increased from ₹223.71 Cr in the year ending 31 Mar 2023 to ₹290.20 Cr by 31 Mar 2024, and further rose to ₹348.43 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax (PAT) grew from ₹28.14 Cr in the year ending 31 Mar 2023 to ₹45.29 Cr by 31 Mar 2024, and then further increased to ₹83.29 Cr by 31 Mar 2025. This indicates a significant improvement in profitability over the periods.
Valuation
Ellenbarrie Industrial Gases Limited has an EPS of ₹6.36 and is priced at a P/E ratio of 62.88. Comparatively, peers like Linde India Limited are trading at a P/E of 140.74. This implies that EIGL is priced at roughly 62.88 trailing earnings, versus peers trading at 140.74.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. Investors often use GMP to gauge market sentiment about an IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It is important to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, established companies may want to avoid IPOs like this, which can be more volatile and uncertain in the short term.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing. Investors should be aware of the risks involved in seeking quick profits.
This evaluation is generated from Ellenbarrie Industrial Gases's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Ellenbarrie Industrial Gases IPO GMP today?
Ellenbarrie Industrial Gases IPO GMP today is +₹57.0 (14.25%), indicating an estimated listing price of ₹457. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Ellenbarrie Industrial Gases IPO?
The price band of Ellenbarrie Industrial Gases IPO is ₹380.0–₹400.0 per share.
When does Ellenbarrie Industrial Gases IPO open and close?
Ellenbarrie Industrial Gases IPO opens on 24 June 2025 and closes on 26 June 2025.
When does Ellenbarrie Industrial Gases IPO list on the stock exchange?
Ellenbarrie Industrial Gases IPO listed on 01 July 2025 at ₹457.0.
What is the lot size for Ellenbarrie Industrial Gases IPO?
The lot size for Ellenbarrie Industrial Gases IPO is 37 shares, requiring a minimum investment of ₹14,800.
What is the price band for the IPO?
The price band for the IPO is ₹380 to ₹400.
What is the minimum investment required?
The minimum investment required is ₹14,800.
What is the lot size for the IPO?
The lot size for the IPO is 37 shares.
When does the IPO open and close?
The IPO opens on June 24, 2025, and closes on June 26, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price of the shares on listing day compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
24 Jun 2025
Close
26 Jun 2025
Allotment
27 Jun 2025
Listing
01 Jul 2025
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