Ellenbarrie Industrial Gases IPO subscribed 22x on Day 3; retail segment booked 2.14x

The initial public offering (IPO) of Ellenbarrie Industrial Gases, a company specialising in the production and supply of industrial, medical, and speciality gases, was subscribed 22.19 times on the third day of bidding, June 26.

The issue received bids for 33.52 crore shares against 1.51 crore shares available, according to data from the NSE.

In investor categories, qualified institutional buyers (QIBs) were the most active, subscribing 64.23 times their allotted portion. The non-institutional investors (NIIs) category was booked 15.21 times, while the retail investors portion was subscribed 2.14 times.
Ellenbarrie is selling its shares in a fixed price band of ₹380-400 per share for its IPO that closes for subscription today, June 26.

In the unlisted market, shares of Ellenbarrie Industrial Gases were trading at a premium of ₹21 today.

Many investors use grey market premiums (GMP) as an informal indicator of potential listing performance.

Ellenbarrie intends to repay debt amounting to ₹210 crore through net fresh issue proceeds. Further, ₹104.5 crore will be used for setting up of an air separation unit at Uluberia-II plant with a capacity of 220 TPD, and the remainder IPO funds will be set aside for general corporate purposes.

Ellenbarrie 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.

Motilal Oswal Investment Advisors, IIFL Capital Services, JM Financial are the book running lead managers of the Ellenbarrie Industrial Gases IPO, while Kfin Technologies is the registrar for the issue.

The allotment for the Ellenbarrie Industrial Gases IPO is expected to be finalised on June 27, while the IPO will be listed on BSE, NSE with a tentative listing date fixed as July 1.