Ellenbarrie Industrial Gases Limited (EIGL) is a leading Indian manufacturer and supplier of industrial gases, recognized for over 50 years of legacy and expertise in the sector. Headquartered in Kolkata, EIGL operates some of India’s largest oxygen plants and holds a significant market share, serving industries such as steel, pharmaceuticals, shipbuilding, defense, and space. Ellenbarrie Industrial Gases IPO, aiming to enhance capacity and strengthen its financial foundation. With a price band of ₹380–400 per share and a total issue size of ₹852.53 crore, the offering is scheduled from June 24 – 26, 2025.
₹40
₹400
₹486.00
Expert Opinions
Market sentiment for the Ellenbarrie Industrial Gases IPO is mixed, reflecting subdued speculative interest in the grey market but potential for stronger institutional demand, as seen with other recent IPOs amid a buoyant secondary market. Company strengths include a dominant presence in Eastern and Southern India, a diversified product portfolio serving critical sectors like steel, pharmaceuticals, and healthcare, and robust financial growth—revenue up 20% and profit after tax rising 84% in FY25. Risks and challenges include high promoter shareholding (over 96%), sector cyclicality, and exposure to regulatory changes and raw material price volatility.
Valuation analysis for Ellenbarrie Industrial Gases IPO for FY2025 shows a healthy ROE of 16.88%, ROCE of 13.71%, and NAV of ₹25.48, indicating efficient capital utilization and reasonable profitability. The long-term investment perspective is positive, underpinned by strong sector demand, expansion plans (including a new air separation unit), and debt reduction, but investors should remain mindful of governance and market risks as the company transitions to a listed entity.
Investor Considerations
Ellenbarrie Industrial Gases IPO has posted strong financials, with revenue rising 16% to ₹312.48 crore in FY2025 and profit after tax soaring 84% to ₹83.29 crore, highlighting its operational efficiency and solid fundamentals. The industrial and medical gases sector is expected to grow steadily, fueled by demand from healthcare, manufacturing, and chemical industries. The Ellenbarrie Industrial Gases IPO valuation is supported by a robust Return on Net Worth (RoNW) of 24.97% and an impressive EBITDA margin of 35.12%.
The company’s expansion plans and sector dynamics offer promising growth prospects. However, investors should be mindful of risks such as industry cyclicality, raw material price volatility, and regulatory changes. While short-term gains may be possible, Ellenbarrie’s strong fundamentals and sector outlook make it particularly attractive for long-term investors seeking stable growth in a vital industrial segment.
| Date | GMP | Trend |
|---|---|---|
| 29 Jun 2025 10.51 | ₹40 | --- |
| 28 Jun 2025 13.48 | ₹40 | --- |
| 27 Jun 2025 13.18 | ₹40 | --- |
| 26 Jun 2025 19.59 | ₹40 | Up |
| 25 Jun 2025 14.39 | ₹25 | Up |
| 24 Jun 2025 11.06 | ₹10 | --- |
| 23 Jun 2025 10.38 | ₹10 | --- |
| 21 Jun 2025 16.54 | ₹10 | Up |
| 20 Jun 2025 10.38 | ₹00 | --- |
| 19 Jun 2025 11.48 | ₹00 | --- |
| 18 Jun 2025 10.45 | ₹00 | --- |
| 17 Jun 2025 18.15 | ₹00 | --- |
| 16 Jun 2025 11.18 | ₹00 | --- |
FAQs
The Grey Market Premium showed low accuracy in predicting Ellenbarrie Industrial Gases IPO’s listing performance. With a final GMP of ₹40, it indicated a 10% premium over the issue price of ₹400. However, the stock delivered a much stronger listing gain of 21.5% at ₹486. This resulted in a prediction error of 11.5%, where the GMP correctly pointed to a positive debut but significantly underestimated the magnitude of gains, showing limited reliability in this case.
Ellenbarrie Industrial Gases IPO Current GMP is ₹40.
Ellenbarrie Industrial Gases IPO Expected Returns is 10.00%.
Ellenbarrie Industrial Gases IPO estimated listing price is ₹440.