Ellenbarrie Industrial shares jump over 35 pc in debut trade; hit upper circuit

New Delhi, Jul 1 (PTI) Shares of Ellenbarrie Industrial Gases Ltd on Tuesday ended with a premium of over 35 per cent against the issue price of Rs 400.

The company's stock was listed at Rs 492, surging 23 per cent from the issue price on the BSE. Shares of the firm jumped 35.3 per cent to hit the upper circuit limit of Rs 541.20.

At the NSE, the stock began trading at Rs 486, a premium of 21.5 per cent from the issue price. It ended at Rs 534.60, the upper circuit limit, reflecting a jump of 33.65 per cent.

The company's market valuation stood at Rs 7,627.43 crore.

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 last week.

The IPO had a price band of Rs 380-400 per share.

The initial public offering (IPO) was 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.

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. PTI SUM SUM BAL BAL