Ellenbarrie Industrial Gases IPO: Final Day Live Updates on GMP, Subscription & Investment Call

The IPO of Ellenbarrie Industrial Gases Limited is making headlines this week. It opened for public subscription on June 24, 2025, and today, June 26, is the final day to apply. The company plans to raise around ₹852 crore through this offer. That’s a big move in the industrial gas sector, and investors are watching closely.

We’re seeing growing interest in businesses that support manufacturing, healthcare, and energy. Ellenbarrie fits that picture well. It supplies oxygen, nitrogen, and other gases that industries can’t run without. This IPO is a big step for the company as it looks to grow faster and reduce its debt.

If you’re wondering whether this IPO is worth investing in, you’re not alone. Many retail investors are checking the GMP (grey market premium), subscription numbers, and expert opinions before making a decision. We’ll walk you through all of it, how much of the IPO is already subscribed, what analysts are saying, what the grey market shows, and what you should consider before making a call.

Let’s explain it clearly and easily, so you can decide wisely, whether it’s your first IPO or you’ve been following them for years.

IPO Structure & Use of Funds

Ellenbarrie’s IPO is sized at ₹852.53 crore, combining a ₹400 crore fresh equity issue with an Offer for Sale (OFS) of roughly 1.13 crore shares (~₹452.53 crore) by promoters.

They plan to use the funds to:

• Repay debt: ₹210 crore
• Set up a 220 TPD air-separation unit at Uluberia-II: ₹104.5 crore
• Support general corporate and expansion uses

With these plans, Ellenbarrie aims to commission three new plants by FY 26 and boost its total installed capacity from 3,861 TPD to 4,551 TPD

Anchor Investment & GMP

Before its IPO, Ellenbarrie secured ₹256 crore from anchor investors including HDFC MF, Axis MF, Tata MF, Nippon India MF, Prudential, ICICI Lombard, and Citigroup Mauritius 

The grey market premium (GMP) moved as follows:

• Pre-launch: ~₹7
• Day 2 peak: ₹25–₹26
• Final day: ~₹18–₹19 (~5%)

The late dip in GMP likely signals profit-booking or softer enthusiasm in unofficial trades.

Subscription Trends

Day 1 (June 24)

• Overall: ~8%
• Retail: ~13%, NII: ~5%

Day 2

• Overall: ~31% (Retail 37%, NII 58%)

Day 3 (Final Day)

• Morning: ≈52–55%
• By 1:40 PM: 4.59×; QIBs ~11.26×, NII ~4.84×, Retail ~0.82×
• By the end of the day: 22.19× overall subscription

Broker Feedback & Market Mood

• SBI Securities gave a Subscribe recommendation, citing strong margins (PAT ~26.7%, EBITDA ~35.8%, ROE ~16.9%).
• Anand Rathi emphasized rising argon margins, capacity expansion, and onsite projects.
• Cholamandalam Securities echoed the positive view, suggesting long‑term value that said, but the GMP cooldown hints at modest listing gains compared to other IPOs.

Timeline

Event	Date
IPO Subscription	24–26 June 2025
Anchor Allotment	23 June 2025
Basis of Allotment	27–28 June 2025
Demat & Refunds	~30 June 2025
Listing on BSE/NSE	~1 July 2025

Valuation & Growth Perspective

At the upper band (₹400), the IPO values the company at ~62.9× FY25 earnings.
The industrial gases market in India is growing at ~7.5% CAGR and is expected to exceed ₹15,000 cr by 2028. Ellenbarrie holds ~2.85% market share in a ₹11,300 cr market.
Its expansion plans and improved profitability offer a solid long‑term case. But risks like market competition, tech changes, and regulatory delays persist.

Take‑Home Investment Thoughts

• Short‑term gains: With GMP at ₹19, shares are priced ~4.75% above the ₹400 upper band, indicating possible modest listing returns.
• Long‑term play: IPO proceeds will repay ₹210 cr of debt and fund a 220 TPD air-separation unit. This supports margin improvement and capacity expansion by FY 26–27.
• Investor mix: QIBs subscribed ~57% by mid-Day 3; NIIs ~81%, and Retail ~42%, showing strong institutional backing and growing retail interest.

Final Day Recap

On the final day, bids crossed 4.5× overall. GMP levels eased, indicating some caution. But institutional backing and full subscription reflect solid demand.

Conclusion

We at [Your Platform] find the Ellenbarrie IPO well‑structured. It’s backed by strong institutional interest and offers balanced risk‑reward. If you’re a short‑term investor, modest listing gains are likely. For a long‑term investor, solid fundamentals and strategic growth make a compelling case. At the end of the day, your decision should reflect your risk appetite and investment timeframe. We hope this breakdown helps you decide with confidence.

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Disclaimer:

This content is for informational purposes only and not financial advice. Always conduct your research.