Ellenbarrie Industrial Gases Limited (EIGL) is one of India’s oldest and most trusted industrial gas manufacturers. With over 50 years of operational experience, the company specializes in the production, bottling, and distribution of industrial, medical, and specialty gases, including oxygen, nitrogen, argon, helium, hydrogen, carbon dioxide, acetylene, and nitrous oxide. It also offers products like dry ice, synthetic air, fire-fighting gases, and liquefied petroleum gas (LPG).
🏭 Operations and Delivery Modes
EIGL caters to a wide customer base through three primary supply formats:
- 🚛 Bulk Supply – via cryogenic tankers,
- 📦 Packaged Gases – distributed in high-pressure gas cylinders,
- 🏗️ Onsite Gas Supply – plant-based generation at client locations, including operation and maintenance (O&M) services.
The company also provides turnkey engineering services, including the design, installation, and commissioning of Air Separation Units (ASUs). In addition, EIGL supports healthcare infrastructure by installing medical gas pipeline systems and supplying critical medical equipment such as ventilators, anesthesia machines, spirometers, and sterilizers.
🌐 Manufacturing Footprint
As of March 31, 2024, EIGL operates eight manufacturing facilities strategically located in:
- West Bengal (4 units)
- Andhra Pradesh (2 units)
- Telangana (1 unit)
- Chhattisgarh (1 unit)
These facilities support its extensive pan-India distribution network, backed by one of India’s largest fleets of cryogenic tankers and gas cylinders.
👥 Customer Base and Key Sectors
In FY2024, EIGL served 1,836 customers, including 295 bulk customers with long-term contracts (average tenure ~5 years). The company caters to a diverse set of industries:
- 🏗️ Steel – Clients include Rashtriya Ispat Nigam Ltd and Jairaj Ispat
- 💊 Pharmaceuticals & Chemicals – Dr. Reddy’s Labs, Laurus Labs
- 🏥 Healthcare – AIIMS, West Bengal Medical Services, Chittaranjan National Cancer Institute
- 🔧 Engineering & Infrastructure – GMM Pfaudler, Air India Engineering Services
- 🚄 Railways & Aviation
- 🚀 Space Research
- 🛢️ Petrochemicals & Oil PSUs
- 🛡️ Defense Sector – Hindustan Shipyard Limited
👨🔧 Workforce
As of March 31, 2024, EIGL employed 250 permanent and 67 contractual employees, ensuring operational excellence across its manufacturing and service verticals.
Ellenbarrie Industrial Gases IPO – Details
| IPO Opening Date | 24 June 2025 |
| IPO Closing Date | 26 June 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,13,13,130 Shares Worth ₹852.53 Crore Fresh Issue: 1,00,00,000 Shares Worth ₹400.00 Crore OFS: 1,13,13,130 Shares Worth ₹452.53 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹380 – ₹400 per share |
| Market Lot | 37 Shares |
| Min Order | 37 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Limited |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Ellenbarrie Industrial Gases IPO – Date Schedule
| IPO Open Date | 24 June 2025 |
| IPO Close Date | 26 June 2025 |
| Basis of Allotment | 27 June 2025 |
| Initiation of Refund | 30 June 2025 |
| Credit of Shares to Demat Account | 30 June 2025 |
| IPO Listing Date | 01 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
Ellenbarrie Industrial Gases IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,800 |
| Retail (Max) | 13 | 481 | ₹1,92,400 |
| S-HNI (Min) | 14 | 518 | ₹2,07,200 |
| S-HNI (Max) | 67 | 2,479 | ₹9,91,600 |
| B-HNI (Min) | 68 | 2,516 | ₹10,06,400 |
Competitive Strength
- Leading Manufacturer of Industrial Gases, Well Positioned to Capitalise on Industry Tailwinds.
- Comprehensive Product Portfolio, Catering to Diverse End-use Industries.
- Long-standing Customer Relationships Leading to Stable Cashflows.
- Diversified Customer Base, Minimizing Concentration Risks.
- Expansive operational and distribution capabilities across East and South India.
- Experienced Promoters and Management Team, Supported by a Committed Employee Base.
