Ellenbarrie Industrial Gases Prepares for Rs 400 Crore IPO

Kolkata-based Ellenbarrie Industrial Gases is eyeing Rs 400 crore through an IPO, which includes a fresh issue and an offer for sale by promoters. The company has filed its draft red herring prospectus with SEBI. It plans to repay borrowings and establish a new air separation unit with the proceeds.

Kolkata-based Ellenbarrie Industrial Gases is set to launch an initial public offering (IPO) with a goal of raising up to Rs 400 crore. The offering will include a fresh issue worth up to Rs 400 crore and an offer for sale of up to 1.44 crore equity shares by its promoter shareholders, an official reported.

The company has submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for approval. Ellenbarrie is also considering raising an additional Rs 80 crore through a pre-IPO placement in consultation with its book-running lead manager, which would be included in the total Rs 400 crore fresh equity raising plan.

The funds from the fresh issue will be allocated as follows: Rs 176.8 crore for repaying or prepaying certain outstanding borrowings, Rs 130 crore for setting up a 220 TPD air separation unit at its Uluberia-II plant, and for general corporate purposes. Ellenbarrie, known for its production and supply of industrial gases, recorded a 31.38% increase in revenue from operations, reaching Rs 269.4 crore in FY'24 from Rs 205.1 crore the previous year.

(With inputs from agencies.)