Ellenbarrie Industrial Gases: IPO Launch Receives Tepid Response on Day One
Ellenbarrie Industrial Gases Ltd witnessed an 8% subscription for its IPO on the first day. Retail investors subscribed 13%, and non-institutional investors 5%. The company plans to use part of the proceeds for debt repayment and infrastructure expansion. The IPO concludes on June 26.
- Country:
- India
The initial public offering of Ellenbarrie Industrial Gases Ltd had a tepid start, receiving only 8% subscription on the opening day.
Out of the 1,51,08,983 shares available, bids were made for only 11,47,370 shares, according to data from the NSE.
Retail investors subscribed to 13% of their portion, while non-institutional investors subscribed to 5%. The company previously raised Rs 256 crore from anchor investors.
The Rs 852-crore IPO, which will conclude on June 26, has a price band set between Rs 380 and Rs 400 per share. It comprises a fresh issue valued at Rs 400 crore and a secondary offering of 1.13 crore shares valued at Rs 452.53 crore by promoters.
Proceeds from the IPO will be used partly for debt repayment and to set up an air separation unit in West Bengal.
Ellenbarrie specializes in producing and supplying industrial gases and plans to list its shares on the BSE and NSE with Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial as lead managers.
(With inputs from agencies.)
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