Solid debut! Ellenbarrie Industrial Gases shares list at 23% premium over IPO price on NSE

Ellenbarrie Industrial Gases IPO listing: The shares of Ellenbarrie Industrial Gases staged a solid stock market debut on Tuesday, July 1, beating market expectations. On BSE, Ellenbarrie Industrial Gases share price was listed at ₹492 per share, a premium of 23% over the issue price of ₹400 apiece.

Meanwhile, on the NSE, Ellenbarrie Industrial Gases stock debuted at a premium of 21.50% at ₹486.

Ellenbarrie Industrial Gases shares saw a better-than-expected listing than what the grey market was signalling. Ellenbarrie Industrial Gases IPO grey market premium (GMP) ahead of the debut was ₹57, indicating a listing pop of 14%.

The mainboard IPO of Ellenbarrie Industrial Gases had also experienced a strong demand, with the offer subscribed 22.19 times at the end of the bidding process. The company garnered bids for 33,52,83,825 shares as against 1,51,08,983 shares on offer.

The qualified institutional buyer portion was subscribed the most at 64.23 times, followed by the non-institutional investor (NII) portion at 15.21 times and the retail portion at 2.14 times.

Ellenbarrie Industrial Gases IPO, worth ₹853 crore, was a combination of a fresh issue of ₹400 crore and an offer for sale of ₹453 crore. The minimum lot size for an application was 37 shares and multiples thereof.

The company plans to use the funds raised from the IPO for repayment of certain borrowings, setting up an air separation unit and general corporate purposes.

A majority of brokerages had recommended applying for the Ellenbarrie Industrial Gases IPO.

The company manufactures and supplies industrial gases, catering to a wide range of end-use industries. Its service offerings include project engineering services, and it also offers turnkey solutions involving medical gas pipeline systems. In addition, it also supplies products and medical equipment to healthcare facilities.

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