The Ellenbarrie Industrial Gases IPO has opened for public subscription from June 24 to 26, 2025, with a price band of ₹380–400. Early grey market activity shows a GMP (grey market premium) at ₹7, signaling modest investor optimism ahead of listing.
Ellenbarrie IPO GMP & Key Dates Table
| Date | IPO Event | GMP (₹) | Price Band (₹) | Estimated Listing Price (₹) |
|---|---|---|---|---|
| June 23, 2025 | Anchor Investor Allotment | ₹7 | ₹380 – ₹400 | ₹407 |
| June 24, 2025 | IPO Opens (Day 1) | ₹7 | ₹380 – ₹400 | ₹407 |
| June 25, 2025 | IPO Continues (Day 2) | To be updated | ₹380 – ₹400 | — |
| June 26, 2025 | IPO Closes (Day 3) | — | ₹380 – ₹400 | — |
| June 27, 2025 | Basis of Allotment Finalized | — | — | — |
| June 30, 2025 | Shares Credited to Demat A/c | — | — | — |
| July 1, 2025 | Tentative Listing Date | Expected ₹7–10 | ₹380 – ₹400 | ₹407–₹410 (estimated) |
🧾 Notes:
- GMP (Grey Market Premium) of ₹7 on Day 1 indicates a modest premium of 1.75% over the upper price band (₹400).
- Estimated Listing Price = Price Band + GMP
→ ₹400 + ₹7 = ₹407 (approx.) - GMP is subject to daily fluctuations, especially closer to listing date.
- Final GMP and listing price will depend on subscription levels, market mood, and sector sentiment.
Founded in 1973, Ellenbarrie is one of India’s oldest domestic industrial gas manufacturers, producing essential gases—oxygen, nitrogen, argon, and specialty products—for industries such as healthcare, steel, pharmaceuticals, and defense.
The ₹852.5 crore IPO consists of:
- Fresh issue of ₹400 crore.
- Offer for sale (OFS) by promoters totaling around ₹452.5 crore
IPO Timeline
| Event | Date |
|---|---|
| Anchor investor allocation | June 23, 2025 |
| Public subscription opens | June 24, 2025 |
| Subscription closes | June 26, 2025 |
| Basis of allotment finalized | June 27, 2025 |
| Refunds initiated & shares credited | June 30, 2025 |
| Tentative listing | July 1, 2025 |
Anchor investors pumped in ~₹256 crore, snapping up ~63.9 lakh shares at ₹400 apiece.
GMP & Listing Gain Outlook
Grey market activity shows:
- GMP at ₹7 on June 24 – ~1.8% premium over ₹400 cap.
- Investors expect a listing around ₹407/share, suggesting modest initial gains.
- However, grey market figures are speculative, volatile, and not guaranteed predictors
Financial Performance
Ellenbarrie has posted strong growth in FY2023–25:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ crore) | 223.7 | 290.2 | 348.4 |
| PAT (₹ crore) | 28.1 | 45.3 | 83.3 |
| EBITDA (₹ crore) | 33.6 | 61.5 | 109.7 |
YoY growth: Revenue +56%, PAT +198%, EBITDA +227% since FY23
Financial ratios for FY25 include:
- ROE ~25%, EBITDA margin 35%, Net debt/equity ~0.32
Use of IPO Funds
From ₹400 crore fresh issue:
- ₹210 crore to repay debt.
- ₹104.5 crore to build 220 TPD air separation unit at Uluberia-II.
- Balance for general corporate needs
Strengths & ⚠️ Risks
Strengths
- Diverse gas portfolio across industrial, medical, speciality segments.
- Long-standing, multi-year supply contracts with take-or-pay clauses ensure stable revenue.
- Pan-India plants & distribution footprint supports scale and customer reach .
Risks
- P/E stands around 67× FY25 earnings at upper price band—comparison: Linde India trades ~140×; high valuations limit upside.
- Dependence on specialised gas demand – any slowdown in industrial activity may impact revenues.
- Any execution delays in new ASU project or capex execution risk cost overruns.
Tweets on X
Market & Analyst Commentary
- SBI Securities, among others, suggests subscribing at cutoff given strong fundamentals.
- Market analysts say: “Grey market premium at ₹7 indicates cautious optimism”, spotlighting moderated sentiment.
Should Investors Apply?
If you’re targeting a short-term listing gain, the modest GMP suggests limited upside (~1.8–2.5%). For long-term investment, the company’s margins, contracted revenue, and capex plans provide potential growth.
Consider risk factors (valuation, sector trends) and allocate conservatively.
Final thought of Linesbull
The Ellenbarrie IPO opens in favorable financial shape—strong earnings, low leverage, and capex visibility. The modest ₹7 GMP tempers expectations for quick listing gains, but signals solid investor confidence. Suitable for those eyeing a calculated, mid-term investment with industrial exposure.
