Ellenbarrie Industrial Gases IPO Listing Tomorrow: Grey Market Premium Signals This Much Gain

Strong investor interest across categories boosts IPO subscription to 22.19 times; shares likely to debut at ₹456 on July 1.

Mumbai, June 30, 2025
The highly anticipated Ellenbarrie Industrial Gases IPO is set to debut on the stock exchanges tomorrow, July 1, after recording a strong subscription of 22.19 times across investor categories. The shares are expected to list at ₹456 apiece, a 14% premium over the issue price of ₹400, based on the current grey market premium (GMP) of ₹56.

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The IPO allotment was finalised on June 27, and the shares are being credited to investors’ demat accounts today, June 30. Refunds for non-allottees will also be processed today.

Robust Demand Across Investor Categories

The public offer, open from June 24 to June 26, witnessed enthusiastic participation:

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  • Qualified Institutional Buyers (QIBs): Subscribed 64.23 times
  • Non-Institutional Investors (NIIs): Subscribed 15.21 times
  • Retail Investors: Subscribed 2.14 times

Ellenbarrie’s IPO had a price band of ₹380–₹400 per equity share. The stock will be listed on both BSE and NSE.

GMP Trends and Expected Listing Price

According to grey market tracker investorgain.com, the IPO GMP has ranged from ₹0 to ₹58 over the past 18 days, indicating bullish sentiment. The current GMP of ₹56 suggests a listing price of ₹456, pointing to strong investor confidence and listing day optimism.

Also Read: LiveIndia Market Updates: Waaree Energies Shares Shine With 2.3% Rally in Morning Trade

IPO Structure and Fund Utilisation

The IPO consisted of:

  • A fresh issue of ₹400 crore
  • An offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal

The total issue size is estimated at nearly ₹977 crore.

Proceeds from the fresh issue will be used to:

  • Repay ₹210 crore in debt
  • Set up a 220 TPD air separation unit in Uluberia-II (₹104.5 crore)

As of April 2025, the company’s outstanding debt stood at ₹264.2 crore.

About Ellenbarrie Industrial Gases

Ellenbarrie manufactures and supplies industrial gases, dry ice, synthetic air, firefighting gases, medical oxygen, and specialty gases across multiple sectors. The listing is expected to further strengthen its position in the industrial gases segment.

Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are lead managers, with KFin Technologies acting as registrar.


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