Upcoming IPO: Kolkata-based Ellenbarrie Industrial Gases gets SEBI nod to raise funds via public issue | Stock Market News
Source: Live Mint
Ellenbarrie Industrial Gases IPO: Ellenbarrie Industrial Gases Limited received the green light from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The company submitted its draft red herring prospectus (DRHP) to the market regulator on September 18, 2024.
Ellenbarrie Industrial Gases Limited is a firm producing and distributing industrial gases to a variety of end-user industries. These gases include oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.
The company also makes dry ice, synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas, welding mixture, and speciality gases, according to Mint’s earlier report.
Vizag Steel, Dr. Reddy’s, HSL, Jupiter Wagon Ltd, All India Institute of Medical Sciences (AIIMS), Air India Engineering Services Limited, Hindustan Shipyard Limited, Indian Armed Forces, West Bengal Power Development Corporation Limited are some of Ellenbarrie Industrial Gases’ clients across the nation.
Ellenbarrie Industrial Gases IPO Details
Ellenbarrie Industrial Gases’ initial public offering (IPO) is offering a fresh issue of up to ₹400 crore worth of shares having a face value of ₹2 per share, along with an offer-for-sale (OFS) component of up to 1.44 crore equity shares.
The OFS component involves the sale of 72 lakh equity shares each by the promoters Padam Kumar Agarwala and Varun Agarwal. The company may also consider raising ₹80 crore through a pre-IPO placement.
The company plans to use the money raised from the fresh issue to fund ₹176.8 crore for repaying or prepaying certain outstanding borrowings availed by the firm in parts or full. They also aim to use ₹130 crore to establish an air separation unit at the Uluberia-II plant, which will have a capacity of 220 TPD. The rest of the remaining amount will be used for general corporate purposes.
Motilal Oswal Investment Advisors Ltd, IIFL Securities Limited, and JM Financial Ltd are the book-running lead managers for the public issue, while KFin Technologies Ltd is the registrar to the offer.
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