Company Promoters
- Padam Kumar Agarwala
- Varun Agarwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹223.71 Cr | ₹186.45 Cr | ₹28.14 Cr | ₹101.10 Cr |
| 31 March 2024 | ₹290.20 Cr | ₹225.99 Cr | ₹45.29 Cr | ₹176.90 Cr |
| 31 March 2025 | ₹348.43 Cr | ₹240.61 Cr | ₹83.29 Cr | ₹245.30 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.88% |
| ROCE | 13.71% |
| Debt/Equity | 0.32 |
| RoNW | 24.97% |
| PAT Margin | 23.90% |
| EBITDA Margin | 35.12% |
| Price to Book Value | 20.93 |
| Pre IPO | Post IPO | |
| EPS (₹) | 6.36 | 5.91 |
| P/E (x) | 62.88 | 67.69 |
Object Of The Issue
| S.No. | Objects of the Issue | Expected Amount (Rs. in crores) |
|---|---|---|
| 1 | Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company. | 210.00 |
| 2 | Setting up of an air separation unit at our Uluberia-II plant with a capacity of 220 TPD. | 104.50 |
| 3 | General corporate purposes. | – |
Ellenbarrie Industrial Gases IPO Peer Comparison
| S. No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 1 | 10 | Linde India Limited | 140.74 |
✅ Strengths
- One of India’s oldest industrial gas companies with over 50 years of legacy.
- Market leader in West Bengal, Andhra Pradesh, and Telangana by installed capacity.
- Diverse customer base across 1,800+ clients, reducing concentration risk.
- Wide product portfolio serving critical sectors like steel, healthcare, defence, and space.
- Strong project execution capabilities, including turnkey ASU installations.
- High EBITDA margin of 35.12% and strong return on equity (ROE) of 16.88% in FY25.
- Resilient performance during the COVID-19 crisis, including rapid medical oxygen delivery by air force support.
- Dedicated plants and distribution fleet for multiple gas delivery formats (pipeline, liquid, cylinder)
⚠️ Risks
- Significant portion of revenue from top clients; dependency risk persists.
- Geographic concentration in East and South India may limit national scalability.
- Revenues from project engineering services are non-recurring and cyclical.
- High capex requirements and dependence on large-scale industrial projects.
- Industry highly regulated and exposed to commodity price and utility cost changes.
- Brand visibility relatively lower than multinational peers like Linde or Air Liquide.
Ellenbarrie Industrial Gases IPO Promoter Holding
| Pre Issue Share Holding | 96.46% |
| Post Issue Share Holding | 81.59% |
Ellenbarrie Industrial Gases IPO Prospectus
Company Contact Information
| Ellenbarrie Industrial Gases Limited 3A, Ripon Street Kolkata, West Bengal, 700016 Phone: 033-48226521 Email: complianceofficer@ellenbarrie.com Website: http://www.ellenbarrie.com/ |
Ellenbarrie Industrial Gases IPO Registrar
| Kfin Technologies Limited Phone: 04067162222, 04079611000 Email: eigl.ipo@kfintech.com Website: https://kosmic.kfintech.com/ipostatus/ |
Ellenbarrie Industrial Gases IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited 3. Motilal Oswal Investment Advisors Limited |
Ellenbarrie Industrial Gases IPO FAQs
| What is Ellenbarrie Industrial Gases IPO? Ellenbarrie Industrial Gases IPO is a main-board IPO. The issue is priced at ₹380 to ₹400 per equity share. The IPO is to be listed on BSE & NSE. |
| When Ellenbarrie Industrial Gases IPO will open? The IPO is to open on 24 June 2025 for QIB, NII, and Retail Investors. |
| What is Ellenbarrie Industrial Gases IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Ellenbarrie Industrial Gases IPO? You can apply Ellenbarrie Industrial Gases IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Ellenbarrie Industrial Gases IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Ellenbarrie Industrial Gases IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Ellenbarrie Industrial Gases IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Ellenbarrie Industrial Gases IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Ellenbarrie Industrial Gases IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Ellenbarrie Industrial Gases IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Ellenbarrie Industrial Gases IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Ellenbarrie Industrial Gases IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Ellenbarrie Industrial Gases IPO Size? Ellenbarrie Industrial Gases IPO size is ₹852.53 Crore. |
| What is the Ellenbarrie Industrial Gases IPO Price Band? Ellenbarrie Industrial Gases IPO Price Band is ₹380 to ₹400. |
| What is Ellenbarrie Industrial Gases IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 37 Shares with ₹14,800 while the maximum bid is 481 Shares with ₹1,92,400. |
| What is the Ellenbarrie Industrial Gases IPO Allotment Date? Ellenbarrie Industrial Gases IPO allotment date is 27 June 2025. |
| What is the Ellenbarrie Industrial Gases IPO Listing Date? Ellenbarrie Industrial Gases IPO listing date is 01 July 2025. The IPO is to be listed on BSE and NSE. |
