Listed

Ellenbarrie Industrial Gases Limited IPO

Ellenbarrie Industrial Gases Limited is one of India’s leading manufacturers and suppliers of industrial and medical gases. Established in 1973 and headquartered in Kolkata, the company has built a strong presence in eastern and southern India through its network of production facilities and distribution infrastructure.

RHP DRHP Check Allotment Status

Min Investment

₹14,800

Lot Size

37 Shares

Price Range

₹400.0

Issue Size (₹ Cr.)

₹852.53

IPO Type

BSE NSE, Mainboard

Key Metrics

Face Value

₹ 2

GMP

₹ 57.0

Subscription

17.37x

EPS

₹ 3.46

P/E Ratio

67.69 x

RoNW

18.10%

ROE

11.05%

Debt to Equity (₹ Cr.)

0.03

Timeline

IPO Opened24/06/2025Tuesday

IPO Closed26/06/2025Thursday

Allotted27/06/2025Friday

Refunded30/06/2025Monday

Listed01/07/2025Tuesday

Strengths

Established Market Presence With over 50 years in the industrial gases sector, the company has earned a trusted reputation, especially in eastern and southern India, supported by long-term client relationships.
Diverse Product Portfolio The company produces a wide range of industrial, medical, and specialty gases, allowing it to serve varied industries such as steel, healthcare, pharmaceuticals, and defence.
Multi-Mode Distribution Network Ellenbarrie delivers gases through pipelines, cryogenic tankers, and cylinders, ensuring flexibility and reliability in supply across different customer needs.
Strong Client Base The company supplies to over 1,800 customers including large corporates, hospitals, and government organizations, providing stable and recurring revenue streams.
In-House Engineering Expertise Its internal team handles design and setup of gas systems and air separation units, reducing dependency on third parties and ensuring quality control.

Weaknesses

Geographic Concentration A significant portion of operations is concentrated in eastern and southern India, which may limit national scalability and expose the company to regional risks.
Capital-Intensive Operations The industrial gases business requires heavy investments in plants, tankers, and cylinders, which can strain cash flow and increase financial risk during downturns.
Regulatory Compliance Burden Strict environmental and safety regulations in the gas industry require constant monitoring and investment, potentially increasing operational costs.
Dependence on Industrial Demand Demand is closely tied to cyclical industries like steel and infrastructure. A slowdown in these sectors can directly impact revenues.
Limited Brand Visibility While known within industrial circles, the company lacks broader brand recognition compared to larger global or pan-India players, which could affect future growth.