The IPO will be a combination of a fresh issue of up to Rs 400 crore and an offer for sale (OFS) of up to 1.44 million equity shares by the promoter selling to shareholders.
The company, in consultation with the lead order book manager, will also consider raising up to Rs 80 crore in a pre-IPO placement, in which case the size of the fresh issue will be reduced.
According to the SFO, Padam Kumar Agarwala and Varun Agarwal will sell up to 72 lakh equity shares.
The company’s shares are scheduled to be listed on the BSE and NSE.
The offering is being conducted through a book-building process where up to 50% will be allocated proportionally to qualified institutional buyers, 15% to non-institutional bidders and 35% to retail investors. Read also: Bajaj Housing Finance shares fall 11% in two days. Should you buy, sell or hold?The company plans to utilise Rs 176.8 crore of the net proceeds of the fresh issue for repayment or prepayment, in whole or in part, of certain outstanding borrowings, while around Rs 130 crore will be utilised for setting up an air separation unit with a capacity of 220 TPD at the Uluberia-II plant and for general corporate purposes.
Ellenbarrie’s operating income increased 31.38% to Rs 269.4 crore in FY24 from Rs 205 crore in FY23, primarily due to higher sales of manufactured products and revenue from construction contracts.
The company’s profit for the year rose 61% to Rs 45.2 crore in FY24 from Rs 28.1 crore in the year-ago period.
Ellenbarrie Industrial Gases is the largest 100% Indian industrial gases company in India in terms of installed manufacturing capacity as of March 2024, revenue and profitability in FY2024. With a rich legacy of 50 years, Ellenbarrie is one of the oldest operating industrial gases companies in India.
The company manufactures and supplies industrial gases, including oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, as well as dry ice, synthetic air, firefighting gases, medical oxygen, liquefied petroleum gas, welding mixtures and specialty gases serving a wide range of end-use industries.
Additionally, the company also caters to the specific requirements of industries such as steel, pharmaceuticals and chemicals, healthcare, engineering and infrastructure, railways, aviation, aerospace and space, petrochemicals, food and beverage, energy, electronics, manufacturing and defense through use cases.
Motilal Oswal Investment Advisors Limited, IIFL Securities Limited and JM Financial Limited are the lead book-running managers and KFin Technologies Limited is the registrar to the offer.
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