Ellenbarrie Industrial Gases Limited IPO
Ellenbarrie Industrial Gases Limited is one of India’s oldest and most reputed industrial gas manufacturers, with a legacy of over 50 years. It produces and supplies a diverse portfolio of industrial and medical gases-including oxygen, nitrogen, argon, helium, hydrogen, and carbon dioxide-to a wide spectrum of end-use industries such as steel, pharmaceuticals, defence, space, railways, and healthcare. The company is the market leader in West Bengal, Andhra Pradesh, and Telangana in terms of installed capacity.
Integrated Offerings Across Supply Modalities:
Operating across nine facilities in East, South, and Central India, Ellenbarrie provides gases through multiple modalities:
a) Bulk (via cryogenic tankers)
b) Packaged (in cylinders)
c) Onsite generation (via dedicated facilities at customer premises)
These arrangements ensure long-term, uninterrupted gas supply under contracts ranging from 5 to 15 years.
Diversified Clientele and Resilient Revenue Base:
The company boasts a highly diversified customer base with 1,829 active clients as of FY25. It enjoys long-standing relationships-over 39% of its FY25 revenue came from clients associated for more than 10 years. Major clients include AIIMS, DRDO labs, Rashtriya Ispat Nigam Ltd., and Indian Railways. Notably, over 85% of revenue is derived from repeat customers, reflecting strong trust and client retention.
Medical and Defence Contributions:
During COVID-19, the company played a pivotal role by diverting production to medical oxygen and
expanding its pipeline and equipment services for hospitals. It also supplies specialty gases to the
Indian armed forces, space organizations, and government R&D labs, underscoring its critical
national importance.
Project Engineering and Equipment Solutions:
Apart from gas production, Ellenbarrie offers turnkey engineering services such as setting up air separation units (ASUs), medical gas pipelines, and hospital equipment installations-strengthening its role as a full-stack industrial gas solutions provider.
Operational Strength and Distribution Network:
The company has a strong distribution network, including the third-highest number of cryogenic tankers and cylinders in India. Strategically located plants enable cost-efficient service to key clusters in pharma, steel, and defence. It was also the first to install a hydrogen electrolyser in Eastern India.
Financial Growth and Market Position:
Backed by seasoned leadership and operational resilience, the company achieved a revenue CAGR of 23.43% from FY23 to FY25. With a market share of 2.85% (by revenue), it is well-positioned to capitalize on India’s growing demand for industrial gases driven by infrastructure, healthcare, and manufacturing expansion.
Objects of the Ellenbarrie Industrial Gases Limited IPO:
Ellenbarrie Industrial Gases Limited IPO Details:
Open Date: | Jun 24 2025 |
Close Date: | Jun 26 2025 |
Total Shares: | 2,13,13,130 |
Face Value: | ₹ 2 Per Equity Share |
Issue Type: | Book Building |
Issue Size: | 852.53 Cr. |
Lot Size: | 37 Shares |
Issue Price: | ₹ 380 - 400 Per Equity Share |
Listing At: | NSE,BSE |
Promoters And Management:
Financials of Ellenbarrie Industrial Gases Limited IPO:
To be updated shortly
Comparison With Peers:
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Lead Manager of Ellenbarrie Industrial Gases Limited IPO:
Registrar of Ellenbarrie Industrial Gases Limited IPO:
Discussion on Ellenbarrie Industrial Gases Limited IPO:
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