Ahead of IPO, Ellenbarrie Industrial Gases raises Rs 256 cr from anchor investors

New Delhi, Jun 23 (PTI) Ellenbarrie Industrial Gases on Monday said it has raised Rs 256 crore from anchor investors, a day ahead of the launch of its initial share sale for public subscription.

HDFC Mutual Fund (MF), Axis MF, Bandhan MF, Tata MF, Motilal Oswal MF, Nippon India MF, HDFC Life Insurance, British multinational Prudential through Eastspring Investments, ICICI Lombard General Insurance, Citigroup Global Markets Mauritius, and Copthall Mauritius Investment, among others, have been allotted shares in the anchor round.

According to a circular uploaded on BSE's website, Ellenbarrie Industrial Gases allocated a little over 63.93 lakh equity shares to 28 entities at Rs 400 per share, which is the upper end of the IPO price band.

The Rs 852-crore initial public offering (IPO) will open for public subscription on June 24 and conclude on June 26. The price band has been set at Rs 380-400 per share for the issue.

The initial public offer 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 company's revenue from operations increased 16 per cent to Rs 312.48 crore in FY25 from Rs 269.48 crore in the preceding fiscal.

Its profit after tax surged by 84 per cent to Rs 83.29 crore in the 2024-25 financial year against Rs 45.29 crore in the year-ago period.

Further, investors can bid for a minimum of 37 shares and multiples thereof.

The shares of the company will be listed on the BSE and NSE.

Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers, and KFin Technologies is the registrar of the issue. PTI HG HG BAL BAL