The IPO of Ellenbarrie Industrial Gases Ltd. wrapped up on a high note, attracting impressive interest from all categories of investors. Over its three-day window from June 24 to June 26, the offer was subscribed a staggering 31.32 times, signaling strong investor confidence in the company’s growth prospects and market positioning.
Retail investors showed exceptional enthusiasm, with their portion being oversubscribed 36.93 times. Non-institutional investors (which include high-net-worth individuals) also showed up in force, bidding 65.83 times their allocated quota. Even the institutional segment, often seen as a more cautious group, subscribed 8.28 times, reflecting a broad base of belief in the company’s fundamentals.
Ellenbarrie, a long-standing player in the industrial and medical gases space, primarily serves clients in Southern and Eastern India. The company has built a reputation for supplying critical gases to hospitals, manufacturers, and infrastructure firms a segment that has gained relevance post-pandemic and amid increasing capex cycles in the country.
Priced between ₹147 and ₹154 per share, the IPO aimed to raise ₹97.73 crore at the top end. Proceeds will be used to pare down debt and meet general corporate requirements. While the grey market premium (GMP) hovered around ₹15–₹18 translating to an expected 10–12% listing pop the real story lies in the sheer strength of demand, which has exceeded market expectations.
In a market where investors have grown selective and discerning, Ellenbarrie’s IPO success stands out. It’s a reminder that businesses with deep-rooted operations, essential services, and regional leadership can still capture investor attention even without hype or celebrity promoters. For many, this was more than just another IPO it was a calculated bet on India’s ongoing industrial growth and healthcare resilience.
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