Ellenbarrie Industrial Gases shares make decent debut, list at 23% premium to IPO price

Shares of Ellenbarrie Industrial Gases listed at a premium of 23% on Tuesday, July 1, as against the IPO issue price of ₹400. The company offered its shares in a price band of ₹380 to ₹400.

The stock listed at ₹492 on BSE, at a premium of 23%, while it listed at a premium of 21.50%, at ₹486 on NSE.

In the unlisted market, shares of Ellenbarrie Industrial Gases were commanding a premium of ₹57 ahead of its debut.

Many investors use grey market premiums (GMP) as an informal indicator of potential listing performance.

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Ellenbarrie intends to repay debt amounting to ₹210 crore through net fresh issue proceeds. Further, ₹104.5 crore will be used for setting up of an air separation unit at Uluberia-II plant with a capacity of 220 TPD, and the remainder IPO funds will be set aside for general corporate purposes.

Ellenbarrie provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.

EIGL also offers dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas (LPG), welding mixtures, and specialty gases, serving a wide range of industries.

Motilal Oswal Investment Advisors, IIFL Capital Services, JM Financial were the book running lead managers of the Ellenbarrie Industrial Gases IPO, while Kfin Technologies was the registrar for the issue.