!Ellenbarrie Industrial Gases

!Ellenbarrie Industrial Gases 📅 IPO Snapshot Opening Date: June 24, 2025 Closing Date: June 26, 2025 Price Band: ₹380–400/share Lot Size: 37 shares (₹14,060–14,800 per lot) Issue Size: ~₹852 crore (₹400 crore new equity + ~₹452 crore promoter sale) Exchange: NSE & BSE Expected Listing: July 1, 2025 🏭 Company Overview Ellenbarrie Industrial Gases, based in Kolkata and founded in 1973, is one of India’s oldest and largest domestically owned industrial gas firms. It operates nine plants across four states producing oxygen, nitrogen, carbon dioxide, acetylene, helium, specialty gases, and more. The company also provides engineering services to build gas plants and supplies medical equipment. Its clients include industries like steel, pharma, chemicals, healthcare, defense, and aerospace. 📊 Financial Highlights Revenue (FY23–FY25): Grew from ~₹224 cr to ₹312 cr PAT (FY23–FY25): Rose sharply from ~₹28 cr to ₹83 cr (more than doubled in FY25) EBITDA Margin: Expanded from ~16% to ~35% Return on Equity: Increased to ~17% Debt-to-Equity: Moderate at ~0.5× (aided by fresh debt funding) 🎯 IPO Purpose Debt Repayment (~₹210 cr): Aims to significantly reduce interest burden Capacity Expansion (~₹105 cr): Funds construction of a new 220 TPD plant in West Bengal General Corporate Use: Remaining proceeds to support working capital and growth 📈 Industry & Competition The industrial gases sector in India is growing at a healthy pace, driven by demand from steel, chemicals, healthcare, and infrastructure. The industry has high entry barriers due to heavy capital requirements and complex logistics. Ellenbarrie holds a solid regional position, especially in East and South India, with peers like Linde India and Inox Air Products. Linde India trades at a much higher valuation (~140× P/E), while Ellenbarrie’s IPO is priced at ~63–68× FY25 earnings.