Ellenbarrie IPO Oversubscribed 22 Times

New Delhi, Jun 26 (PTI) The Rs 852-crore initial public offer of Ellenbarrie Industrial Gases Ltd attracted 22.19 times subscription on the last day of bidding on Thursday.

The three-day IPO received bids for 33,52,79,311 shares, as against 1,51,08,983 shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) quota received 64.23 times subscription, while the category for non-institutional investors got subscribed 15.21 times. The portion for Retail Individual Investors (RIIs) fetched 2.14 times subscription.

Ellenbarrie Industrial Gases has raised Rs 256 crore from anchor investors.

The Rs 852-crore IPO has a price band of Rs 380-400 per share.


The initial public offer (IPO) is a combination of a fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 1.13 crore shares valued at Rs 452.53 crore at the upper-end of the price band by promoters - Padam Kumar Agarwala and Varun Agarwal. This aggregates the issue size to Rs 852.53 crore.

Proceeds from the fresh issue to the extent of Rs 210 crore will be used for payment of debt, Rs 104.50 crore to set up an air separation unit at its Uluberia-II plant in West Bengal, and a portion will be used for general corporate purposes.

Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixtures, and speciality gases catering to a wide range of industries.

The shares will be listed on the BSE and NSE.

Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book running lead managers to the issue.