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The issue opened for bidding on 24 June 2025 and it closed on 26 June 2025. The price band of the IPO is fixed between Rs 380 and 400 per share.

The company will use the issue proceeds to repay borrowings of Rs 210 crore, set up a 220 TPD air separation unit at its Uluberia-II plant (Rs 104.5 crore), and for general corporate purposes. The plant, costing Rs 187.60 crore, is expected to be completed by October 2025. Total borrowings stood at Rs 264.21 crore as of 30 April 2025.

Promoters Padam Kumar Agarwala and Varun Agarwala have offered 56,56,565 equity shares each in the offer for sale, aggregating to a total of 1,13,13,130 equity shares. Post-offer, Padam Kumar Agarwala's shareholding will reduce from 61.7% to 53.3%, while Varun Agarwala's stake will decline from 25.3% to 19.5%.

Ellenbarrie Industrial Gases, founded in 1973, is a leading industrial and medical gases manufacturer in India. It serves sectors like steel, healthcare, pharma, and defence, with 9 plants and a production capacity of 1,250 TPD. Promoted by Padam and Varun Agarwala, the company is coming out with an IPO comprising a fresh issue and an offer for sale.

Ahead of the IPO, Ellenbarrie Industrial Gases on Monday, 23 June 2025, raised Rs 255.75 crore from anchor investors. The board allotted 63.93 lakh shares at Rs 400 each to 28 anchor investors.

The firm reported a consolidated net profit of Rs 83.2890 crore and a total income of Rs 312.48 crore for the twelve months ended on 31 March 2024.

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